To put £6 billion of cuts into perspective

'Between July 1999 and March 2002, Gordon Brown sold 415 tonnes of gold at an average price of $276 per ounce (less than £200/oz). Since Brown's sale, gold has rallied strongly for nine consecutive years, significantly outperforming the majority of other asset classes over the past decade. Today, gold is trading at over $1,200/oz and £840/oz (or €985/oz), considerably more than a three-fold increase in price in dollars, sterling and the beleaguered euro.

More significantly, the gold sold is worth some £6.6 billion more than the £2.2bn that the Treasury received over the period of the sale. '

Thanks Gordon and maybe every Treasury minister could make this point over and over and over again until the message hits home. As an aside when will the Treasury be releasing the documents pertaining to Gordon Brown's sale of gold as per the FOI request?



Thanks to Market Oracle for the spot.