Tag Archive | "political shenanigans"

Uk; Is Gordon Brown Really At Fault For Selling Gold At The Bottom Of The Market In 99-02?


I am increasingly annoyed at the constant flack GB is getting for selling the UK’s national reserves of Gold between 99-02 at the so called bottom of the market.
I feel that that the criticism of the decision has cost the UK £7 billion yet this is misleading that is TODAY’S price not the price at the time the reserves were sold.
If it turns out there were political shenanigans going on, like secret deals with Goldman Sachs, the International Banking Establishment, or to manipulate the gold/$ price, then yes, this decision was flawed.
However taken in the context of prices at the time and the government needed some cash for what ever reason then its hardly fair to criticise the man.
Its always easy to say; “should have done” with hindsight. Yet GB wasn’t to know the future price of gold would be 4 x the price nearly a DECADE later was he ?
no one truly knows the top or bottom of any market do they ?
Is $1600 an ounce the top of the market ?

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