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Compound Magic
24 Nov 09 04:54
Joined:
Date Joined: 27 May 06
| Topic/replies: 764 | Blogger: Compound Magic's blog
Following the last peak nearly thirty years ago, gold went into a long term bear market. That was until Alan Greenspan started the disastrous policy of keeping interest rates artificially low at 1% during the early 2000's.

Since then - just as then UK chancellor of the exchequer Gordon Brown decided to sell half the UKs gold stock - gold has barely looked back.

In US dollar terms it was trading below USD$300 an ounce in 2000 (Gordon Brown's selling price!), compared to USD$1,164 today.

In percentage terms that's an increase of 288%.
Pause Switch to Standard View Clever Mr Brown!
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Report rustyboy November 24, 2009 7:25 AM GMT
Yeh but it's not as if the money raised by the sale was put into a big pile and burnt was it. It has been spent on services that we have all enjoyed and have (hopefully) bettered and developed our society.

I hate this after timing on decisions like this. Much has happened in the world (wars) to raise the price of gold that no one could have forseen.

Politicians for all their faults do the best they can at the time. I truely believe that. Sure they may have their snouts in the trough some of the time, but they're never going to maliciciously do something like sell gold cheap just for a laugh.

grow up! That money has been spent on things we needed at the time. We can always make more gold.
Report noddys ryde November 24, 2009 7:34 AM GMT
all squandered on wars and diversity officers
Report Compound Magic November 24, 2009 7:47 AM GMT
You don't sell assets that will always go up in value, if he needed money he could have borrowed against the gold.

When you find out how they make more gold please let me know and I will forever be
in your debt.
Report wit-ham November 24, 2009 8:18 AM GMT
borrow borrow why do we need to borrow

surely us hard working british families are making enough money for this country to pay for all the needs of the top 2% bottom 5% of our population

% figure's are of course produced the same way as the government does and plucked from thin air, and i hold no responsibility(like any government minister)as to their accuracy
Report STUDYFORM November 24, 2009 8:30 AM GMT
There is enough wealth in the Royal family, with its possessions, art, land, hangers-on etc etc to sort out the UK debt.

I don't know why they just don't do the right thing.
Kill 2 birds with one stone.
Report STUDYFORM November 24, 2009 8:32 AM GMT
So if he's sold 1/2 the gold, and its value is up 288%, surely we are 44% more wealthy than we were anyway, so why the gripe?
Report NEARCTIC November 24, 2009 8:35 AM GMT
and the tories sold off BT and many other state industries when they could have got hundreds of billions more for them if they had sold them off a few years later, so what
Report Big Charlie November 24, 2009 8:36 AM GMT
That's my Queen you're talking about, not some tin pot countrys dictator.

TREASONIST
REPORTED
Report wit-ham November 24, 2009 8:37 AM GMT
ROYALIST

REPORTED
Report STUDYFORM November 24, 2009 8:38 AM GMT
She's all yours BC - when we're at Ascot next year - I'll be taking a bet, or eating a burger or having a wee, while you wave clap and cheer the Royal drive past.

And I'll remind you of this post :)
Report Big Charlie November 24, 2009 8:39 AM GMT
Until we get somebody elses head on the currency I shall remain a Royalist.

Scargill came close some years ago.
Report blackburn1 November 24, 2009 8:41 AM GMT
I'm a royalist

God save the queen
Report Big Charlie November 24, 2009 8:46 AM GMT
Study,

I couldn't see feck all this year because of the crowd of bastid picnickers standing on chairs, tables and bins behind the joint.

I shall also be having a word with H.M. over the traffic I got stuck in while she walked over the bridge. TWO facking hours from Virginia Water to get onto the course, and the resulting cost of petrol.

I either get a refund or on to the honours list, not sure which yet :)
Report STUDYFORM November 24, 2009 8:46 AM GMT
I was working for BT (the post office, as it was then) in 1978/9, Nearctic, in the technology/development offices. This country's telephone exchanges were ready to be moved over to what was called system X (the tonal sound rather than clicking when a number is dialled)then. The almost overnight savings were due to be, and in fact were, massive.
All the added value items, (1471, call back, premium rate), added to the culling of staff (standard privatisation trick) because exchanges became virtually maintenance-free.

It was held back deliberately for 3 years, then rolled out gradually after privatisation.
Tebbit (the main overseer) was made non-exec chairman on £1 million salary.

Just one of the many nasty selfish little things which helped put us where we are today.

Privatisation is the single biggest cause of this nation's downturn. It helped no-one other than a few greedy shareholders, and a very few with vested interest.
Report STUDYFORM November 24, 2009 8:47 AM GMT
I'd forgotten about your long drive BC :)
Report Big Charlie November 24, 2009 8:48 AM GMT
:(
Report blackburn1 November 24, 2009 8:48 AM GMT
Tebbit (the main overseer) was made non-exec chairman on £1 million salary.

£1m pa 30 years ago?
Report STUDYFORM November 24, 2009 11:51 AM GMT
Sorry I'm slightly wrong. It was £1.2 million in shares, and a big salary. to do nothing!!!!

http://www.spinwatch.org/index2.php?option=com_content&do_pdf=1&id=248

^This is well worth reading, if there is any doubt about the scam that is privatisation.
Report madasahatter November 24, 2009 12:30 PM GMT
Some mis-informed comments on here.

The gold was not sold and the money spent. It was re-invested to give a more balanced portfolio

I'm no 'lover' of this administration, but the decision to sell half the reserves was not Brown's alone, but on taken on advice. Try the link for a more balanced view.

http://www.bbc.co.uk/pressoffice/pressreleases/stories/2008/06_june/13/gold.shtml
Report Ivor November 24, 2009 12:32 PM GMT
REASONABLIST REPORTED
Report HarryCrumb November 24, 2009 12:54 PM GMT
"There is enough wealth in the Royal family, with its possessions, art, land, hangers-on etc etc to sort out the UK debt"
Are you actually being serious with that post.
Report blackburn1 November 24, 2009 1:00 PM GMT
Oh yes he's being serious Harry, he believes it alright
Report alfie255 November 24, 2009 1:04 PM GMT
So some posters aren't actually against the state paying people to do nothing all day?
Report Big Charlie November 24, 2009 1:04 PM GMT
pussyclart the grasser/stalker/nutjob not posted on this thread yet ?

She won't like the fact that I was working at Royal Ascot with a left winger.

Studyform must be on the shortlist for a firing squad for treachery.
Report Big Charlie November 24, 2009 1:26 PM GMT
pussyclart still not arrived.

:^0
Report DonWarro November 24, 2009 1:34 PM GMT
charlie - tbf, YOUR queen, has fked us by signing the european treaties, and is arguably guilty of treason herself..
Report DonWarro November 24, 2009 1:36 PM GMT
but to be fair to her, she had no choice. she was obliged to, in her capacity as Agent in Commerce for the Crown - The Crown not being the royal family, but a private company, owned by the international super-elite.
Report DonWarro November 24, 2009 1:37 PM GMT
international super elite being representatives of the vatican.

the City Of London btw, is not in England. it is an independent state, owned by the Crown.
Report Big Charlie November 24, 2009 3:02 PM GMT
Newham is in London, that's a state as well.

Where is pussyclart, the grassing stalker nutjob ?

Has she not seen that I was at Royal Ascot while she was in her Newham bedsit typing abuse on here.
Report Arleystation November 24, 2009 4:07 PM GMT
rustyboy 24 Nov 08:25

Yeh but it's not as if the money raised by the sale was put into a big pile and burnt was it. It has been spent on services that we have all enjoyed and have (hopefully) bettered and developed our society.



Supreme irony or else a comment from cloud cuckoo land.
Report rustyboy November 24, 2009 9:09 PM GMT
'tis you sir who are in cloud cuckoo land.
Report Big Charlie November 25, 2009 9:26 AM GMT
Where am dat pussyclart girlie ?

Hope she didln't go racing at the weekend and lost her JSA money to me, that would be a shame.
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