New book ‘102 Things to Do with a Hole in the Ground‘ spotlights global reclamation projects
Stories of reinvented coal mining regions, regenerated communities and rebuilt ecosystems are told in a new book published this month.
Gordon Brown’s sale of 400 tons of gold in 1999 has cost the United Kingdom GBP11 billion, said the Chancellor of the Exchequer, George Osborne, in his 2012 budget speech.
Osborne said the decision to sell the gold was “. . . one of the worst economic judgements ever made by a chancellor.” Brown was Chancellor of the Exchequer under the then ruling Labour Party.
Osbourne’s dig at the opposition Labour Party during his Tuesday budget speech led to an uproar in House of Commons. He also announced the Treasury is getting back into bullion.
“We are also taking the opportunity to rebuild Britain’s reserves, which had fallen to historically low levels,” said Osborne.
“I can confirm our gold holdings have risen in value to £11 billion. This does not include the 400 or so tonnes of gold sold a decade ago for £2 billion, and which would now be worth six times that at over £13 billion pounds.”
Osborne suggests that the decision to sell was made by Brown despite misgivings from his officials.
5 Comments
ricpent
Anyone who can not see that unlimited printing of Paper Currencies now taking place will not lead to escalating Silver & Gold Prices, is severely delusional!
Steve Peel
It’s official – the bull run in Gold is over.
Gordon Brown’s sale of 400tons of gold in 1999 marked the end of gold’s bear market: George Osborne’s announcement that the Treasury has been buying gold marks the end of gold’s bull market. Politicians are crowd followers – they react to situations. Everyone saw the price falling lower and lower so Brown offloaded Britain’s gold; we all saw the price climbing higher and higher so Osborne climbs aboard the band wagon and loads up. Because they are trend followers, their actions are always very late in the trend, and by the time they proudly announce their sales or purchases the market is turning. Politicians worldwide, whatever their persuasion, are always on the wrong side of the market.
Michael Allan McCrae
Nice comment Steve. Mind you, gold has been sliding for a while.
Ronpaullandry
Perfect hindsight
Jm_86
except even everyone at teh time told him not to