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The Week: Expert View on UK's 1999 Gold Sales

LONDON, 10 May 2019 – Today's edition of current-affairs digest The Week features comment and analysis from BullionVault regarding the UK's May 1999 decision to halve its national gold bullion reserves.

The UK's number three top-selling news magazine, The Week today quotes both a BBC story featuring BullionVault's analysis as well as a separate article on BullionVault's own Gold News webpages.

That article was also highlighted by top-ranked news-site Politico on Tuesday's 20-year anniversary of the decision.

"Most investors get to make their mistakes in private, hurting only their own savings," The Week quotes BullionVault's report. "Poor old Gordon," it goes on, pointing to then-UK Chancellor Brown, the driving force behind the decision.

Between 1999 and 2002, the Treasury sold 401 tonnes of gold from Britain's 715-tonne holding at an average of $275 an ounce.

"Since the sales ended," says The Week, "the average price of 'the yellow metal' has been 'almost $1,000' an ounce, according to BullionVault."

Read the full story, 'The value of gold: what the experts think', on page 49 of The Week.

Source: 
The Week

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