Loading ...Zerohedge people must have been reading my posts here on Gold Tent Oasis to get that idea about that subject. I noticed long ago, no more obvious Gold bashing by TPTB. Then asked myself why? And figured they are at the end of their rope, and time to take advantage of allowing their benefit of much higher Gold prices.
There is no more benefit for them to bash gold other than occasionally so they can add to their hoards. And think about why they created GLD? The unwashed many buying GLD are paying for physical supply that can be tapped in an emergency. I’ll never forget the various announcements like “The Bundesbank is going to sell 25 tons of Gold” and knock the price down BEFORE the sale?
I think the Bank of England sold out all or half their gold at rock bottom long ago. They probably started buying back long ago too. I think we had way too many unqualified grown up Affirmative Action kids pushed up ladders in high places. Here found it…..
part:
Twenty years ago on Tuesday, then Chancellor of the Exchequer Gordon Brown said he was selling tonnes of Britain’s gold reserves. Trouble was, his timing could barely have been worse.
“It was the bottom of gold’s two-decade bear market,” says Adrian Ash, director of research at investment firm BullionVault.
Hindsight may be a wonderful thing, but Mr Ash points out there were plenty of people warning against the move at the time – including at the Bank of England.
Between 1999 and 2002 the Treasury sold 401 tonnes of gold – out of its 715-tonne holding – at an average price of $275 an ounce, generating about $3.5bn during the period.