Gold now at $600 an ounce - so what you say!

[Max Headroom]

Whats the significance, well, between 1999 and 2001 Gordon Brown sold off 395 tonnes of UK Gold reserve at an average of $275 an ounce raising £2.3 billion. Gordon Brown had sold off half of the UK Gold reserve during the time gold was at a 20 year low, since then gold prices have steadily risen to their current price of £600 an ounce, meaning we as a nation have lost out on £2.36 billion because of our "prudent" Chancellor.

 

Why was this done, because Gordon Brown wanted to inject 40% of the proceeds into the euro to shore it up and as a precursor to UKs entry into the euro.

 

I never voted for the shyster.

[Darren-K]

it doesnt affect the retailer in any dramatic degree.,

after gold distribution your looking at something like 0.001 cent more a gram.

[jamesmark]

i was bored once and i sat and worked out that if 20 million people out of a population of appx 65 ish earned the national average of £24k a year that the government on income tax and NI would recieve £80 billion a month

[Chiefgroover]

Big effect on retail, say a plain wedding ring £200 , price made up by 70% gold and 30% manufacturing costs (called fashion charge), becomes £340 retail when gold doubles.

When their is war gold usually goes up, especially if it drags on.

[Darren-K]

Big effect on retail, say a plain wedding ring £200 , price made up by 70% gold and 30% manufacturing costs (called fashion charge), becomes £340 retail when gold doubles.

When their is war gold usually goes up, especially if it drags on.

hhhmm,i think your right,

i deal with 2nd hand gold realy so the new price doesnt affect me,

we still buy in for the same rate and sell for the same rate

[Pete]

Here's the gold price historical figures - http://goldprice.org/gold-price-history.html#10_year_gold_price

[JohnA]

....Why was this done, because Gordon Brown wanted to inject 40% of the proceeds into the euro to shore it up and as a precursor to UKs entry into the euro....

This is only a very small part of the picture.

The game is much bigger than this - perhaps not appropriate for a thread in an automotive forum.

 

In general historical terms, gold prices have been going up every time there has been loss of confidence in the major currencies (economic/political stability).

[Chiefgroover]

Its amazing how much control banks have, and how vicious they can be to the world economy.