bad mistake selling gold at $261
- Brown oversaw the sale of 401 tons of gold – over half of the country's holding
Gordon Brown's ill-fated decision to sell off Britain's gold reserves in 1999 has cost the country £21 billion, analysis suggests.
The then-chancellor oversaw the sale of 401 tons of gold – more than half of the country's holding – 25 years ago this week in an attempt to diversify and strengthen Britain's reserves.
But the price of gold at the time of the first auction was at its lowest in 20 years – $261 an ounce – compared with a spot price today of $2,316.
According to Conservative Party analysis, the value of gold sold by Labour would have been worth £23.6 billion today – £21.3 billion more than what the Treasury received in 1999.
Gordon Brown selling Britain's gold reserves cost the country £21bn (msn.com)
