1999–2002 sale of British gold reserves

The sale of the British gold reserve was a policy pursued by HM Treasury between 1999 and 2002, when gold prices were at their lowest in 20 years, following an extended declining market. 395 tonnes of gold, or about half of the reserve, was sold off in a series of auctions, netting the Treasury $3.5 billion. In the ensuing 25 years, from 1999 to 2024, the price of gold increased at an average rate of 8% annually.

Responsibility for the sale lay with Gordon Brown, the Chancellor of the Exchequer. This led some commentators to nickname the dip Brown Bottom or Brown's Bottom.

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