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  #31  
Old Yesterday, 01:00 PM
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Xtractorfan Xtractorfan is offline
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Tell me how we would be billions better off if we still had the gold reserves.
Brown was smarter than most people gave him credit for.. He kept the pound and knew that with or without gold reserves our economy would still remain the same.
An economy as big as the UK does not need Gold reserves to bolster or maintain its currency.

Last edited by Xtractorfan; Yesterday at 01:02 PM.
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  #32  
Old Yesterday, 02:51 PM
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JBell JBell is offline
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Originally Posted by Frontstep View Post
How can it possibly be no ?

I wrote;

"Brown didn't guess the future price of Gold correctly"


It's a no because the price of gold went down as a direct result of him announcing the sale because everyone knew on which date several tonnes of gold would be sold.

Had he just sold it off gradually without announcing the sale the price would have been much higher
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  #33  
Old Yesterday, 04:44 PM
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prwales prwales is offline
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the price of gold when stratospheric as the crisis of 2008 unwound; people lost faith in fiat currencies, if that hadn't happened this would be less of an issue over the gold sale

https://en.wikipedia.org/wiki/Sale_o...9%E2%80%932002
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  #34  
Old Yesterday, 05:27 PM
davemercedes davemercedes is offline
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Originally Posted by Xtractorfan View Post
Tell me how we would be billions better off if we still had the gold reserves.
Brown was smarter than most people gave him credit for.. He kept the pound and knew that with or without gold reserves our economy would still remain the same.
An economy as big as the UK does not need Gold reserves to bolster or maintain its currency.
Brown was so smart that along with knock-down price of OUR gold (just something else the taxpayer paid for the losses) he wiped away most of the regulations that had kept bankers and finance houses under at least some level of control.

He also introduced taxation on pension funds - see wikipedia

"Documents subsequently released under the Freedom of Information Act showed that civil servants warned at the time that the move, which generated 5bn in tax revenue, could lead to the closure of many occupational schemes, which subsequently came to pass. In 2008, a biographer of Brown, Tom Bower, claimed that Brown had originally sought a larger sum from pension funds, but backed down in the face of opposition.[7]

Yeah, dead smart(ar$e).
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  #35  
Old Yesterday, 05:53 PM
Frontstep Frontstep is offline
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Originally Posted by JBell View Post
It's a no because the price of gold went down as a direct result of him announcing the sale because everyone knew on which date several tonnes of gold would be sold.

Had he just sold it off gradually without announcing the sale the price would have been much higher
Are you answering another question then ?

To reiterate :

"Brown didn't guess the future price of Gold correctly"

Are you now saying he did guess the price of gold correctly ?
he either did or he didn't or shall we just leave it ?
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  #36  
Old Yesterday, 06:50 PM
Craiglxviii Craiglxviii is online now
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Quote:
Originally Posted by Frontstep View Post
Are you answering another question then ?

To reiterate :

"Brown didn't guess the future price of Gold correctly"

Are you now saying he did guess the price of gold correctly ?
he either did or he didn't or shall we just leave it ?
He didn't guess that the gold rate would increase 1000% no.

What he did was to deliberately ensure the worst possible conditions to sell, wait for it, 380 TONS of gold. And that was done to spread the risk of government- owned futures. To say that it was badly managed is an understatement, the loss on the sale from the market rate the day before, to what was achieved throughout the various auctions made us a nett loss of 118m versus if we had just done nothing but continue to use it as collateral.
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  #37  
Old Yesterday, 09:45 PM
Frontstep Frontstep is offline
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Yes he called it wrong, his theory I suppose was cash in the economy worked harder than gold in a vault.
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  #38  
Old Yesterday, 09:57 PM
Craiglxviii Craiglxviii is online now
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Originally Posted by Frontstep View Post
Yes he called it wrong, his theory I suppose was cash in the economy worked harder than gold in a vault.
The whole thing originated in a Treasury study that identifies a number of different government investments that contained risk of devaluing, and suggested that the risk should be mitigated. We also needed to raise our dollar reserves so it was decided to sell off half (!!) of the gold reserve, held in Ft. Knox.

None of that was necessarily a bad idea without hindsight. What was just batsh*t CRAZY-mental was the way in which (Broon) decided to inform the markets two months in advance of the first round of auctions. That was seen as very strange at the time by the brokers spaffing their kecks over buying Special Large Reserve bullion at 15% below the then- current futures rates. Because, of course, it's not like brokers and traders do t actually talk to one another now is it? Apparently Broon and his Treasury team thought the opposite.*.

Of course 2 years later the same brokers had used the gold to electroplate their second and third Ferraris after the market rate skyrocketed.

*(Now, this is a guy who would not allow for any dissenting opinion, he surrounded himself by yes- men and wondered why things didn't always go his way. )

Last edited by Craiglxviii; Yesterday at 10:01 PM.
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  #39  
Old Yesterday, 11:00 PM
Painter16 Painter16 is offline
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Originally Posted by JBell View Post
There is no-one on this planet I despise more than Blair, he personifies everything wrong with politics, he is a self serving, odious, deceitful man who milks the very system he said was corrupt.

He signed us up to the very agreement we have rejected, gave everything away and removed way too much of our soverign rights thinking it would make him friends and help him when he got deposed, he was right and has gone on to become a multi millionaire with a role of peace envoy to the very place he waged war on, the hipocrasy of it staggers me.

I hope he vanishes into the ether again never to trouble our doorstep
So you don't like him then
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  #40  
Old Today, 09:10 AM
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So you don't like him then
Not a fan, no
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