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Gold price hits record high. What a shame Brown sold ours at rock bottom

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Today gold was trading at around £750 per ounce. We would be sitting pretty on our gold reserves if Gordon Brown hadn't sold ours when the market was at £150 per ounce.

 

He really does have the merde-as touch.

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Today gold was trading at around £750 per ounce. We would be sitting pretty on our gold reserves if Gordon Brown hadn't sold ours when the market was at £150 per ounce.

 

He really does have the merde-as touch.

 

Well the Audit Commission thought the deal was a good one, here's the conclusion from their report (which can be viewed in its entirity on their website).

 

Conclusion

 

"In designing and implementing the sales programme so far the Treasury has met successfully its objective to sell in a transparent and fair manner while achieving value for money. The prices achieved at each of the nine auctions have been competitive and well in line with the prices achieved in similar gold sales by overseas central banks."

 

 

 

But perhaps if you have more knowledge than them, you could tell us all whether or not this is a good time to buy or sell.

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Well the Audit Commission thought the deal was a good one, here's the conclusion from their report (which can be viewed in its entirity on their website).

 

Conclusion

 

"In designing and implementing the sales programme so far the Treasury has met successfully its objective to sell in a transparent and fair manner while achieving value for money. The prices achieved at each of the nine auctions have been competitive and well in line with the prices achieved in similar gold sales by overseas central banks."

 

 

 

But perhaps if you have more knowledge than them, you could tell us all whether or not this is a good time to buy or sell.

 

The Audit Commission has nothing to do with whether the decision to sell was a good one or not, just whether a transaction was properly carried out.

 

Most people at the time thought he behaved like a moron. Now everyone does.

 

 

http://www.independent.co.uk/news/uk/politics/brown-ignored-warnings-over-sale-of-gold-reserves-444929.html

Brown 'ignored warnings over sale of gold reserves'

 

http://www.timesonline.co.uk/tol/news/politics/article1655001.ece

Goldfinger Brown’s £2 billion blunder in the bullion market

 

http://www.guardian.co.uk/business/2008/mar/05/mining.economy

Fool's gold for Brown? Criticism mounts over sale of precious metal

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The Audit Commission has nothing to do with whether the decision to sell was a good one or not, just whether a transaction was properly carried out.

 

Most people at the time thought he behaved like a moron. Now everyone does.

 

 

http://www.independent.co.uk/news/uk/politics/brown-ignored-warnings-over-sale-of-gold-reserves-444929.html

Brown 'ignored warnings over sale of gold reserves'

 

http://www.timesonline.co.uk/tol/news/politics/article1655001.ece

Goldfinger Brown’s £2 billion blunder in the bullion market

 

http://www.guardian.co.uk/business/2008/mar/05/mining.economy

Fool's gold for Brown? Criticism mounts over sale of precious metal

 

 

How was he (or anyone else) able to know what was gonna happen in the future. He got what was the market value at that time. Hindsight is a wonderful thing .........'anarchist'

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How was he (or anyone else) able to know what was gonna happen in the future. He got what was the market value at that time. Hindsight is a wonderful thing .........'anarchist'

 

So with hindsight "wednesday". Now there has been a 5 fold increase in price, do you think it was a smart move to ignore the advice of the time and sell the gold at the bottom of the market?

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Well the Audit Commission thought the deal was a good one, here's the conclusion from their report (which can be viewed in its entirity on their website).

 

Conclusion

 

"In designing and implementing the sales programme so far the Treasury has met successfully its objective to sell in a transparent and fair manner while achieving value for money. The prices achieved at each of the nine auctions have been competitive and well in line with the prices achieved in similar gold sales by overseas central banks."

 

But perhaps if you have more knowledge than them, you could tell us all whether or not this is a good time to buy or sell.

 

The audit commission are not experts, while the Bank of England is. Guess who told Brown not to sell.

 

Prudent Chancellor, my arse. He's a fake.

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Years ago when I used to deal in gold the prices rocketed when the falklands war started.

We were always told that a war was always good for gold prices.

Looking at what is going on in the world now it's a wonder it is not even higher priced.

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Ironically we deserve the leaders we get. People banging on about how good he was as a chancellor earlier in his career and he sold the lot to his banker mates and thrust us into deeper debt. What is amazing is how apathetic we are to scum like them. We are ruled from the gutter class (politicians). If someone at work did a blunder like that he would no doubt be fired but what does the closed political system do to him? Reward him with Premiership for selling the nations gold @£150 an ounce. It doesnt take a brain surgeon to realised prices would have shot up. I cringe when i see the man and all his cronies.

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How was he (or anyone else) able to know what was gonna happen in the future. He got what was the market value at that time. Hindsight is a wonderful thing .........'anarchist'

 

When your experts tell you not to sell and you announce to the market your intentions, something that is never done, the market dived in anticipation of all the cheap gold coming out of the UK. Gordon Browns actions where almost entirely the opposite of the advise he was being given.

 

Brown's sale of the countries gold reserves appears to be stupidity at best and at worst, a blatant attempt to damage the nations financial stability.

 

Considering sterling is backed by gold reserves, his sale could have been to force the £ down so that it eventually comes in line with the Euro. Making for an easier entry into the European single currency.

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So with hindsight "wednesday". Now there has been a 5 fold increase in price, do you think it was a smart move to ignore the advice of the time and sell the gold at the bottom of the market?

 

No need for inverted commas around my username.I am a Wednesdayite whereas you are most certainly NOT what you would like people to believe you are.

 

 

See quote below, 'anarchist':

 

Cash raised from the sales was reinvested in foreign currencies. A Whitehall source insisted that the Government could not have been expected to behave like a precious metal trader when it sold the gold.

 

The source said: "The Government could not predict the future rise in the price of gold, however, we knew that gold historically pays less interest and has more volatile returns than bonds. This is still the case."

 

A Treasury spokesman added: "This was a long-term investment decision designed to reduce the risk to the Government in our foreign currency reserves, not a short-term attempt to play the market.

 

"It would be inappropriate to measure gains or losses resulting from fluctuations in market values on a particular day over the short-term."

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No need for inverted commas around my username.I am a Wednesdayite whereas you are most certainly NOT what you would like people to believe you are.

 

 

See quote below, 'anarchist':

 

Cash raised from the sales was reinvested in foreign currencies. A Whitehall source insisted that the Government could not have been expected to behave like a precious metal trader when it sold the gold.

 

The source said: "The Government could not predict the future rise in the price of gold, however, we knew that gold historically pays less interest and has more volatile returns than bonds. This is still the case."

 

A Treasury spokesman added: "This was a long-term investment decision designed to reduce the risk to the Government in our foreign currency reserves, not a short-term attempt to play the market.

 

"It would be inappropriate to measure gains or losses resulting from fluctuations in market values on a particular day over the short-term."

 

Goldfinger Brown’s £2 billion blunder in the bullion market.

 

It was May 1999 and the gold price had stagnated for much of the decade. The traders present — including senior executives from at least two big investment banks — warned that Brown, who was not at the meeting, could barely have chosen a worse moment.

 

In the room, just behind the governor’s main office, they cautioned that gold traditionally moved in decades-long cycles and that the price was likely to increase. They added that even if the sale were to go ahead, the timings and amounts should not be announced, as the gold price would plunge.

“The timing of the decision was ludicrous. We told them you are going to push the gold price down before you sell,” said Peter Fava, then head of precious metal dealing at HSBC who was present at the meeting. “We thought it was a disastrous decision; we couldn’t understand it. We brought up a lot of potential problems at the meeting.”

 

Martin Stokes, former vice-president at JP Morgan, who was also present, said: “I was surprised they had chosen the auction method. It indicated they did not have a real understanding of the gold market.”

 

It gets worse, read more here: http://www.timesonline.co.uk/tol/news/politics/article1655001.ece

 

Goes to show the arrogance of Brown and how he believes his own rhetoric.

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No need for inverted commas around my username.I am a Wednesdayite whereas you are most certainly NOT what you would like people to believe you are.

 

 

 

Wednesdayite and a leftie. You really are a loser aren't you?

 

Just as a matter of interest do you think that olive tree is claiming to be a tropical bush that uses a computer?

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