I believe the British BOUGHT gold last year. Not sure why. But it started the big rally in the gold market that has lasted into this year.
Britain sold gold last year. They have now lost over $750 million versus the price of the gold if they had kept it. Moreover, they took a lot of the money and invested it in US bonds which are payable in US dollars and have since gone south against the pound about 15%.
Real smart financial people in the Exchequer these days!