If gold is worthless and pointless....

[doodab]

Gold is about $1600 an ounce, a metric ton is 35274 ounces, which makes a ton of gold worth about $56 million, and all of Portugal's gold about $22 billion. It's about 1/10th of their debt.

The snotgoblin cost about £9 billion by selling our gold at the wrong time. It's a lot of money yes, but in the grand scheme of things it's a drop in the ocean.

[mudskipper]

You could always invest in Bitcoin instead...

[DaveB]

Blackadder: "Baldrick, have you no idea what irony is?"

Baldrick: "Yes, it's like goldy and bronzy only it's made out of iron."

[hyperD]

Blackadder: "Baldrick, have you no idea what irony is?"

Baldrick: "Yes, it's like goldy and bronzy only it's made out of iron."

[Paddy]

The price won’t change, Israel, Iran, China and Russia are buying up gold like there is no tomorrow for paper money

[GB9]

Its the government equivalent of going bankrupt and saying 'well, my car is really nice so I won't tell them about it'. Gold needs to be repossessed and sold to pay debts.

[hyperD]

Best ask Gordon on how to sell gold at the historical bottom of the market.

Yes, please ask the former Prime Mentalist also to do a nice lecture on "The Effects of Removing the Dividend Tax Credit on Pensions" and "Why Ignoring Financial Advice is the Right Thing To Do" while you're at it...

Are we taxpayers still paying for that freak to stay away from Westminster?

[DimPrawn]

Best ask Gordon on how to sell gold at the historical bottom of the market.

[MyUserName]

It will be worthless and pointless if this becomes the standard approach. If Italy, Portugal etc are forced to sell their gold the price will drop like a stone.

Best they do it fast then!

[DaveB]

...as the central bankers and economists keep telling us...why has the EU central bank seized all of the Cypriot gold?

EMU plot curdles as creditors seize Cyprus gold reserves – Telegraph Blogs

It will be worthless and pointless if this becomes the standard approach. If Italy, Portugal etc are forced to sell their gold the price will drop like a stone.

[NotAllThere]

...as the central bankers and economists keep telling us...why has the EU central bank seized all of the Cypriot gold?

Because it is pretty and shiny?

[Jog On]

Particularly like this bit here:

Portugal holds 382 tonnes of gold, the 14th largest holding in the world, and more than either Britain or Spain. For the sake of delicacy, I will skip over the methods by which Salazar acquired that gold.

So will the Troika order Portugal to hand over these reserves if the country requires a second bail-out, as deemed likely by a great number of analysts in the City?

So PIIGS country holds enough gold to pay off some if not all of their debt and they're going down the bailout route instead?

So they'd rather do the bailout thing than sell off their gold reserves..... WTF?

How about any nation requiring a bailout sell their gold to pay off their debts first?!

[DimPrawn]

...as the central bankers and economists keep telling us...why has the EU central bank seized all of the Cypriot gold?

EMU plot curdles as creditors seize Cyprus gold reserves – Telegraph Blogs