Reply to: Brown lost £2 billion selling UK's gold

[Troll]

Interest rates are likely to have to go up again. Unemployment until very recently (last month or two) was going up and that was the official figures.

Just need a new way of calculating the Employment figures

[zathras]

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

Fair?

I would not be so kind as to describe it as a bad decision!

This is just one of the many problems that are now coming back to roost. The pension raid is another. Gibbo Brown is not nearly as clever as he likes (and wants us) to think.

The boom in housing prices and personal debt was created artificially by the BoE to avoid the country entering a recession after the 9/11 attacks. GB has a hand in the appointment of a good number of the MPC members, so BoE decisions are not nearly as independent as one might think.

Growth in this country is almost entirely down to immigration and the growth of public sector jobs. Manufacturing is employing record low levels at the moment, and the new industries are not employing enough to make up the slack - we have record numbers of people classed as economically inactive, and therefore not counted in unemployment statistics.

Gordon Brown was bequethed a strong economy with rising employment and lowering inflation. We now have rising inflation. Interest rates are likely to have to go up again. Unemployment until very recently (last month or two) was going up and that was the official figures.

[milanbenes]

jeeez,

ah is not alluding to nothing

Milan.

[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

[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

[milanbenes]

there you see, everyone agrees with Milan in the end

all the best,

Milan.

[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.

[wendigo100]

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

Fair?

[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

[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.

[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?

[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.

[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

[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.

[milanbenes]

nod

Milan.