If Scotland vote “Yes” for independence on the 18th of September, they could lay claim to a percentage of the UK's gold reserves. The UK’s gold reserves are the 18th largest in the world and are worth £7.84 billion.
The “Yes” vote appears to be gaining momentum and over the weekend as the Sunday Times opinion poll put the “Yes” to independence at 51% and the “No” vote on 49%. The pound fell over 1% on the news and is currently trading at a 10 month low against the U.S. dollar.
A spokesman for the UK Treasury department confirmed that if Scotland does vote yes it would be followed by negotiations between Edinburgh and London over a number of joint assets including oil, gas and gold.
Gordon Brown has been heavily criticized for selling over 400 tonnes of the UK’s gold in 2002 when the gold price was at a multi decade low. In the following ten years the gold price rose five fold reaching $1,920.30 per ounce.
Throughout the campaign politicians on both sides have discussed a raft of issues including the NHS, defence and the use of the British pound. However, the issue of how to split the UK’s £1.31 trillion national debt has received little attention and appears to be the elephant in the room.