BILDERMORGUE BROWN'S SEVEN BILLION POUND BLUNDER

Why did Bildermorgue Brown sell off tons of gold at rock bottom prices?

This has apparently been a source of great intrigue.

But if you have followed Reginald Howe's argument at The Golden Sextant you know the answer already; central banks sold off tons of gold at the correct time to suppress the price of gold as part of a conspiracy to manipulate gold prices. And the culprits are the usual suspects that have been at the heart of the derivatives market that caused the current financial crisis.

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From http://www.telegraph.co.uk/finance/personalfinance/investing/gold/7511589/Explain-why-you-sold-Britains-gold-Gordon-Brown-told.html


Explain why you sold Britain's gold, Gordon Brown told
Gordon Brown has been ordered to release information before the general election about his controversial decision to sell Britain's gold reserves.


By Holly Watt and Robert Winnett
Published: 11:55AM GMT 24 Mar 2010

Gordon Brown (L) and gold in the Bank of England - Explain why you sold Britain's gold, Gordon Brown told

The decision to sell the gold – taken by Mr Brown when he was Chancellor – is regarded as one of the Treasury's worst financial mistakes and has cost taxpayers almost £7 billion.

Mr Brown and the Treasury have repeatedly refused to disclose information about the gold sale amid allegations that warnings were ignored.

Following a series of freedom of information requests from The Daily Telegraph over the past four years, the Information Commissioner has ordered the Treasury to release some details. The Treasury must publish the information demanded within 35 calendar days – by the end of April.

The sale is expected to be become a major election issue, casting light on Mr Brown's decisions while at the Treasury.

Last night, George Osborne, the shadow chancellor, demanded that the information was published immediately. "Gordon Brown's decision to sell off our gold reserves at the bottom of the market cost the British taxpayer billions of pounds," he said. "It was one of the worst economic judgements ever made by a chancellor.

"The British public have a right to know what happened and why so much of their money was lost. The documents should be published immediately."

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.