|
Recent figures suggest that Gordon Browns decision to sell off 60% of the UK’s gold reserve between 1999 and 2002, cost the nation somewhere in the region of £5 billion in today’s market.
Despite the Bank of England’s misgivings and advice not to sell 400 tons of bullion, a determined Brown continued to do so, even though the gold price was at an all time low at $275 an ounce.
Critics claim that announcing the sale in advance was a major economic incompetence on the Governments part, resulting in the market becoming depressed and gold selling at such a low price. Ironically, if Labours policy at the time was to buy gold, due to rising gold prices, the nation would not now be facing such glum statistics.
Presently, with the Government showing interest in selling off some major public assets, they must “first prove that they have learnt their lesson in the gold fiasco and the Prime Minister must be held accountable”. |