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The gold reserve of the United Kingdom is the amount of gold kept by Bank of England as a store of value of part of the United Kingdom's wealth. Leftover from the Gold Standard which the country abandoned in 1931, it is the 17th largest central bank reserve in the world with 310.29 tonnes of gold bars .
The UK government's intention to sell gold and reinvest the proceeds in foreign currency deposits, including euros, was announced on 7 May 1999, when the price of gold stood at US$282.40 per ounce [9] (cf. 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.
The total quantity of unallocated gold is estimated to be 15,000 tonnes at the end of 2008 [6] which supports the 2,134 tonnes on average of spot gold trade through London every day representing 14.2% of the pool. This compares to average daily turnover in UK equities of between 0.34% and 0.63% for the 12 months ending September 2009. [6]
The Brink's-Mat robbery was one of the largest robberies in British history, with £26 million (equivalent to £111 million in 2023 [1]) worth of gold bullion, diamonds, and cash stolen. It occurred at the Heathrow International Trading Estate, London , on 26 November 1983, from a warehouse operated by Brink's-Mat, a former joint venture ...
The standard gold bar held and traded internationally by central banks and bullion dealers is the Good Delivery bar with a 400 ozt (12.4 kg; 27.4 lb) nominal weight. However, its precise gold content is permitted to vary between 350 ozt (10.9 kg; 24.0 lb) and 430 ozt (13.4 kg; 29.5 lb). The minimum purity required is 99.5% gold.
The sovereign is a British gold coin with a nominal value of one pound sterling (£1) and contains 0.2354 troy ounces (113.0 gr; 7.32 g) of pure gold.Struck since 1817, it was originally a circulating coin that was accepted in Britain and elsewhere in the world; it is now a bullion coin and is sometimes mounted in jewellery.
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