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Old 24-01-2013, 03:55 PM   #2
lightgiver
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Join Date: Apr 2008
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Lightbulb Gold

The sale of UK gold reserves was a policy pursued by HM Treasury over the period between 1999 and 2002, when gold prices were at their lowest in 20 years, following an extended bear market. The period itself has been dubbed by some commentators as the Brown Bottom or Brown's Bottom..
https://www.youtube.com/watch?v=fcfUk5ptoCY

The period takes its name from Gordon Brown, the then UK Chancellor of the Exchequer (who later became Prime Minister), who decided to sell approximately half of the UK's gold reserves in a series of auctions. At the time, the UK's gold reserves were worth about US$6.5 billion, accounting for about half of the UK's US$13 billion foreign currency net reserves...

https://www.youtube.com/watch?v=TbhPWAMx2y0

The decision to sell gold at the low point in the price cycle has been likened to the mistakes in 1992 that led to Black Wednesday, when the UK was forced to withdraw from the European Exchange Rate Mechanism, which HM Treasury has estimated cost the UK taxpayer around £3.3 billion..

http://en.wikipedia.org/wiki/Sale_of...ves,_1999-2002
http://www.davidicke.com/forum/showp...0&postcount=35

Last edited by lightgiver; 24-01-2013 at 03:57 PM.
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