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Patient French made 50% more than Gordon Brown on gold sales (and only sold half as much)

Gold-bars The Times describes Mr Brown's reverse Midas touch as "the definition of calling the bottom of the market".

David Robertson writes:

  • Britain lost over £6bn: "Gordon Brown’s decision to sell the bulk of the Bank of England’s gold at historically low prices has cost the country $10 billion (£6,260 million)."
  • Patient France have made more profit by waiting and selling less gold: "It is made even more galling by France’s decision to hold on to its reserves and start selling only in the past couple of years. This year France sold 73.4 tonnes raising $2.5 billion. That was on top of 113.5 tonnes sold last year at an average price of $872, raising $3.5 billion. The French have made 50 per cent more than Mr Brown by selling half as much gold."
  • Britain now sits below Venezuela in the gold reserves league table: "Mr Brown’s firesale means that the UK now ranks 16th in the world for gold reserves, according to the World Gold Council. It is between Venezuela at 15th and Lebanon at 17th."
  • The gold sales were probably part of Labour's scheming to join the eurozone: "At the time of Mr Brown’s gold sale in 1999 there was speculation it was part of a plan to ensure that the UK was prepared for entry into the European Union’s single currency."
  • The sales were against good practice by central banks: "Other central banks were also unhappy with the decision to sell as they had agreed to limit their collective sales to 500 tonnes a year."

Is there a more powerful example of Brown's incompetence?

Tim Montgomerie