Ten years ago today the UK Treasury sent gold prices tumbling when it announced it would sell a chunk of its gold reserves.
In a matter of weeks prices plunged to a 22-year low of $250 a troy ounce and, over the course of that year, central banks from Australia and Switzerland to the Netherlands announced plans to sell a large slice of their bullion.
“There was a feeling that countries were racing each other to sell their bullion,” says Jonathan Spall, director of commodities at Barclays Capital in London and an expert on central banks' gold activity.
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