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If only Gordon Brown had waited....


canarieslover
Resolved

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....we may have been a bit better off. Gold at record high

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HondaMan

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These toothless bodies are a waste of space and money.

Yes, and it's our money!

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john 52

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Maybe the £3.4 billion, the Conservative government pumped into supporting the ERM on Black Wednesday and if they had devalued the pound would have made £2.4bn profit on sterling's devaluation instead . The treasury spent £27bn of reserves in propping up the pound.

hindsight is a wonderful thing

Dick tattor sorry just spotted your post but thought I would still post it as it is a very valid point

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Autoschediastic

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Does anyone know if its true that when GB sold the gold apparently there was many TONS of it? ive been told it was a huge room filled with it? any pics pls Thanks

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Forum Editor

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john 52

"hindsight is a wonderful thing".

Precisely. 'If only' must be up there with 'what you/they/I/he/she should have done is...'

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Autoschediastic

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THIS explains my last question OMG how much was they???

READ HERE

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Strawballs

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People complain about the price of the 2 carriers going up to 10Bn, well at least they will have something to show for the money rather than 27Bn going down the drain and what would that relate to in todays money I wonder.

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Forum Editor

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Autoschediastic

In answer to your question, the total gold bullion stock held by the Bank of England prior to Gordon Brown's sell-off was 714 tons.

Between 1999 and 2002 the UK treasury sold 395 tons of that, so we have 319 tons left in the vaults.

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Forum Editor

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Strawballs

It's easy to sit back now and make remarks about "27Bn going down the drain", but of course it's always easy to criticise with the benefit of hindsight.

We weren't the only nation to think it a wise move to sell gold bullion at the time - Holland sold about 300 tons, Argentina sold its entire stock of (I think) about 130 tons, and Australia sold about half its reserves.

Of course it would be good to have that bullion now, but I doubt that in the context of the time you or I would have been any the wiser about the future of gold prices.

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john 52

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I have always maintained politicians are subject to circumstance whichever party they are from and like anyone they make a decision in good faith and hope its the right one unless its a complete error in judgement like the Andy coulson affair which was blindingly obvious it was wrong

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Condom

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I have several nice pieces of gold which I bought over the years in Thailand. Most were bought for about 4000 thai baht for 1 baht of gold (Having the currency and weight of gold with the same name is I know confusing) and I believe the price is now circa 21000 baht for a baht of gold. A nice profit but this is real gold and not the stuff most shops in the UK pass of as gold.

Maybe one day I might sell it but I actually bought it to wear.

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