"..a bardy view!"

Golden Balls!

My post in September "A Fool and his Gold" highlighted the incompetent management of the UK gold reserves ten years ago by the then chancellor, who sold off 60% of it for a song when he came to power. It also mentioned the plethora of dubious companies now advertising cash for gold from the gullible populace.

As I said then, I don't know anyone who has unwanted gold – there's no such thing. Gold is a hedge against economic uncertainty. Gold that is used for borrowing has always been useful – that's why pawnbrokers existed. But the new age pawnbrokers are not the discreet premises with three baubles hanging over them.

They are major companies who use every possible medium to extract valuable metal from the desperate, and fool them with the carrot of easy money, whilst extracting the true value of the carat in what is essentially a con-trick.

An investigation conducted by the Daily Mail says that the UKTrading Standards Authority have been inundated with complaints about these companies, who are not returning gold to those who have been disappointed with the payment offered. Many of them are difficult to contact, and invariably the gold has already been smelted regardless of their assurances that the customer has a grace period to accept or deny the offer.

It's estimated that the Brits are being ripped off by upto 500 Million quid in their hasty dash for cash. Gordon Brown hastily lost £5 Billion as a result of his dash – and he was responsible for the nations finances! His reward? He's the Prime Minister now!

Well, I have no more sympathy for him than I do for the ignorant, misguided and desperate souls who have jumped on the great gold sell-off bonanza of today.

It was the Chinese who bought up most of the gold Gordon sold off then, and are now wallowing in their good fortune having made a fat profit of billions of pounds (they're a shrewed lot those Chinese, and clearly knew something that our elected Government did not).

But it's not as simple as that is it? In 1997 Labour manifestos and promises had to be met – and if that meant selling off the family silver to achieve it, so what? No one would have to worry about it for ten years. Well, we're worrying now – you bunch of shysters! For indeed, that's what the New Labour Club is – a bunch of conmen no different from the unscrupulous cash for gold companies now: Promoting a dream, but selling short.

Most of this "unwanted" gold being sent to these companies is returning very poor amounts, and done so to help fund holidays, home improvements and Christmas presents. I can understand if people are selling their gold because they are in dire straits, but even then, they would do better to value it themselves by checking on the price per ounce and then take it to an established high street face and negotiating a deal.

The advantage of the traditional pawnbroker was that he would lend on the item with interest, and only when there was no hope of his loan being recovered would he then own it.

In an age where material goods and lifestyle means everything, where image is paramount, where celebrity worship is the new god, it appears that common sense has escaped and the only mantra which exists today is that everyone knows the price of everything but the value of nothing.

Considering that it was given as a prime example by their own government, they can hardly be blamed if they followed the same example.

If you fly with the crows, you'll get shot with them. But for Gawd's sake don't vote for them – ever again!


November 21, 2009 - Posted by | Politics | , , , ,

1 Comment »

  1. Hi Bard! (Thought I’d look you up as I just visited a certain forum and noticed you were…errr…barred!)
    Didn’t our glorious leader actually announce before the fact that he was going to sell off substantial quantities of gold? I read that somewhere, but don’t know whether it’s true. In other words, he sold at a market bottom of his own creating!
    But if you want another 150 reasons never to vote for them again, try this site (not mine, no affiliation etc):
    I have maintained since 2003 that (for the UK specifically) number 2 on the list was the major stepping stone to where our economy ended up today, as it created a superlust for ‘property’ as a retirement investment.


    Comment by ArtSiren | November 26, 2009 | Reply

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