Aurelian Resources Was Stolen By Kinross and Management But Will Not Be Forgotten

The company whose shareholders were better than its management

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Message: Central Banks

I would think some of the European countries might be regretting their desision to sell gold.

http://www.bbc.co.uk/blogs/thereport...

Which brings me to one of the least well-timed investment decisions of this or any age, Gordon Brown’s sale of 395 tonnes of our gold in 17 auctions between July 1999 and March 2002.

The average price achieved in those disposals was $275.6. Gold has since risen in value by 256% – a rate of return which would bring pride to even the cockiest of hedge-fund superstars.

Or to put it another way, 395 tonnes of gold from our official reserves that was sold for $3.5bn would now be worth $12.5bn.

So we appear to have lost out on $9bn of gains – or about $300 per taxpayer.

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