All Your Gold Is Belong To Us

Hot on the heels of the story I posted this week about Scottish seas being secretly given to England by that nastiest of parties, ZaNuLabour, here is today's revelation:

That 315 tonnes of gold that we thought we owned, has also been given away.

To the EU.

Have a look at the emails that came to me this morning:

"The Maastricht Treaty did, and still does, lay title claim to all the UK ’s gold and dollar reserves.  At the time of the gold sale the recently-launched euro was struggling to establish itself on the currency markets.  Receipts from the gold sale were used to buy euros, which propped it up for a while but failed to stop the slide. 

However the transaction simultaneously met a large part of the demand that all the UK ’s gold and dollar reserves be passed to Frankfurt while neatly avoiding physical transfers in fleets of bullion trucks driving to the Channel ports.  A huge potential political flashpoint had been smartly sidestepped.

Such deceit is the normal modus operandi when the EU (and the British government for that matter) knows a proposal or directive does not have popular support.

Gordon Brown lied when he claimed it was a purely commercial decision. It was intended to show support for the euro, and it started to meet the UK 's treaty obligation to transfer our national assets to the ECB if the UK were ever to join.  It also assumed that the result of then promised referendum on joining the euro would be in the government’s favour.

It is highly unlikely that the Labour government would have won the 1997 election at all, let alone in a landslide, if they had said that they intended to sell a significant proportion of the UK ’s gold reserves – whatever the reason.

           

After the sale, gold represented a mere seven per cent of total reserves.  Previously it was 17 percent.  And all without anyone being asked, agreeing or voicing a view. By mid-2000, British taxpayers were sitting on a loss of some £26 million.  Now it is over £13 billions.

My sources at the time were impeccable.  One of them was even inside the Bank of England.

BTW the physical gold was held in the Bank of England on behalf of the EU for some time after the sale.  Where those ingots are today I don't know. 

Ashley Mote

PS – The German government was the only one of the (now) 17 eurozone members not to melt down all its coins and pulp all its notes when joining the euro – as the treaty demanded.  The German government simultaneously embarked on a huge gold-buying programme which went on for years.  Their gold holdings are now massive.  Net result - the Dmark could be re-launched tomorrow – no problem!"

And:

The Brown Bottom

"With the gold price hitting new nominal highs I thought it was a good moment to remind ourselves about the consequences of Gordon Brown’s sale of much of the UK ’s gold reserves.

In 1999-2002 he sold 395 metric tons of gold at an average price of $275 an ounce. Today the price stands at $1749 an ounce. No wonder Brown’s sale on the gold price charts is known as The Brown Bottom.. He also gave notice to the market that the sales would take place, thereby giving market participants every opportunity to drive the price down in advance.

Here are my calculations of the value (in millions) which would have accrued if we still held the gold today:

	Sold then	Value now
	99 - 02	2011
Quantity sold tons	395	395
Average price $/oz	$275	$1,700
Sum realised US$m	$3,477	$21,492
Exchange rate avge.	$1.52	$1.63
Sum realised £m	£2,287	£13,185

The 2012 Olympics are estimated to cost some £9billion, so we could have paid for the Olympics with the amount of value he surrendered and had over £2billion in change left.

As of December 2010, estimated gold reserves were as follows: -

US	8,133 tons
Germany	3,401 tons
Italy	2,452 tons
France	2,435 tons
UK	315 tons

The impact of the man’s stupidity is breathtaking.

Please circulate. The more who know about these figures the better"

Are you sick and tired of being lied to yet? Fed up of being robbed by those we put in positions of power?

Will you do anything about it?

I do hope so.

CR.