Markets Index Gold $699 Today - History. Bank of England Sold 395 tons at $257oz at 21 year low.
This one is for the hisory books, a history classic. At the time I was drawing a pt.& fig.chart and the lines of math and geometry crossed rt.at the $257 low. Governments have throughout history, made the wrong move, at the wrong time, in the wrong place. That's how wars are created, or by religious fanatics in close second. I may add, very close, so close, they appear to be the same. This is write up is out of www.TheBullionDesk.co.uk dated Feb.19th check it.
I remember my gold point and figure chart dropping down for 21 years and as the price took a dive of $30 down to $257 I was horrified to hear the Bank of England had sold 430 tons of gold at the low. The next few days it recovered the $30. I believe Goldman Sacks had arranged to buy all the gold at a discount of the $30, no doubt knowing the deal was coming, went "short" some weeks before and "covered" to make $30 on each oz. 12.64m.oz x $30, is $379million.
Question? What does a government interfear into this kind of crime, when the gold belongs to the citizens of the country and not the bank, sold 55% of the 715tons. A repeat in the works. Latest this week:- US government is to double the crude oil strategic reserve to 1.5 billion bbls as the price has risen from $11 to $60 in the last 6 years. There they go again. Now new high in crude oil for some time. Actual loss:- 395tons.times today's price $669 less sold price of $257 = $412 Math:- 395tons x 16lbs. x 2000oz = 12,640,000oz, x $412 = $5,297billion.
Note the amount below is much less at $4.4 billion. And the proceeds was re- invested in paper money that losses it's value more than the interest recieved. What a mess. When will any govenment get anything right. Charlton Capital Ltd. 618 at your service. Now read the "history" below.

PS. Below states 395 tons, but I remember it was 430 tons.
Brown ‘lost £2bn in gold sell-off’

Sunday, February 18, 2007

Gordon's timing under fire

Gordon Brown may have missed out on a £2.6billion Treasury windfall, it was claimed.

Between 1999-2002, the Chancellor sold more than half of Britain's gold reserves in auctions which raked in £1.8billion.

But with gold prices now at near-record levels, he could have raised £4.4billion had he sold the gold now.

Tories accused Mr Brown of making a 'catastrophic mistake'.

Shadow Treasury Minister Mark Francois said last night: 'This is one of the many decisions by Mr Brown that have cost the country dear.

And Julia Goldsworthy, the Liberal Democrat Treasury spokeswoman, said the gold issue had tarnished the Chancellor's reputation.

She added: 'He sold off reserves for the sake of supporting short-term spending 'The fact that the gold price has risen so much since then underlines what a mistake it was.'

Mr Brown sold 395 of Britain's 715 tonnes of gold, saying at the time he did so 'to achieve a better balance by increasing the proportion held in currencies'.

The money was invested in dollars, euros and the Japanese yen.

Yesterday, the Treasury defended the sale, saying: 'Gains and losses should be measured over the longer term, taking into account of all elements of the restructuring programme, including risk.

'The proceeds of the sales were reinvested and placed in interestbearing assets which remained part of the reserves.'

End. www.TheBullionDesk.co.uk.