NS&I Index linked certificates to be introduced next FY

Biggles

Last year's Telegraph said "Between 1999 and 2002, Mr Brown ordered the sale of almost 400 tons of the gold reserves when the price was at a 20-year low. Since then, the price has more than quadrupled, meaning the decision cost taxpayers an estimated £7 billion, according to Mike Warburton of the accountants Grant Thornton". Maybe it's £10bn now, who knows?

le_loup

Oh dear, you guys just don't get it, do you?
The gold was exchanged for currency that has been earning interest ever since. How much interest did gold earn before that?
How much has that currency appreciated/depreciated since.
The gold had a dollar value, how much would that dollar equivalent be today.
How many other governments sold gold at the same time as a co-ordinated move to re balance the world's currency holdings?
How many people KNEW then that gold would go up in value?
What WILL be the value of the gold tomorrow?
Please remember, what upset the Daily Mail and others was that some of the proceeds were going into euros which was going to collapse in, when was that now, oh yes, a week after it came into being.
I presume all those that KNEW that this a stupid thing to be doing, showed their conviction and put all their savings into gold then and sold last week!

StevieJ

Biggles wrote: »

Last year's Telegraph said "Between 1999 and 2002, Mr Brown ordered the sale of almost 400 tons of the gold reserves when the price was at a 20-year low. Since then, the price has more than quadrupled, meaning the decision cost taxpayers an estimated £7 billion, according to Mike Warburton of the accountants Grant Thornton". Maybe it's £10bn now, who knows?

Certainly not 240 billion that was suggested above Than again if they sold 2billion worth for 60 billion that wasn't bad going.

I remember him selling the queens gold, well our stock piles of around 60billion wasn't it??? Now worth 5 times that???

cepheus

He bought some of the banks cheap though.