§ Lord Hanningfield
asked Her Majesty's Government:
How much the 395 tonnes of gold sold by the Bank of England between 1999 and 2001 would raise if sold at the current price of gold as at 20 December. [HL575]
§ Lord McIntosh of Haringey
Attempting to sell 395 tonnes of gold over a short period of time would significantly distort the market price so it is not possible to give a meaningful estimate of what such a sale would raise. However, hypothetically, using the closing gold spot price on 20 December 2004 of 441.89 dollars per ounce, the value of 395 tonnes (32,105.747 ounces = tonne) would be 5.6 billion dollars or around £2.9 billion.