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The sale of the British gold reserve was a policy pursued by HM Treasury between 1999 and 2002, when gold prices were at their lowest in 20 years, following an extended declining market. 395 tonnes of gold, or about half of the reserve, was sold off in a series of auctions, netting the Treasury $3.5 billion. 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. #gold #bankofengland | City Tours - The London
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