Gordon Browns Gold Trade

In the period between Mid 1999 and the End of 2001, Gordon Brown (Chanellor of the Exchequer) managed to sell 12.5 million ounces of gold on the open market to fund wasteful socialist policies around the UK. The magnitude of this trade cannot be understood until you quantify the potential loss in value. If we use the July 2011 value from the chart, Gold is priced at $1800 per Troy Ounce or thereabouts. Using this figure, we can calculate that the British Governtment lost $22 500 000 000 in potential asset value. ...more