§ Lord Joplingasked Her Majesty's Government:
What quantity of gold has been bought or sold by them or by the Bank of England over the past five years; what has been the total cost or income from such purchases or sales; and what would be the cost or income from such purchases or sales if they had taken place at current gold prices. [HL4850]
§ Lord McIntosh of HaringeyThe 395 tonnes of gold sold by the Government, as part of the restructuring of the United Kingdom's foreign currency reserves announced in May 1999, raised proceeds of 3.5 billion US dollars (around £2.4 billion at exchange rates at close on 19 June), which have been invested in interest-bearing foreign currency assets. At the price of gold at close on 19 June the 395 tonnes of gold would be valued at 4.1 billion US dollars (around £2.7 billion at exchange rates at close on 19 June).