TopBanana

BBC NEWS | Business | Gold hits $1,000 for first time

john banks

Mine isn't worthless - I sold my house and bought gold

For anyone that hasn't noticed, try looking at the price of houses in gold since 2005...

PeteBrant

https://www.scoobynet.com/non-scooby...000-ounce.html

TopBanana

Snap. Also shorted the pound against the euro and the swiss franc, the dollar against the euro, and sold Barratts short.

warrenm2

graph of price of houses in gold please?

PeteBrant

Gold Price News: 2005 Gold Price

Basically you have doubled your money if you bought gold in 2005

You havent done that on property (assuming you are relying on house price inflation, as opposed to actively developing property)

Klaatu

If only I'd bought a flat in Havant rather than a house in Portsmouth I too would have doubled my "money".

CrisPDuk

If only the Scruffy Scots Pension Thief hadn't sold off all our gold reserves while the price was at an all time low

Hey ho, such is life

PeteBrant

He sold just over half to be fair.


Really he should have bought at that point, in fact he should have borrowed to buy.

Then, given todays troubles he could have said "Don't worry, all that gold I bought in 2001 is now worth 5 times what it was, i don't need to raise taxes at all"

Klaatu

When is the election in the US? Bush needs to go.

Klaatu

Hindsight is a wonderful thing.

CrisPDuk

Actually Pete, if he'd have done that then, what he would now be saying is; "Hey all you freeloading dole scroungers, have a pay rise. And please remember to vote Labour next time."

PeteBrant

Ture - but if you look at the graph of the price per ounce since 1979, he sold at the absolute lowest point - I mean even a modest speculator could have seen that the price was going to come back, let alone the chancellor of the exchequer.

Andy T

Think he should be held responsible, everybody else has to answer for their actions and mistakes.... except the government. we are all now loosing money due to his bungling.

I traded all my gold for a sandwich !!


Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor.

Klaatu

As competent as Nigel Lawson it seems (Y'know that MP responsible for 17% interest rates in the 80's). Clearly, Brown is lining up for a cushy number in EUHQ.

warrenm2

Thats factually incorrect - just look it up!

Klaatu

Let me get this straight, it wasn't Nigel Lawson's policy (Or lack there of to react to the realities of the day) which caused the rise in iterest rates, as a direct result of "shadowing the DM"?

warrenm2

correct in as far as you go, but rates rose steadily to peak at 15% in one day - then we left the ERM - in 1992

Klaatu

And who's decision was it to join the ERM (Ignoring the '87 crash)? Good old Nige!!!

Yes it was just "one day", the aftermath however was very different.

PeteBrant

It was actually Major that finally persduaded Thatcher to join the ERM, although Lawson clearly wanted to , but by that point it wasn't his decision. But Major was chancellor at the time we joined, and Lamont was chancellor when we pulled out in 92.

Klaatu

Lawson saw it as the "holy grail" for monetary policy. It failed, not only because of relaxed credit, the "crash" of '87, but because he, and the "cabinet", were idiots. Who paid for their mismanagement?

TopBanana

The pound and the dollar are getting absolutely spanked again this morning. Yeeha