Magazine article The Spectator

Selling the Family Silver or the Nation's Gold? Don't Tell Goldman Sachs, Tell Sid

Magazine article The Spectator

Selling the Family Silver or the Nation's Gold? Don't Tell Goldman Sachs, Tell Sid

Article excerpt

My bullion market adviser, A. Goldbug, calculates that Gordon Brown has so far lost $575 million in his attempt to privatise the gold reserves. In his transparent way, the Chancellor said last month that he would sell 125 tonnes in a series of auctions, the first one next month. So everyone could see him coming-and to nobody's surprise except, perhaps, his own, the gold price tumbled. Macmillan likened privatisation to selling the family silver. Auctioning the nation's gold is no improvement. Every trader who is short of gold - and Goldman Sachs might well be renamed Goldman Sells - can now look forward to closing his position and taking his profit at Britain's expense. It so happens that London is home to the world's biggest market in gold bullion, where buyers and sellers are matched twice a day at Rothschilds. The Chancellor would have done better (says Goldbug) to give the old firm the order. …

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