HL Deb 03 March 2005 vol 670 cc43-4WA
Lord Marlesford

asked Her Majesty's Government:

Whether they will list the sales of gold from the Government reserves since 1980, showing in respect of each sale the date, the quantity, the price in United States dollars and the proceeds in sterling. [HL1512]

Lord McIntosh of Haringey

Three hundred and ninety-five tonnes of gold were sold from the reserves between July 1999 and March 2002. The proceeds were in dollars, and details can be found on page 27 ofReview of the Sale of Part of the UK Gold Reserves published by the Treasury in October 2002 (www.hm-treasury.gov.uk/ media//9EFEF/GoldReserves.PDF). The proceeds were invested in euro, dollar and yen assets and therefore sterling sums are not recorded.

Small reductions in official gold holdings also occur due to the sale of gold coins from the Royal Mint. Details of such sales are available over the past 10 years only, mainly in sterling terms, as follows:

Value date Sales from reserves (fine ounces) Price (£per ounce) Proceeds to exchange equalisation account (£)
14/12/1995 -2,355.138 253.230 596,391.60
14/03/1996 -1,608.494 260.270 418,642.73
25/09/1996 -3,622.861 245.220 888,397.97
20/03/1997 -3,640.934 218.420 795,252.80
18/08/1997 -1,612.273 207.010 333.756.63
09/02/1998 -3,218.181 180.200 579.916.22
22/02/2000 -12,974.141 193.119 2,505,553.14
14/03/2000 -6,550.241 184.523 1,208,670.12
12/04/2000 -5,030.819 177.939 895,178.90
12/05/2000 -2,241.650 182.068 408,132.73
13/12/2000 -1,986.798 187.789 373,098.81
12/01/2001 -6,298.156 178.777 1,125,965.44
12/04/2001 -29,988.565 178.025 5,338,714.28
12/07/2001 -3,656.692 189.034 691,239.12
12/10/2001 -3,847.160 196.975 757,794.34
12/12/2001 -4,657.450 190.887 889,046.66
14/01/2002 -5,777.246 198.575 1,147,216.62
23/01/2002 -5,414.750 *$8287.9555 *$81,559,207.04
13/03/2002 -3,855.318 205.385 791,824.49
12/04/2002 -2,208.024 207.165 457,425.29
14/05/2002 -8,507.928 212.193 1,805,322.77
Value date Sales from reserve (fine ounces) Price (£ per ounce) proceeds to exchage equalisation account (£)
12/09/2002 -3.286.408 204.872 673,292.98
13/11/2002 -1,954.819 201.772 394,427.74
13/11/2002 -235.446 231.5167 54,509.68
14/03/2003 -6,667.977 216.367 1,442,730.18
14/04/2003 -4,594.449 207.864 955,020.55
22/05/2003 -8,129.664 224.078 1,821,678.85
17/03/2004 -8,756.063 221.487 1,939,354.13
30/04/2004 -12,590.340 221.995 2,794,992.53
23/06/2004 -452.765 214.972 97,331.80
21/10/2004 -5,790.783 231.379 1,339,865.58
22/12/2004 -2,223.218 227.121 504,939.50
27/01/2005 -2,956.936 226.811 670,665.61
16/02/2005 -9,947.261 224.238 2.230,553.91
Total **186,638.948
* Note this sale was in US dollars.
** Around 6 tonnes