International events have pushed the price of gold up dramatically. It has touched $4,600 per ounce amid concerns regarding the deteriorating relationship between the White House and the Federal Reserve. Someone find Gordon Brown right now…
Guido has long been tracking the the billions lost by Brown’s decision to sell Britain’s gold reserves – figures are now through the roof. Gordon Brown sold 12,712,000 ounces of gold for revenue of $3,500,588,920. Last year that would net you around $38 billion as gold hit $3,000. Today it would generate $58,475,200,000…
Brown deprived the Exchequer of over £43 billion in revenue were it to have sold those reserves now. Guido can think of one black hole-prone Chancellor who would enjoy that scale of uplift right now…
