In May 1999, we had 715 tons of gold in the vaults of the Bank of England. It had been there for the past 20 years. Now we have just 315tons left.
Gordon Brown sold 400 ton of our gold in 17 auctions between July 1999 and March 2002, when the price was at a 20-year low.
He has cost the UK billions. Who thinks he was a great Chancellor of the Exchequer?
The average price: $275.6 U.S. Gold has since risen in value by 256% Or to put it another way, 395 ton of gold from our official reserves that was sold for $3.5bn is now worth $12.5bn.
We have lost $9bn of gains or about $300 per taxpayer.
Oh yeah but El Gordo says it's the tories fault! Oh so they forced him to sell it then.
What makes Brown's and new labour's arrogance so much worse is that they were told not to sell.
Experts on gold trading warned Brown at a meeting of top gold traders at the Bank of England in May 1999, that it was a massive mistake which would cost us dear. As one of those present, Peter Fava, then head of a precious metal trading bank put it: “The timing of the decision was ludicrous. We told them (Brown and his officials) you are going to push the gold price down before you sell. We thought it was a disastrous decision – we couldn’t understand it. We brought up a lot of potential problems at the meeting.”
Apart from speculators, a number of foreign Governments also made a great deal of money at our expense. The Chinese alone raked in a profit of over £1 billion by buying our gold cheap and selling it when the price went up.
What about these comments? The "Brown bottom"? Ha! ha!
"Our 10-year gold chart shows not only the entire bull market, but the infamous "Brown Bottom", the low point gouged out by industry stalwart Barrick Gold, which was not held in the highest esteem by its peers due to its persistent and substantial hedging of gold, and by the scottish Chancellor of the Exchequer, Gordon Brown, who sold half of Britain's gold reserves at the bottom, actually managing to sell at the lowest possible price by announcing his intentions in advance"
I wonder who offered the Brown bastard a nice retirement if he sold our gold?
2 comments:
Hitler was a great exponent of the "big lie" too.
In May 1999, we had 715 tons of gold in the vaults of the Bank of England. It had been there for the past 20 years. Now we have just 315tons left.
Gordon Brown sold 400 ton of our gold in 17 auctions between July 1999 and March 2002, when the price was at a 20-year low.
He has cost the UK billions. Who thinks he was a great Chancellor of the Exchequer?
The average price: $275.6 U.S.
Gold has since risen in value by 256% Or to put it another way, 395 ton of gold from our official reserves that was sold for $3.5bn is now worth $12.5bn.
We have lost $9bn of gains or about $300 per taxpayer.
Oh yeah but El Gordo says it's the tories fault! Oh so they forced him to sell it then.
What makes Brown's and new labour's arrogance so much worse is that they were told not to sell.
Experts on gold trading warned Brown at a meeting of top gold traders at the Bank of England in May 1999, that it was a massive mistake which would cost us dear. As one of those present, Peter Fava, then head of a precious metal trading bank put it:
“The timing of the decision was ludicrous. We told them (Brown and his officials) you are going to push the gold price down before you sell. We thought it was a disastrous decision – we couldn’t understand it. We brought up a lot of potential problems at the meeting.”
Apart from speculators, a number of foreign Governments also made a great deal of money at our expense. The Chinese alone raked in a profit of over £1 billion by buying our gold cheap and selling it when the price went up.
What about these comments? The "Brown bottom"? Ha! ha!
"Our 10-year gold chart shows not only the entire bull market, but the infamous "Brown Bottom", the low point gouged out by industry stalwart Barrick Gold, which was not held in the highest esteem by its peers due to its persistent and substantial hedging of gold, and by the scottish Chancellor of the Exchequer, Gordon Brown, who sold half of Britain's gold reserves at the bottom, actually managing to sell at the lowest possible price by announcing his intentions in advance"
I wonder who offered the Brown bastard a nice retirement if he sold our gold?
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