§ Charles Hendry:
To ask the Chancellor of the Exchequer what the current value is of the investments made in euro, dollar and yen interest bearing assets from the proceeds of gold sales between July 1999 and March 2002; and what their current value would be if still held as gold. 
§ Ruth Kelly:
My answer to the hon. Gentleman on 27 October 2003, Official Report, column 39, explained that the gold sales between July 1999 and March 2002 reflected a prudent decision to reduce over-exposure to a single asset in the net reserves portfolio. The gold sales reduced risk by around 30 per cent. (as measured by value-at-risk) and are not expected to deliver a loss in return when measured over the medium to long-term, the appropriate time horizon for such a decision.