Gold

House of Lords written question – answered on 20th May 2008.

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Photo of Lord Marlesford Lord Marlesford Conservative

asked Her Majesty's Government:

What sales of gold from the government reserves have been made since the beginning of 2005; and in respect of each sale, what was (a) the date, (b) the quantity, (c) the price in United States dollars, and (d) the proceeds in sterling; and

What was the total tonnage of United Kingdom gold reserves in May 1997; and what is the figure today.

Photo of Lord Davies of Oldham Lord Davies of Oldham Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords)

Total tonnage of United Kingdom gold reserves in May 1997 was 715 tonnes. As at end March 2008 UK gold reserves stood at 310 tonnes.

Monthly data on the physical stock of gold and its current value since 2005 are available on the Bank of England website at www.bankofengland.co.uk/statistics/reserves/index.htm.

The Government have not conducted an official gold sales programme since 2002. However, the physical stock of gold has changed reflecting a large number of small transactions, including sales of small amounts of gold sovereigns by the Royal Mint; and transaction costs incurred in gold lending and swaps.

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