Gold Bullion

[rcawthr]

Gordon Brown sold the UK gold reserve when he was Chancellor of Exchequer how much did he sell it for? If the country still had it what would it be worth now? So how much did we lose is it more than cost of supporting Northern Rock.? How much did the French Rogue trader lose and who is the biggest rogue trader?

[meglet]

The answers to your questions re the UK gold reserve are to be found here:

http://www.hm-treasury.gov.uk/mediastore/other files/GoldReserves.PDF

I think you are mistaken in your assumption that he sold the gold and spent the money. The idea was to restructure the holding of assets so that not all of the money was kept in gold - a risk versus return decision. Brown was spreading the risk and bought currency with the proceeds from the gold auctions.

[meglet]

Oh and J�rome Kerviel lost approx �4.9 billion. Nick Leeson lost �6 - �7 million (can't remember exactly) so I think you can safely assume Kerviel has been ther biggest rogue trader.

[factor-fiction]

Meglet's response sounds like Brown inspired treasury spin. Whatever spin is put on it, he sold the gold far ltoo cheaply and the reserves would have been much stronger if he had kept the gold, and the UK's financial position would have been much stronger. Yes I know we now have the benefit of hindsight, but I'm sure if Brown had instead bought more gold he'd have claimed the credit for the resultant financial benefit

[meglet]

Factor30, you may say that, I couldn't posibly comment ;-)