Gold hits $1600 an ounce on 18th July 2011
Gordon Brown sold 395 tons of British gold reserves between 1999 and 2002.
The average price received was $276.60 dollars an ounce.
The gold price on 18th July 2011 was $1600 dollars an ounce.
This is a loss of $1323.40 dollars per ounce at current prices.
This was a very bad decision by Gordon Brown.
Last edited by SDP; 19-07-2011 at 12:40 PM.
What was his reason for doing so? It seemed crazy at the time - talk of selling the family silver!
Gold, like any metal, is worth whatver the market will offer on the day of sale.
Now announcing the day before that you are about to dump a whole s&&tload of the stuff on the market - that is really clever!
Have you been reading my posts again now run along and give us an opinion of your own.Originally Posted by jabird
The road to hell is paved in good intention.
I thought that there were stipulations that sovereign countries had to announce selling their gold reserves before doing so, or am I mistaken? The reason apparently is because Brown thought that gold was a right wing, imperialist, posh thing to hold on to, but I really can't believe that the communist would have been so petty and short sighted.
The other thing with gold is that it gives no return interest wise.
flamingreen
The euro currency was launched in 1999, and that is when Gordon Brown started selling off Britain's gold reserves. He invested a substantial amount of the income into euros. The reason given was to give Britain a better mix of foreign currency reserves to improve security.
In my opinion it was some bizarre misplaced support of the new euro currency by Gordon Brown. I think it was to show solidarity with the European Union.
Last edited by SDP; 20-07-2011 at 08:39 PM.
18 billion dollars lost
I calculate that with gold standing at $1600 dollars and ounce.
This is a loss of $1323.40 dollars per ounce at current prices.
395 tons of gold is a loss of $18 billion dollars to the British reserves.
How does Gordon Brown sleep at night knowing that he has lost the British reserves 18 billion dollars?
Last edited by SDP; 21-07-2011 at 10:46 AM.
Gordon Brown should hang his head in shame. His bad decision cost Britain 18 billion dollars.
The price of gold is still rising and is now 1737 dollars and ounce.
Gordon Brown sold 395 tons of British gold reserves between 1999 and 2002.
The average price received was $276.60 dollars an ounce.
And whats more Gordon Brown replaced our beautiful gold reserves with euros.
Yes that is what he did, he put our money into euros, the currnecy that is about to go bust.
SDP: He didn't lose £18. Bn. Even if you take your theoretical argument that £18bn was lost, you would have to deduct from that figure the value of the euros (40% we were told) that were purchased with the receipts. Cameron has recently increased British IMF deposits from £10.7 bn to £20, bn, in order to allow Christine Lagarde resources to support the support the euro. Should/when the euro collapse, Britain will have a significant debt exposure from that event. Possessing euro reserves would make some sense. The privatisation of some of our gold reserves may come in useful in the near future. What about the privatisation of our utilities which are now foreign owned? The 18bn about which you talk was merely pocket-money by comparison.
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