Thursday, June 24, 2010

Brown's Bottom

Lets take a retrospective look at the early days of the current bull market in gold. The start of the current run up in gold is usually associated with an event that has become known as "Brown's Bottom".

In 1999 Gordon Brown the then Chancellor of the Exchequer (the equiv. of the Treasurer in Australian terms) sold half of Briton's gold reserves, over 400 tonnes, for a multi-decade low of approx US$250/oz. That insane and possibly politically corrupted decision has cost UK citizens billions of pounds in lost value since 1999, and the losses are increasing, seemingly on a daily basis as much of the cash raised by the gold sales was used to purchase Euros as an alternate reserve holding to gold.

The following video is from the visionary documentary maker and former stock broker, Max Keiser.

video

Is Saudi Arabia also stocking up on silver as well as gold?

News that Saudi Arabia has secretly doubled its official gold reserves over the past few years should come as no surprise to readers.....read on