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gone west

Brown's Gold Sale Losses Pile Up As Bullion Price Surges

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HIGHER still and higher climbs the price of gold. It closed up late on Friday at $495.70 an ounce in London and was even higher in Hong Kong.

Since the start of the month, the precious metal has gained almost 9 per cent, and there is growing confidence among traders that it will break $500 before too long.

This is all deeply embarrassing for our Chancellor, Gordon Brown.


...Brown sold off 300 tonnes at just $275 an ounce - close to a 20-year low.

The man is a financial genius.


Just saw this was posted in the other gold thread. Apologies.

Edited by gone west

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Forex - Dollar drifts lower on hints of US housing market slowdown

The Dollar is weakened by news of the US housing market slowing, once evidence becomes available that the UK market is slowing we may well see sterling hit forcing the MPC to put up rates, they are between a rock and a hard place, Browns chickens are comming home to roost.

LONDON (AFX) - The dollar drifted lower after disappointing news on the US

housing market prompted some profit-taking ahead of a pivotal few days for the

currency markets.

Figures from the National Association of Realtors showed sales of existing

US homes down a monthly 2.7 pct in October and suggested that the boom in the

housing market may be over. Existing home sales fell to a seasonally adjusted

annualised rate of 7.09 mln from a revised 7.29 mln in September and

expectations of a more modest decline to 7.20 mln.

"The US home sales provided euro bulls an opportunity to push the euro

higher but is not enough yet to alter the big picture," said Neil Mackinnon,

chief economist at ECU Group.

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The man is a financial genius.


Just saw this was posted in the other gold thread. Apologies.

The guy is genuinely a clown, I think we fool ourselves by believing there is some hidden depth there, even if that's true it's clouded by dogma, he certainly never rethinks things in light of the facts or admits he was wrong, as the pensions crisis clearly illustrates.

In a little anecdote before his CBI speech today he referred to Keynes as "this country's greatest economist" and joked about Keynes time in Washington, when negotiating on behalf of the British government a US Treasury official asked where his lawyer was, when Keynes revealed he didn't bring one with him the American quipped "then who does your thinking for you?".

Brown was of course referring to Bretton Woods, it is universally acknowledged that Keynes was totally out of his depth at these negotiations and the yanks stitched him up like a kipper, if you ever wondered when the rot set in you can pin point it to this time. The deal was bloody disastrious and brought in the freely convertable pound that lead to the collapse of Sterling and loans that still linger to this day.

The way a modern day chancellor can refer to this in front of a panel of businessmen is surprising to say the least.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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