mann International International Economics-( Browns Gold Sales Questioned)

Mann International analysts are thought to expect the British Prime Minister

, Gordon Brown, to face embarrassing questions about his decision to sell almost 400 tonnes of the nations gold reserves at the bottom of the market.

The sales occurred between 1999 and 2002 and were presaged by an announcement from Mr. Brown who was then Chancellor of the Exchequer. The gold was sold for just over $230 per ounce and drew outraged protests from the City of London.

Mann International sources explained that the gold was sold in order to better diversify Britains foreign exchange reserves into the euro and the US dollar but the sales have lost the British taxpayer more than $7 billion as gold has more than quadrupled in price since the sales were concluded.

In stark contrast, Britains euro holdings lost 1 billion in 2009 alone and Mr. Brown has been ordered by the Information Commissioner to release Treasury papers relating to the gold sales.

Mann International believes that it is likely he will face questioning on the sales from the Conservative opposition in the run up to the general election. The answers to those questions are like to depict Mr. Brown as incompetent especially given the fact that he announced his intention to sell which drove the price of gold down further.

Mr. Brown has already said that he felt the euro represented a better long-term investment than gold, a contention that has, sadly for Mr. Brown, proven wholly and disastrously inaccurate.

by: Brandon Sykes

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