Anyone got change for $1m

  interzone55 19:41 26 Jun 2010
Locked

$1m coin sells for $4m, now that's inflation...

click here

  Þ² 19:48 26 Jun 2010

Erm, the weight as opposed to face value dictated it's price.

A quick search shows gold at about US $40,333 per kilo.

$40,333 x 100 = $4,033,300

  WhiteTruckMan 19:50 26 Jun 2010

where I left it. I'd forgotten.

WTM

  interzone55 19:59 26 Jun 2010

I kind of guessed that...

  spuds 23:40 26 Jun 2010

Pity the UK's gold reserves ;o))

  rdave13 23:45 26 Jun 2010

UK has gold reserves?

Well I never.

  Forum Editor 00:07 27 Jun 2010

between 1999 and 2002, so instead of holding 715 tons we now have only 320.

Selling our gold was a bad move - the price has quadrupled since we did it.

  rdave13 00:16 27 Jun 2010

Fine to say it was a bad move but at the time did we have an alternative?
Must have been a reason to do it.

  carver 08:32 27 Jun 2010

Sorry to tell you but GB had no alternative, he'd allready sold all the silver and china.

Reason for doing it, to prop up a spending spree we couldn't aford.

  Forum Editor 08:51 27 Jun 2010

In fact the reason for doing it was to reduce the perceived risk of holding such a considerable amount in one asset - the proceeds from the gold sale were reinvested in foreign currencies.

The problem was that we lost a considerable amount - estimated at £5 - £7 billion when you compare what we received at the time of the sale, and what it would have been worth now. The government made a big mistake by announcing the gold sale before it started, and - predictably - the price of gold fell. Since the sale it has rebounded in a big way.

  spuds 11:42 27 Jun 2010

" Sorry to tell you but GB had no alternative, he'd already sold all the silver and china".

Was the selling of silver and china perchance anything to do with selling off all the nationalised or part nationalised industries for vast discounts and commercial incentives?.

Something that the UK is still supporting today, even though the previous public owned companies are now privatised and being subsidised up to the hilt, with bigger boardroom member bonuses?.

Perhaps we should have the Asian corner shop owner as the next chancellor. At least they make the economy go round and hold gold in reserve ;o)

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