What a difference 10 years makes

It is just over a decade since Gordon Brown, during his time as Chancellor, sold off a considerable ...

It is just over a decade since Gordon Brown, during his time as Chancellor, sold off a considerable amount of the UK's gold reserves at what turned out to be a low in the price. He was not alone in this mistake. It is estimated that during the last catastrophic decade, Europe's central banks, Britain included, lost $40bn by selling gold at the wrong time. Sovereign wealth funds and the central banks of the Bric nations among others are currently buying the metal, with China, the world's largest gold producers, now holding 1.8% of its reserves in gold. Currently, 60% of the world's res...