Just out of interest,the price of gold & Gordon Brown.

[Leekbrookgull]

A little bit of 'Googling' shows me that Gordon Brown sold-off 395 tons of between 1999-2002 gold at $282 an ounce,the latest price of gold (BBC News) is $1,911 an ounce seems a hefty loss ? What was the purpose of selling gold at that price and time ?

 

[Aseros]

Gordon Brown sold it to himself. He is now profiting from this.

 

[Bakero]

Incompetence. The official line was that he wanted to diversify the UK's reserves but it backfired spectacularly.

 

[Gazwag]

Wouldnt it only be a loss if its cost was more than its sale price. If he had a crystal ball he may have waited.

 

[Bakero]

Wouldnt it only be a loss if its cost was more than its sale price. If he had a crystal ball he may have waited.

Perhaps he couldn't have predicted the scale of the future increase in value but selling 60% of our reserves at a time when the the price was at a 20 year low was misguided at best.

 

[Fef]

'Misguided at best' is putting it mildly.

 

[driller]

Worse leader of all time

The country is in it's bad position and it is down to him either as a bad chancellor or terrible pm.

 

[brunswick]

he was in on it - look at the ppl he surrounds himself with. he was CotE for christ sake - if anyone knew - he knew.

 

[Deleted User X18H]

He was and still is an incompetent fool who had no right to be a cabinet minister yet alone Chancellor or PM. He was hugely influenced by rouge advisors many who have never been heard of again.
The media went for Brown in an unprecendented way to try and bring him down and rightly so. Boulton, Marr and Vine. Browns media aids begged Vine and the broadscast team not to play the 'bigoted woman' sketch (almost) to poor old Gordon live. But he did as he knew it was he duty to help rid us of the worst Prime Minister ever.

 

[Pinkie Brown]

Lets face it? - What use is gold anyway? You can't eat it, you can't use it for fuel, can't be used for brewing beer, you can't smoke it. No use in the food supply chain whatsoever.

Handy for making cavity fillings for your teeth & bullion blocks are handy as doorstops. Apart from that??.....

 

[Deleted User X18H]

Lets face it? - What use is gold anyway? You can't eat it, you can't use it for fuel, can't be used for brewing beer, you can't smoke it. No use in the food supply chain whatsoever.

Handy for making cavity fillings for your teeth & bullion blocks are handy as doorstops. Apart from that??.....

With out gold most people in Whitehawk, Moulscoombe and Hollingdean would be naked.

 

[cjd]

'Misguided at best' is putting it mildly.

Yes....LOL....bit like saying Bonnie and Clyde were slightly injured when they finally got caught.

 

[Spiros]

He was and still is an incompetent fool who had no right to be a cabinet minister yet alone Chancellor or PM. He was hugely influenced by rouge advisors many who have never been heard of again.

I assume you mean 'rogue' advisors? One of whom was Ed Balls, the man who likes to go on about how badly the current government is handling the crisis (in his humble opinion, like)

 

[BHAFC_Pandapops]

oh, the irony that the best economic mind in the country f***ed the economy up when he went up a tier. Does anyone remember that '10 Brown Bottles' demonstration outside number 10? I roared with laughter.

 

[Tricky Dicky]

Lets face it? - What use is gold anyway? You can't eat it, you can't use it for fuel, can't be used for brewing beer, you can't smoke it. No use in the food supply chain whatsoever.

Handy for making cavity fillings for your teeth & bullion blocks are handy as doorstops. Apart from that??.....

If you have any you don't want, I'll take it off your hands then.

 

[Surport Local Team]

A little bit of 'Googling' shows me that Gordon Brown sold-off 395 tons of between 1999-2002 gold at $282 an ounce,the latest price of gold (BBC News) is $1,911 an ounce seems a hefty loss ? What was the purpose of selling gold at that price and time ?

what a CLOWN brown was/is

 

[Arthritic Toe]

History will see Brown as the most incompetent chancellor of all time, for selling our gold at an historic low and for failing to spot the credit bubble. Unfortunately, the steady growth of the economy through the early part of his reign, gave the illusion that he knew what he was doing, when frankly, my granny could have done it.

 

[Seagull on the wing]

And they wanted him to become head of the IMF........

 

[The Antikythera Mechanism]

So we lost out to the tune of £58,383,360 a ton which multiplied by 395 = £23,061,427,200 - £23 billion

 

[Vegas Seagull]

What he did was even worse than has been stated. He TOLD the World what he intended to do in advance and everyone lowered their price they were prepared to pay, so revenue became less & less...
Gold was at $2000 in the 70s (equiv to $5000??) today so cyclically almost certain to reach significatly higher levels again when next crisis turned up. A London bullion trader would have been sacked for far less an incompetent judgement call