From Bob Hoye in Safe Haven yesterday:
"U.K. Sold 395 tonnes of gold at an average price of $274.9 per ounce. The first sale at $254 caught (or caused?) the low point in a 20-year slide in the price of gold.
The losers are us, Brown's gold sales raised around $3.49 billion.."
-- Telegraph.co.uk , January 2, 2006
That was written when the price was $627 and at today’s gold price of $895 the position would be worth $11.4 billion. And - remember the reason for selling was to improve central bank returns - what did they buy with the funds?
I make that a loss of $8 billion to date, or £4bn sterling.
We hear a lot about accountability. If only politicians could be made personally financially accountable.
Or if they could be paid to go away. In recent times, it would have saved the country a fortune if each senior politician had been given £10 million to do nothing at all.
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