Quote:
Originally Posted by 1andrew1
I'm not sure you've understood the linked articles. He exchanged the gold for other financial assets with higher yields and less risk. If any government had wished to reverse this decision it could simply buy more gold.
The criticism of Gordon Brown was not so much that he sold gold but he sold it at the bottom of the price cycle. But that's a Captain Hindsight criticism.
This has no relevance to the impact of the Global Financial Crisis.
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I stand corrected, Andrew. You are right, the proceeds were reinvested.
However, that doesn’t change the fact that this sell-off cost us something in the order of £7 billion. Not the brightest of moves.