The mistake of selling gold 90s

http://www.theaustralian.com.au/new...sale-cost-us-5bn/story-e6frg6nf-1225985231872

Looks like gold is drawing more Australian attention.

 

You wonder how we 'avoided the financial crisis'. Add to this the sale of electicity and Australia is looking at $10 - 12 billion dollars lost by these decisions.

Perhaps when the Labor party starts saying that we should all buy gold, Phase 3 will be definitely in and all on SS should sell, this is based on their track record anyway.

 

Sorry I should have just left ' labour party' as the "Australian Treasurer" Labour or Liberal....

Do you think the Greens are pro Gold and Silver?? as they are natural metals..

 

Opposed. Have to dig a hole to get it out. Have to push up carbon to melt it. Harder to tax lol

 

Gold is a major export market for us though, it'll be interesting to see how it looks moving ahead.

 

Government should reduce 'cash' tax from exporting gold miners and replace it with physical gold tax... slowly build it up over time

 

peter costello sold most if not all of our gold in the 90s

In November 1997 the then Treasurer, Peter Costello, shocked some people when he announced he'd signed off on the sale of $2 billion worth of Australian bullion. On the day he announced the sale the price was around $US306.00 an ounce. At the time, according to Mr Costello, gold "no longer plays a significant role in the international financial system".

http://www.abc.net.au/news/stories/2010/03/05/2837171.htm

 

If i'd have had a billion dollars then i wonder if he would have let me collect it f2f in the city somewhere to save on postage?

 

A good article on the West vs East perspective on gold.

This author sees China saving in gold as the catalyst to $5k gold

http://www.marketoracle.co.uk/Article25507.html

 

p.s.
http://www.marketoracle.co.uk/Article25498.html

A list of guesses on the price in 2011 and beyond. Impressive collection of opinions.

 

If its a constructive idea, the greens are opposed to it. I view them as the ultimate contrarian indicator.

 

I gotta beware of contrarians though. Good as an acid test of ideas, but not as a guiding light. (And any jackass can burn down a barn.)

 

I find the Daily Reckoning a good contrarian ideas soup.

http://www.dailyreckoning.com.au

 

who did he sell the gold to?

 

Maybe to someone who was much smarter than him, but more than likely it was to the world "Banks" to aid in the gold suppression scheme

 

You can always rely on little australia to do the right thing can't you.

They must have scared the bejesus out of the pollies here in 1975 with the Whitlam sacking. Best go along with what they say.

'Don't ask where they're taking us, they might not let us follow them'.

 

Has anyone else heard this assertion in The Australian's article that Australia's gold deposits will be exhausted in 30 years time?

That seems unlikely to me...