Forum Topic

The Man who sold half our Gold at $275 an ounce

As Chancellor of the Exchequer, Gordon Brown sold half of Britain's gold bullion reserves at an average price of $275 an ounce between 1999 and 2002. The price of gold closed at $1023 an ounce on the London market last night.Gordon Brown has therefore cost us $748 for every ounce of our gold that he sold so cheaply.I wonder how many billions Gordon Brown's very poor decision has cost us, the taxpayers ?Any private sector executive or Finance Director who made such a fundamental error would have resigned or been fired. But Gordon Brown has been promoted to Prime Minister.Is he the right man to have in charge of the country in these dangerous times ?

David Giles ● 6771d10 Comments

So is the gold price for 24ct or 9 or what?  I've just weighed all my random gold stuff and it's just over 6oz, but it doesn't look like it's worth that much to me. (And of course I wouldn't part with it anyway!)

Jane Salisbury ● 6771d

That’s good.  Did you think of that all by yourself or did you cut & paste it from a Conservative Central Office press release?Anyone one with access to Google will be able to tell you that during the period you/ Central Office are quoting the market price for gold was around the $260po mark.  There were some jumps and falls during this time, but then gold is a highly volatile investment. It is the refuge of the frightened in times of Market turmoil.Anyone who brought gold at that price yesterday afternoon is now in the red and with the price continuing downwards will probably lose their shirt once New York opens (the .75% Fed interest cut being the driver of course).So why the need for Chancellor Brown to sell at the $260po mark? Lamont era ‘Black Wednesday’ government Bonds being called in. But then Smith Square would keep quiet about that, wouldn’t they?At the last general election I voted Nu-Labour through gritted teeth, as I believe most of those who voted Labour did.  Hell, for the first time in my life I voted Con during the local elections in the hope that our woeful Labour council would be unseated; and have been cautiously pleased with the results.  It even got to the stage just after Cameron’s start as your leader that I was thinking the unthinkable.We have a Government that has made a total bollocks of almost everything it has touched (only Ulster, Kosovo and Regional Devolution standing out as diamonds in the mire).  And yet rather that give the public the credible opposition we have a right to expect we are offered a set of Nu-Labourish headlines, lots of name calling and the sort of inaccurate tosh you’ve posted above.George Osborne’s reaction to the Northern Rock episode? To let David do the talking and then when finally cornered (on the morning of Nationalisation) to give the contradictory sound bite that “the government shouldn’t of acted/the government should have acted sooner”. No hint of what Boy George would have done. Do you expect me to vote for this intellectual minnow?On the strength of what I have seen on this forum over the past few months my vote will stay resolutely ‘Not Tory’

Gavin Gilbert ● 6771d

Does anyone else wish that David Giles restricts his propagandist posts to ChiswickW4 where thankfully half a days new contributions relegate his utterances to page 2......

Iain Muir ● 6770d

I don't think I'm with you on this one Iain. My position is that I like to read differing opinions on a wealth of subjects and I wouldn't encourage relegating Mr Giles to the ChisickW4 pages. Not that I agree with most of his postings, although some of them are quite interesting. There's room for all, so long as they don't preach hate or intolerance. And besides, EalingToday ain't as busy as the lively ChiswickW4 pages, which is the site of the chattering classes and don't they chatter!...I call them the 3M posters...all mouth, no money and monstrous mortgages.(well 4 Ms really!). EalingToday has always been friendly, but needs more input of every shade and opinion. No, I think we need free speech at all times, from as many as want to speak on whatever subject. I don't think a propagandist needs necessarily to be an enemy of free speech. And besides, there a lovely old Chinese saying that says:  Love your enemy, they'll hate you even more for doing so. Mr Giles must stay – I love his opinions - bless him.  ;-)

Gerry Tan ● 6770d

I'm with you on this one Gerry, after all Iain, if you see the name Giles on a thread you can just ignore it. Nobody is twisting your arm to read anything you yourself do not agree with. I like your description of SOME of the W4 contributers by the way Gerry.

Colin Vaughan ● 6770d

Well personally I'd like to say to Chiswick W4 members that I totaly divorce myself from Gerrys comments about you,after all not everyone can be a septuagenarian with no mortgage (that's an assumption) and kids "off hands".  I guess at least some of you will be in your 20s/30s with kids and a huge mortgage,not easy,at least I didn't find it so,maybe Gerry did? The chattering classes indeed!  David Hughes? Well of course he should be allowed to post when and wherever he chooses,and frequently does!  What I do object to is his selective use of quotes and history. A great example being his (nearly) use of a Times article on MPs expenses on the Brentford Forum (now on page 4).  It's a list of MPs who had high claims,but David edited out the paragraph listing the one Conservative on the list (not bad for the Times),to me that seems childish and not a little insulting to ones intelligence.

Tony Wood ● 6769d

I shouldn't take Gerry's appraisal of W4 members too seriously Tony.As a Seventy Year old myself with as you put it, a little patronisingly, 'No Mortgage and kids off hands'. I am fully aware of such burdens, having been through it myself. The figures were smaller, but so was the income, and my Children have that burden now, again that I am fully aware of. So I should lighten up a bit, and as Gerry would no doubt say, have a cyber wee dram on me, life's too short.

Colin Vaughan ● 6769d

Response to :- " Any private sector executive or Finance Director who made such a fundamental error would have resigned or been fired. But Gordon Brown has been promoted to Prime Minister.Is he the right man to have in charge of the country in these dangerous times ? "        xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx      I think not too long into his premiership most realised he is / will be a disaster as a PM, just as we are now seeing more clearly his being a disastrous Chancellor. He is the man who has ruined the retirements of millions of persons. I was sent an article 2 days ago as to why he did sell the gold, but I won't put it on this Forum as there are those who might object

Tony Price ● 6767d

"I was sent an article 2 days ago as to why he did sell the gold, but I won't put it on this Forum as there are those who might object"I'd long suspected you only had the wit to regurgitate others right-wing drivel rather than think stuff up on your own. Post it anyway; I'm bored because it's snowing and I can't get out on my bike and I always find your jaundiced view of the world highly entertaining. It's like a 21st Century version of a tour of Bedlem.In fact post it on ActonW3 as well so more people can laugh at you....

Gavin Gilbert ● 6767d

We're still waiting Tony.......

Gavin Gilbert ● 6766d