If you think Gordon Brown was wrong – and I mean “wrong in a way that could rationally have been predicted”, not “didn’t bet on the horse that ended up winning the Grand National” – to sell off gold reserves, there are two possibilities regarding your belief:
A) you are on record at the time opposing the decision specifically because you believed gold would appreciate faster than a diversified portfolio of other options; and you have personally made signifiants amount of money trading gold over that time period; or
B) you are a stupid ignorant cunt who should shut the fuck up.
Even if you do happen to fall into the first camp, the truth is still that:
A) it makes sense for central banks to hold a more diversified portfolio of assets than just gold;
B) gold prices are more or less unpredictable in the long run, but they generally go up in times of economic uncertainty and fall in times of economic stability – so the only sense in which you can believe the current high price of gold means we’ve “lost out” as a nation is if you think we should sell all the gold right now before the price falls again; and
C) setting up a nationalised hedge fund in order to do massive gilt price speculation would be a REALLY FUCKING STUPID IDEA just generally, never mind if you’re a libertarian and disapprove of nationalising non-essential industries out of principle.
Although if anyone wants to defend the ‘nationalised hedge fund’ concept, do feel free to outline how it would work…