Bottom Brown strikes again!
« previous entry | next entry »
Mar. 5th, 2008 | 10:53 am
posted by: ockhamsadvocate in political_rage
I just read this in the Guardian today and im very surprised at what looks like a major mistake by Brown. Selling half of the UK's gold reserves for $275 an once! What a cock up. Even my dad knows that over the long term gold will only keep increasing in value and his no ecomomist ;)
Brown must of been desperate for the cash to drop that clanger.
Looks like the buyer of the Gold is laughing all the way to the bank though!
"Gordon Brown's decision to sell half of Britain's gold reserves nearly a decade ago was coming back to haunt him last night as the price of the precious metal looked poised to break through the $1,000 an ounce barrier for the first time."
"Alistair Darling, the chancellor, will be questioned in the Commons tomorrow about the decision of his predecessor, which the Conservatives said last night had cost the exchequer £4bn - double the losses suffered by the Bank of England on Black Wednesday. "
"The gold price this week set a new high of $989 (£498) an ounce. Although it dipped slightly yesterday, analysts said it was only a matter of time until it burst through the $1,000-an-ounce level. The Treasury's gold sales between 1999 and 2002 netted an average price of $275 an ounce."