Brown lost £2 billion selling UK's gold

[Euro-commuter]

Last night the Bank of England sought to distance itself from the decision to sell off the gold. In an unusual intervention, it said: “In regard to the gold sales, the Bank acted solely as agent and the decisions were taken by HM Treasury.”

Its statement casts doubt over previous assurances given by Treasury ministers and Tony Blair to parliament that the decision to sell the gold reserves was made on the “technical advice of the Bank of England”.

Casts doubt?

Have we stopped saying "Liar!" to politicians because we don't care any more?

[Troll]

Casts doubt?

Have we stopped saying "Liar!" to politicians because we don't care any more?

Only if you want to safeguard your pension or chance of a knighthood

[zathras]

Zathras,

you are missing one fact from you analysis,

you are missing the: Why did he sell ?

And I ain't gonna write the why here, but with a little research
you will find the answer.

Whether or not you agree with the answer is another thing, but at least the pieces of the puzzle will fit together.


Wheels within wheels and higher beings eh.

Milan.

We all know why he wanted to sell the gold, or at least the stated reason. He wanted to rebalance the countries portfolios. Does not change the fact that it was a stupid way of going about it.

What kind of person sells something at the bottom of the market, then finds a new bottom by announcing it to the world; An idiot?

He knows this was a stupid thing to do, which is no doubt why he has sought to cover it up and use the public interest defence to hide the papers from the Sunday Times.

[wendigo100]

Wendigo, as long as you me and the rest here are wise with our rewards we have nothing to worry about and everything to gain,

therefore enjoy the sustained good times, plan for the future, and you'll be fine


Milan.

Actually milan, that is a very good point. Nice to see you're back on the tablets!

We would still have to find work in a big downturn though. Well I would anyway.

[milanbenes]

feck's sake Wendigo,

if you have been wise with your pennies during the upturn then the downturn will present you with many opportunities

Milan.

[wendigo100]

feck's sake Wendigo,

if you have been wise with your pennies during the upturn then the downturn will present you with many opportunities

Milan.

I'm not saying I haven't. Have you read my post?

[milanbenes]

so what you saying then ?



Milan in 'I'll have a pint of what Wendigo's drinking please barman' mode.

[bobhope]

What Milan is probably alluding to, and I don't know why he's being so covert, because it's not really a secret, is the coordinated attempt by central banks to manipulate the gold price.

To sum up, central banks want the price of gold to (a) remain low and (b) volatile so that people are dissuaded from viewing precious metals as money, in order to support their own fiat currencies.


Milan, am I right or am I right? I suspect you read most of the same financial sources I do anyway.

[milanbenes]

nod

Milan.

[milanbenes]

this is Bob, why I don't understand why the opposition are bringing this up anyway because as far as I try to understand this stuff they'd have had to act in the same way anyway

Milan.