basel iii, page-9

The UK finance minister is regreting the sale of gold at the Brown's bottom. I bet next time there is a squeeze of physical gold, the UK won't be the one to bail out the banks with their sovereign gold:

Quoting George Osborne: "The Debt Management Office will consult on the case for issuing gilts with maturities longer than 50 years, and the case for a "perpetual" gilt with no fixed redemption date – something Britain last felt able to issue six decades ago.

We are also taking the opportunity to rebuild Britain's reserves, which had fallen to historically low levels.

I can confirm our gold holdings have risen in value to £11 billion.

This does not include the 400 or so tonnes of gold sold a decade ago for £2 billion, and which would now be worth six times that at over £13 billion pounds."