An independent Scotland may possibly claim to a portion of the U.K.’s 310 ton gold reserves should votes go in favour of the ‘yes’ campaign this month, with ownership of Britain’s bullion putting up signs for negotiation along with other assets.
The distribution of Britain’s assets in the event of Scottish independence is subjective of a negotiation between the contingent parties namely the continuing U.K. government and the independent Scottish government.
The United Kingdom, whose reserves are approximately worth 7.84 billion pound ($12.6 billion) during last week’s prices, is presently the world’s 18th biggest official sector holder of gold.
The decision to break away from the United Kingdom should Scotland’s voters decide in the voting polls would then be followed by negotiations with London over a push of assets which will include the North Sea oil and the pound.
Backer of Scottish independence over the weekend took the preliminary opinion poll lead ever since the referendum campaign began, with a YouGov survey for the Sunday Times newspaper placed ‘yes’ to the ongoing independence campaign with 51 % as against the ‘no’ camp of only 49 %.
The former British Prime Minister, is presently facing persistent disparagement and criticism for disposing nearly 400 times of the United Kingdom’s gold via a series of auctions between the years 1999 and 2002 when prices were at their lowest for the past two decades. Gold prices soared over the following decade, topping out last year’s September 2011 at $1,920.30 an ounce which was almost five times their 2002 level.
Moreover, the former British Prime Minister has likewise returned to frontline politics this year to help in the campaign for the continuation of Scotland’s 307 year old union with England
Finally, spot gold was now being traded at $1,265 per ounce this week, with very little change the week prior. Sterling-denominated gold was surpassed as the pound to a ten-month low against the dollar and was up 0.8 % at 784.96 pounds per ounce at 1022 GMT.