Why gordon brown sold gold
UK reserves should only really be used to underpin monetary policy, and to halt any possible crisis such as a significant run on the pound, not as any kind of sovereign wealth fund. The trouble is that gold is not well suited as a state asset, as its value is very likely to drop as soon as it is deployed as a government intervention mechanism. The market is of course very different to that of two decades years ago, and any government selling today will not have anywhere near the same impact.
Instead of timing the market between and , they wanted to spread risk, cutting gold from 70 per cent to nearer 30 per cent of total UK reserves.
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