1999–2002 sale of United Kingdom gold reserves

[1][2][3][4][5][6] The period takes its name from Gordon Brown, the Chancellor of the Exchequer, who decided to sell approximately half of the UK's gold reserves in a series of auctions.

the price in 1980: $850/oz[10]) The official stated reason for this sale was to diversify the assets of the UK's reserves away from gold, which was deemed to be too volatile.

[9] The UK eventually sold about 395 tonnes (12,700,000 ozt) of gold over 17 auctions from July 1999 to March 2002, at an average price of about US$275 per ounce, raising approximately US$3.5 billion.

Brown's actions have attracted considerable criticism, particularly concerning his timing, his decision to announce the move in advance, and the use of an auction.

The decision to sell gold at the low point in the price cycle has been likened, with hindsight, by Quentin Letts[11] to the mistakes in 1992 that led to Black Wednesday, when the UK was forced to withdraw from the European Exchange Rate Mechanism, which HM Treasury has estimated cost the UK taxpayer around £3.3 billion.