Please PM explain

Discussion in 'Current Affairs, News and Analysis' started by jonwilly, Mar 24, 2010.

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  1. Explain why you sold Britain's gold, Gordon Brown told

    In short.
    How auctions cost taxpayer £7bn

    * The price of gold has quadrupled since Gordon Brown sold more than half of Britain’s reserves.

    * The Treasury pre-announced its plans to sell 395 tons of the 715 tons held by the Bank of England, which caused prices to fall.

    * The bullion was sold in 17 auctions between 1999 and 2002, with dealers paying between $256 and $296 an ounce. Since then, the price has increased rapidly. Yesterday, it stood at $1,100 an ounce.

    * The taxpayer lost an estimated £7 billion, twice the amount lost when Britain left the Exchange Rate Mechanism in 1992.

    * The proceeds from the sales were invested in dollars, euros and yen. In recent years, most other countries have begun buying gold again in large quantities.

    I have always detested Brown for this and am now Happy that he may have to explain

  2. Funny thing is, why are all the people criticising Gordon for selling the gold even bothering... How do they find the time?

    I mean, if they knew it was the wrong time to sell, and the value of gold would increase dramatically then surely they are too busy calculating/looking after their wealth because they heavily invested in the stuff?
  3. If we're going to go that far, ask him why he didn't predict the subprime mortgage crisis?
  4. I'm a barely educated reme crafty, but i sold my home in 2004 (a couple of years too early admittedly) because even i could see the property bubble bursting, and invested every spare penny i had in gold because logic said it was right.

    The qualifications that gave me this insight are leaving school at 16 and a subsequent career as a spanner monkey / reme crafty.

    Can someone remind me of Browns education that gave him the stunning ability to manage our economy as well as he has?

    The view from the workshop was like watching a train wreck in slow motion.
  5. I think the problem is that he was apparently advised against it by government experts and then apparently tried to cover it up; of course if they would release all the details we'd know....
  6. Lobster
    I am criticizing G Brown because I was against selling off one UK's major assets.
    At that time I was working in Mid East and I bought cheap.
    Sold a bit too soon, for even I could not believe that World Leaders could mess up the World Economy the way They Did.
    Mind you the one once bar I still have is very nice too feel.
  7. Well done the Pakistani Daily, scoop of the year.