How much of the British pound is backed by gold and silver?

Question

I've heard the 60% of the Euro is backed by gold and silver. I'm wondering what percentage of the British pound is backed by a gold standard? Please post any references that you have please.

Answer 1

The pound is not backed by precious metals or anything else. Like other currencies, it exists on its own.

What's more, Gordon Brown sold off a lot of our gold reserves when gold was cheap. It has since rocketed in price. Duh!

Answer 2

If a currency is truly backed by gold or silver, you can take it somewhere and redeem it for a certain amount of gold or silver.  I know of no current national currency for which this is true.

Answer 3

I do not need any references. None of the major economic powers use gold to back up their currency. All major economic powers moved to fiat money in the early 19th century.

http://www.gold-eagle.com/gold_digest_05...

Answer 4

None! Brown sold it all off!

Answer 5

BRITISH POUND FLOATS ON ITS OWN