Thank God Gordon Didn't Sell It All

[justwantmyownhome]

http://www.dailymail.co.uk/news/article-2095535/Bank-Englands-glittering-stash-156BN-gold-bars-stored-canteen-London.html

How do we know these pics aren't years old! Trying to calm some panic maybe?

[Chuffy Chuffnell]

http://www.dailymail.co.uk/news/article-2095535/Bank-Englands-glittering-stash-156BN-gold-bars-stored-canteen-London.html

How do we know these pics aren't years old! Trying to calm some panic maybe?

Yeah I'm not sure where the Mail got a) those photos from and the 4000+ tonnes figure from. Our official holdings are 310 tonnes.

I smell BS and it's coming once again from the Fail.

Edited February 2, 2012 by Chuffy Chuffnell

[cica]

Yeah I'm not sure where the Mail got a) those photos from and the 4000+ tonnes figure from. Our official holdings are 310 tonnes. (Gordon sold about 300 tonnes.)

That's what I'd like to know.

[thecrashingisles]

What's with the P&O Cruises posters?

[Toto deVeer]

Cash-strapped British people will breathe a sigh of relief when they see these impressive treasure troves.

WTF? Why would this have any effect upon a cash strapped British person?

Britains gold reserves are just 310.3 tonnes. Don't know who owns the other few thousand...

[justwantmyownhome]

Maybe that's why they comment on the age of the posters on the walls ;-) pictures taken years age would have old surroundings!

[Chuffy Chuffnell]

A quick Gooogle search...

http://www.dailymail.co.uk/news/article-1079518/The-Big-Picture-This-vast-vault-gold-Bank-England-weather-credit-crunch.html

Note the date on that article.

And...

Sadly, not all the gold beneath the Bank of England is ours.

It is a long time since the British currency was pegged to the value of gold (Britain left the Gold Standard in 1931), but we have always kept some as a reserve of last resort. Sadly, we haven't always bought and sold it wisely.

In May 1999, for example, the then-Chancellor, Gordon Brown, decided to sell 415 tonnes, or 60 per cent of the UK's total reserves.

Unfortunately, this sale took place at a time when gold prices reached historic lows. Had we held on to this gold, critics say, the Exchequer would now be £2billion better off.

In fact, most of the gold stored here is held by the Bank of England on behalf of other depositors, notably the central banks of various foreign governments who might not have access to such a secure cellar.

Funny they didn't mention that in the re-hashed BS.

Edited February 2, 2012 by Chuffy Chuffnell

[Toto deVeer]

Actually these reserves are going to become a lot more important in the future, I reckon.

Gold is going to become a part of the great reset, when it happens, ala 'Currency Wars' by Jim Rickarts.

[justwantmyownhome]

Typical daily maill bull then. Maybe we own the first blue shelf full!

[Timm]

(...)

Funny they didn't mention that in the re-hashed BS.

Maybe we stole it all since then.

[long time lurking]

I smell B/S

Why is this being reported ? are questions now being asked ,about our ability to repay our debts ?

[Chuffy Chuffnell]

Or as Mr Meldrew would put it...

http://www.youtube.com/watch?v=_QKAbuoB24U

[Guest spp]

4,600 tons?? You wish.

Yet more BS!

Feel free to use the comments section.

[Russe11]

Does the state not have the power to confiscate it should they feel the need to?

[Chuffy Chuffnell]

4,600 tons?? You wish.

Yet more BS!

Feel free to use the comments section.

As their own article from 2 years ago states very clearly, yes there is all that gold... but only 310 tonnes is owned by the British government!

[bmf]

Don't like this. Who reads the Mail? Mostly older people? Who's got all the money? Same bunch.

I've learned that when I see something that seems so trite I can hardly believe it from the BoE it's best just to take it at face value.

eg Merv says: might need to a bit more QE - it's nailed on.

Greece is looking like it's ready to pop. Think I might take another few hundred quid out. Can always put it back in.

[Chuffy Chuffnell]

Does the state not have the power to confiscate it should they feel the need to?

Yeah, but that might annoy the owners somewhat. And considering the owners are other governments, unless we wish to start actual wars with developed states (most likely European ones - NATO allies)... err. No.

Edited February 2, 2012 by Chuffy Chuffnell

[Guest spp]

Does the state not have the power to confiscate it should they feel the need to?

Chavez wasn't taking any chances.

[zebbedee]

No no no no no, they are merely reporting from the future when sterling has crashed and that WILL be the value of our gold holding £15000toz

[billybong]

If there had been 4600 tons of gold left then for sure they would have been sold in advance of the 2010 general election to win some votes.

If there had been 4600 tons of gold left there would have already been a pre election boom and an early general election on the basis of the incumbents wonderful economic policies.

It's amazing what digital image manipulation will do these days.

It seems they are desperate to use any ruse to build some confidence because the UK economy is in such a dire economic position. The timing might also be an indication of where the eu/Greek talks are going.

Edited February 3, 2012 by billybong

[Russe11]

Yeah, but that might annoy the owners somewhat. And considering the owners are other governments, unless we wish to start actual wars with developed states (most likely European ones - NATO allies)... err. No.

even by means of taxation?

[Timm]

Maybe we stole it all since then.

Does the state not have the power to confiscate it should they feel the need to?

Exactly.

Although I wouldn't suggest stealing stuff that belongs to people with nukes.

[ScrewsNutsandBolts]

Does reporting get more retarded ???

Third photo description:

"Worth a fortune: In this image alone there are around around 15,000 bars and 210 tonnes of pure gold, with a value of about £3billion"

And let's take a look.

1) 72 bars on each shelf (9 across, 4 high, 2 deep)

2) 12 shelves per "row" (4 per rack, 3 racks per row)

3) 4 visible rows (the most optimistic estimation)

4) Giving a total of just under 3,500 bars

So thats the first bit of utter cr*p. Secondly 15,000 bars at 28 pounds each (i.e. 12.7 kg) would only be 190 tonnes. Thirdly, 210 tonnes would be £7.5billion at todays spot price not £3billion. Shockingly bad reporting.

Edited February 3, 2012 by ScrewsNutsandBolts

[ScrewsNutsandBolts]

Reference their bad figures mentioned above, I just checked and I can get from 190 tonnes to 210 tonnes by multiplying by 31.1/28.3.

I think someone at the mail has been using cooking ounces rather than troy ounces.

Not the only "cooking" in this story I feel

[inflating]

Does reporting get more retarded ???

Third photo description:

"Worth a fortune: In this image alone there are around around 15,000 bars and 210 tonnes of pure gold, with a value of about £3billion"

And let's take a look.

1) 72 bars on each shelf (9 across, 4 high, 2 deep)

2) 12 shelves per "row" (4 per rack, 3 racks per row)

3) 4 visible rows (the most optimistic estimation)

4) Giving a total of just under 3,500 bars

So thats the first bit of utter cr*p. Secondly 15,000 bars at 28 pounds each (i.e. 12.7 kg) would only be 190 tonnes. Thirdly, 210 tonnes would be £7.5billion at todays spot price not £3billion. Shockingly bad reporting.

There are journalists and there are journalists - some work for newspapers and write stuff to the fill the pages, others are the real deal. I have seldom turned to that newspaper with any serious expectation of reading the latter.

As for the gold, even if it were the original holding pre-Brown's bargain basement sell off - quite literally it seems - how close to £1 trillion would that have added up to anyway?