News

It is not exactly welcome news that the rest of the world thinks our Prime Minister isn't exactly the sharpest tool in the box, too, but you may be interested in this article from Canada that a local resident just forwarded to me regarding Gordon Brown's selling of our gold reserves- at the bottom of the market - several years ago.  Not only did Brown sell gold reserves that more prudent chancellors had built up over decades at rock bottom prices, but in his infinite wisdom he announced to the markets in advance that he was about to do so - thereby depressing the price even further immediately before the actual sale. Not quite as clever as he tells everyone he is, is he?

Vancouver Resource Investment Conference in British Columbia, Canada Monday, January 18, 2010:

“Gold fell from a peak of $850 per ounce in January 1980 to a low of $252 in July 1999 in an extended bear market. To be fair to gold, it got a significant push to the downside in the latter part of that period from the central banks that were dumping enormous quantities of gold by leasing it through their bullion bank cronies. I would contend that the gold price overshot its economic value by perhaps $150 on the downside. Contributing to this fiasco was the ludicrous auction of half the British gold reserves within 10 percent of the bottom. Today this egregious error is referred to as "the Brown bottom" in recognition of the idiocy of the current British prime minister, who was then finance minister.”