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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Dec 30 4:00 PM EST

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To: Amelia Carhartt who wrote (88214)	3/21/2012 5:38:43 PM
From: TobagoJack	Read Replies (3) of 218863

some good news Osborne: says will take opportunity to rebuild UK gold reserves dailymail.co.uk BUDGET 2012: Revealed - How we lost out on £9BILLION by Gordon Brown selling gold on the cheap Price of bullion was at 20-year low when Brown sold 400 tonnes for £2bn in 1999Shortly after the price rallied from $300 an ounce to $1,920.30 in September 2011George Osborne says the Government is now rebuilding the country's gold reserves By RICK DEWSBURY PUBLISHED: 17:50 GMT, 21 March 2012 \| UPDATED: 18:50 GMT, 21 March 2012 Comments (15) Share Bad decision: Half of Britain's gold reserves were sold for £2bn in 1999 by Gordon Brown (file picture) The gold reserves held by Britain that were disastrously sold off by Gordon Brown would be worth six times as much today at £11bn, the Chancellor revealed in his budget speech today. George Osborne said that the Government had been rebuilding the country's reserves of the precious metal after former chancellor Brown sold them in 1999. The decision to sell half of Britain's reserves when the price of gold was at a 20-year low low caused stinging criticism of the man who succeeded Tony Blair as prime minister. Brown sold the gold for £2bn when gold was valued at just $300 an ounce. The sale came shortly before bullion started a blistering rally that took prices to a record high of $1,920.30 an ounce in September 2011. The same gold reserves would be worth £11bn today. The Chancellor said in his budget speech today: 'We are also taking the opportunity to rebuild Britain's reserves, which had fallen to historically low levels. 'I can confirm our gold holdings have risen in value to £11 billion. This does not include the 400 or so tonnes of gold sold a decade ago for £2 billion, and which would now be worth six times that at over £13 billion pounds. Read more: dailymail.co.uk

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