Brown’s Bottom Continues to Bite as Gold Remains Above $3,000 – Guido Fawkes

Brown’s Bottom Continues to Bite as Gold Remains Above $3,000

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The billions lost by Gordon Brown’s decision to sell Britain’s gold reserves are mounting as gold prices have increased tenfold since that debacle. Gold touched $3,000 for the first time ever on Friday and has sat at around the same level since, peaking at $3,004.86 on Friday and $3,001.63 today. Would be nice to have some in reserve…

Guido got out his fag packet to do some maths. Gordon Brown sold 12,712,000 for revenue of $3,500,588,920. That would today be worth $38,197,780,320. That’s a difference of $34,697,191,400. Exchanged to pounds that’s lost revenue potential of £27,168,547,397. Could fill a black hole or two…

Guido has long highlighted Brown’s stupidity in selling off the Bank of England’s gold reserves at their then level (Brown’s bottom) – the former Chancellor’s reverse Midas touch in action. FT economist and Guido’s old sparring partner on the Brown sell-off Alan Beattie has kept mysteriously quiet…