Gordon Brown sold approximately 395 to 401 tonnes of gold from the UK's reserves between 1999 and 2002. This sale amounted to about $3.5 billion, with an average price of around $275 per troy ounce. The gold price was near a multi-decade low at the time, which led to heavy criticism as the value of gold rose significantly in the following decades, making the sale one of the worst investment decisions in modern UK history.

Details of the Sale

• The total gold sold was about 395 to 401 tonnes, equivalent to roughly 12.8 million troy ounces.
• The average selling price was approximately $275 per troy ounce.
• The sale generated around $3.5 billion in revenue for the UK Treasury.
• The sale was part of a strategy to diversify from gold into other foreign currency assets like the US dollar, euro, and yen.

Market Impact and Criticism

• The announcement of the sale caused an immediate drop in gold prices by about $10 per ounce.
• Gold prices later entered a bull market, rising to over $1,200 per ounce in the years following.
• Critics argue this sale missed out on billions in potential revenue as gold prices surged globally.
• The sale led to the term "Brown's Bottom" to describe the timing of the sale at a gold market low point.

These sales are widely viewed as a costly financial mistake, especially given how gold prices appreciated significantly in the subsequent decades.