§ Mr. Cant
asked the Chancellor of the Exchequer whether he will now arrange for the sale of 152,000 ounces of gold to support the United States authorities in their policy of the demonetisation of gold, to reduce the borrowing requirement and upward pressure on interest rates, and to assist the balance of payments and pressure on the pound sterling.
§ Mr. Dell
No. The decision of the United States to sell a small proportion of its gold reserves, representing about one year's gold production in the United States of America, was linked with the decision to allow United States citizens to hold gold freely, a facility which is not generally available in the United Kingdom. Gold accounts for over three-quarters of the external monetary reserves of the United States of America compared with about one-eighth in the case of the United Kingdom.