In May 1999, the Bank of England announced it would sell 415 tons of Britain’s gold reserves. Gold was $282 an ounce. Gordon Brown, then Chancellor, called it a “restructuring to more productive assets.” They sold at the absolute bottom. Today that gold would be worth $48 billion. They received $3.5 billion from the gold sales in 1999. The British press still calls it “Brown’s Bottom”, the worst trade in central banking history. Here’s why I’m telling you this: Today, central banks are doing the opposite. China, Poland, India, they’re buying record amounts at $3,600 an ounce. Either they’re making the worst trade ... (full story)