I managed to find a UK Daily Mirror article to confirm my numbers quoted in my last post. Not the most reliable UK news source; however, the facts are straight enough. I did not realise that Gordon Brown’s Gold sale was not the Bank of England’s first Gold sale apparently they also sold half of the reserves just before (1970-71) Richard Nixon closed the Gold window in August 1971.
Mind you any one with an inquiring brain may wonder if the UK held all that Gold as reserves for hundreds of years and going to all the trouble of pillaging Spanish war ships and all. Selling half their reserves just a few months before a 50% price increase sounds just a little too suspicious for Mr’s Igo’s little boy!
“Between 1970-71 the Bank of England sold nearly half of our gold reserves. Just like the Brown sell-off it was sold at a historic low of about $42.5/oz in October 1971. Only a year later it was worth $65/oz.”
Either the halfwits in power seem to have impeccable timing when it comes to selling Gold or there may be a more sinister reason, or is that entering into tin foil hat territory.
