Scrap Gold Blog
Monday, 30 November 2009
Get one over Gordon Brown
Did you hear the one about the UK gold reserve?
In these times of recession, with multi billion pound bank bailouts and public spending cuts looming on the horizon the subject of the once healthy British gold reserve is probably not one the Labour Government care to highlight so soon before a general election...
Between 1999 and 2002 Gordon Brown, then Chancellor of the Exchequer and protector of the UK purse strings, took the ill advised decision to sell more than half of the UK's total national gold reserve. At the time of sale, the gold price was languishing in an a 20 year low and provided a yield of £2.2 billion, no sooner had the deal been signed then the gold price began its steady rise. The regular, almost daily newspaper articles reporting the ongoing gold price rise must be make uncomfortable reading for Gordon Brown over breakfast as at current market value of the now mostly liquidated gold reserve would today fetch more than £8 billion... a figure that would go a long way to plugging the national debt ailing public sector spending shortfall.
If unlike Gordon Brown, you want to take advantage of the current all time high gold price and have gold or silver scrap gold jewellery to sell, use our Scrap Gold calculator to estimate the value of your gold then package it up and send to the Birmingham Jewellery Quarter based Scrap Gold UK. Not keen on selling online? Call our sales line direct on 0845 437 4469 and we'll be happy to help.