As my hon. Friend is aware, gold purchased by the Issue Department of the Bank of England is carried at its par value in sterling, the excess value being adjusted in the Exchange Equalisation Account. Details of the transactions on that account cannot be published. No question of profit or loss arises except in the event of a resale of the gold.
No obligations have been or will be repudiated. If the gold is sold for more than it costs, there will be a profit. If it is sold for less than it costs, there will be a loss.