Brown lost £2 billion selling UK's gold

[EternalOptimist]

Whatever the motivation for the sale, and despite the fact that we are probably in a golden age, GB is still a dope and is not above criticism

[Lucifer Box]

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.

Do a little elementary research into political strategy and you'll soon see why.

[wendigo100]

so what you saying then ?

I am saying that in a downturn work will be harder to get, and like most on here, I am not financially independent. I cannot sit back for a few years with no income. Is it that difficult to understand?

[milanbenes]

no it's not my friend,

but there are always opportunities, and in the upturn it is our jobs to manouvre ourselves into the best position to survive a downturn

Milan.

[zathras]

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

However the BoE was not asked it's advice on this, and many officials were dismayed at it. A number of other central banks asked the chancellor not to do it (not least because it would eventually reduce the value of their holdings by 10%).

The Chancellor's chosen method (auction, on announced days) also was atypical in that most choose to put Gold on the market in secret. By making his intentions public the Chancellor aedversely effected the price of gold and what he would get for it.

Since the sale the price of gold has gone up by 3 times

[wendigo100]

So it was a bad decision, made worse by being badly implemented.

Fair?

[wendigo100]

no it's not my friend,

but there are always opportunities, and in the upturn it is our jobs to manouvre ourselves into the best position to survive a downturn

Milan.

You had no argument from me there.

[milanbenes]

there you see, everyone agrees with Milan in the end

all the best,

Milan.

[Troll]

However the BoE was not asked it's advice on this, and many officials were dismayed at it. A number of other central banks asked the chancellor not to do it (not least because it would eventually reduce the value of their holdings by 10%).

The Chancellor's chosen method (auction, on announced days) also was atypical in that most choose to put Gold on the market in secret. By making his intentions public the Chancellor aedversely effected the price of gold and what he would get for it.

Since the sale the price of gold has gone up by 3 times

No doubt he saw it as the "fairest" way of disposal (being ironic so don't flame!)

Intresting that the Swiss managed to dispose of a similar amount in secret without distorting the market

[cykophysh39]

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.

Actually he is just trying to allude to that he is more informed than we are, and that he believes the financial rags