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View Full Version : Gordon Brown & UK Gold sales



Fredkc
25th March 2010, 22:46
"Explain Why You Sold Britain's Gold", Gordon Brown Told

by Holly Watt and Robert Winnett

Gordon Brown has been ordered to release information before the general election about his controversial decision to sell Britain's gold reserves.

The decision to sell the gold – taken by Mr Brown when he was Chancellor – is regarded as one of the Treasury's worst financial mistakes and has cost taxpayers almost £7 billion.

Mr Brown and the Treasury have repeatedly refused to disclose information about the gold sale amid allegations that warnings were ignored.

Following a series of freedom of information requests from The Daily Telegraph over the past four years, the Information Commissioner has ordered the Treasury to release some details. The Treasury must publish the information demanded within 35 calendar days – by the end of April.

The sale is expected to become a major election issue, casting light on Mr Brown's decisions while at the Treasury.

Last night, George Osborne, the shadow chancellor, demanded that the information be published immediately. "Gordon Brown's decision to sell off our gold reserves at the bottom of the market cost the British taxpayer billions of pounds," he said. "It was one of the worst economic judgements ever made by a chancellor.

"The British public have a right to know what happened and why so much of their money was lost. The documents should be published immediately."

Between 1999 and 2002, Mr Brown ordered the sale of almost 400 tons of the gold reserves when the price was at a 20-year low. Since then, the price has more than quadrupled, meaning the decision cost taxpayers an estimated £7 billion, according to Mike Warburton of the accountants Grant Thornton.

It is understood that Mr Brown pushed ahead with the sale despite serious misgivings at the Bank of England.

[more here (http://www.telegraph.co.uk/finance/personalfinance/investing/gold/7511589/Explain-why-you-sold-Britains-gold-Gordon-Brown-told.html)]

PINEAL-PILOT-IN MERKABAH
25th March 2010, 23:43
id say he was pushed ahead by the bank of england despite misgvings from other politicians. mr brown unelected and the destroyer fo the last few whisps of freedom britain had. i think we see paterns here. make all sovereign states seem inept and corrupt, then watch them fall apart and hope the people go for the "we need a global solution" answer.

K626
25th March 2010, 23:45
ET needed it for anti-magnetic shielding.

justpeter
26th March 2010, 11:24
I've been trading the markets for years and I started buying gold at the time he was selling it. It was obvious there was a gold boom on the way. Most people in the markets couldn't believe Britain was selling its gold at the bottom of the market like a mug punter.

I also heard Gordon Brown a few months ago saying he had no idea the banks were going to collapse due to the "sub-prime loans" fiasco in the US. Really? Well he should have asked me. I knew all about it at least a year before it happened, thanks to the Bob Chapman newsletter.

So either Gordon Brown is the village idiot or there's a conspiracy. Probably a bit of both.

K626
26th March 2010, 11:27
Never under any circumstances sell gold.

Eric J (Viking)
26th March 2010, 11:41
I really am amazed that we put up with this!!!!

If you had an employee working for you and he sold some of your product at the lowest possible price...without any type of interaction with you...What would you do... ??

Simple isn't it.. sack him....!! And he's still running the show... WAKE UP PEOPLE!!!!!!!!! We pay his wages!!

viking