{"id":7,"date":"2009-01-15T17:08:40","date_gmt":"2009-01-15T06:08:40","guid":{"rendered":"http:\/\/www.australian-gold.com\/blog\/?p=7"},"modified":"2009-01-15T17:08:40","modified_gmt":"2009-01-15T06:08:40","slug":"australian-gold-production-in-decline-thxs-p-costello","status":"publish","type":"post","link":"https:\/\/www.australian-gold.com\/blog\/australian-gold-production-in-decline-thxs-p-costello\/","title":{"rendered":"Australian Gold Production in Decline Thxs P Costello"},"content":{"rendered":"<p>Australia&#8217;s gold bullion production has been in decline since 1997. I and many others think that Peter Costello the then Federal Treasurer started the Australian gold industry&#8217;s decline when he orchestrated\u00a0 2\/3 of Australia&#8217;s gold reserve in 1997. Following his action there was a massive decline in the gold producers confidence both here in Australia and overseas. To make it worse he sold the gold for around $330 and that has cost the Australian people around $5 billion dollars&#8230; an incredible act of economic vandalism that destroyed Australia&#8217;s wealth and set the skids under Australia&#8217;s third largest export earner&#8230;.<\/p>\n<p>P. Costello actions might have been precipitated or influenced by Gordon Brown who sold 400 tons of gold (67% of the UK&#8217;s reserves) for $275 in April 1997. Another act seen widely as fiscal folly. But whatever caused Mr. Costello to burn Australia&#8217;s gold industry he will be remembered by many in the mining industry as an idiot.<\/p>\n<p><a href=http:\/\/www.dailyreckoning.com.au\/gordon-brown\/2007\/04\/17\/>Read:\u00a0 Gordon Brown&#8217;s sale Folly<\/a> by the Daily Reckoning Australia and <a href=http:\/\/www.thewest.com.au\/default.aspx?MenuID=159&amp;ContentID=117164>a recent article: Gold sell-off proves to be expensive misreading 10\/1\/09&#038;lt<\/a>; in The West Australian that examines Costello&#8217;s role.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8\" title=\"australian-gold-production-declining\" src=\"http:\/\/www.australian-gold.com\/blog\/wp-content\/uploads\/2009\/01\/australian-gold-production-declining.gif\" alt=\"australian-gold-production-declining\" width=\"214\" height=\"292\" \/><br \/>\nAustralia = yellow<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia&#8217;s gold bullion production has been in decline since 1997. I and many others think that Peter Costello the then Federal Treasurer started the Australian gold industry&#8217;s decline when he orchestrated\u00a0 2\/3 of Australia&#8217;s gold reserve in 1997. Following his action there was a massive decline in the gold producers confidence both here in Australia [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7","post","type-post","status-publish","format-standard","hentry","category-gold-blog"],"_links":{"self":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/posts\/7","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/comments?post=7"}],"version-history":[{"count":0,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/posts\/7\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/media?parent=7"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/categories?post=7"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/tags?post=7"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}