Bullion sales
Some people quite rightly blame Gordon Brown for selling off the gold reserves for a low price compared to what the value is today.
May I say that I used to be employed by a Merchant bank in the City and they were also bullion dealers. They were also responsible for setting the price of gold every day with other banks in the City. It was a bad, no disastrous move to sell the gold reserves.
However, we should blame all governments and organisations going back to when the British National Oil Corporation (BNOC) was set up. We have sold off our oil and gas reserves and now there is effectively ever dwindling reserves. Yet what are we asking the middle east countries do, yes, sell their oil and gas cheaply so that we can maintain an unsustainable standard of living.
I think some people fail to understand that foreigners are not stupid. Why should they dig us out of a hole of our making. It's not only the gold it is, well, everything. It's nearly all gone!
May I say that I used to be employed by a Merchant bank in the City and they were also bullion dealers. They were also responsible for setting the price of gold every day with other banks in the City. It was a bad, no disastrous move to sell the gold reserves.
However, we should blame all governments and organisations going back to when the British National Oil Corporation (BNOC) was set up. We have sold off our oil and gas reserves and now there is effectively ever dwindling reserves. Yet what are we asking the middle east countries do, yes, sell their oil and gas cheaply so that we can maintain an unsustainable standard of living.
I think some people fail to understand that foreigners are not stupid. Why should they dig us out of a hole of our making. It's not only the gold it is, well, everything. It's nearly all gone!
posted by Catch22 at 2:56 AM
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