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Gordon's Gold Blunder

GORDON Brown lost the country a staggering £6 billion when he sold the Gold Reserves for a knockdown price.

New figures show Brown’s disastrous decision to sell £2.5 billion of gold when it was at an all-time low have cost every British household £238.

Brown sold 395 metric tonnes of gold at an average of $275.60 per ounce.



He raised $3.5 billion which, in March 2002, converted to £2.5 billion – or £3bn in today’s money.

Now, at today's gold prices ($1,054 per ounce) he would have made $14.7m or £9 bn.

His decision cost the UK economy twice what we’re spending in Afghanistan.

Justin Prichard, Managing Director of Cashmygold.co.uk said: “Gordon Brown’s decision to sell half the UK’s gold must go down as one of his worst blunders to date and will undoubtedly be coming back to haunt him as he embarks on a mission to sell a further £16 billion of UK assets. 

"Had Gordon thought a bit more carefully about his sale of the UK’s gold and sold at today’s prices, he would have saved himself the need to begin stripping the UK of it’s assets, which includes stakes in the student loan book, the Channel Tunnel Rail Link and the gambling firm Tote.

“Instead he chose to gamble by selling the UK’s gold at the lowest price we have seen in the last 30 years!
“But we hope that UK consumers have learnt from Gordon’s mistakes, and are choosing to time their gold sales wisely.”

 

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