Fort Knox Gold Audit
Is gold being artificially inflated/manipulated because most of it has been sold over sea's where has all of are gold gone too ? http://www.foxnews.com/politics/2010/08/31/rep-paul-calls-fort-knox... )0:
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Permalink Reply by True Money on -
If you have any gold coins minted by the U.S. Mint in recent years, you probably have some of the gold that was stored in the vaults at Fort Knox. The price of gold is not being inflated. It is simply rising in value due to a combination of economic unrest and inflation of our fiat monetary system. Patrick Heller estimated a while back that Fort Knox was known to have contained roughly 261 million ounces of gold at one point. He added that about 100 million ounces of gold is held privately today. That means that there is roughly 361 million ounces of gold within the United States. The population of the U.S. currently exceeds 300 million people. This means that there is only about 1 ounce of gold for each citizen in the United States. Heller determined that one ounce of gold would have to be worth approximately $18,000 for the nation's complete gold supply to be sufficient to pay off our nation's debt.
If gold and silver were re-introduced into our money supply, a 1 ounce gold coin would have to carry a denomination of $20,000. Plus, there would need to be preventative measures to ensure that absolutely none of these precious metals coins ever left the country. Hence, this is why the government offers these metals as a bullion option only with denominations so small that they will never be used in commerce. Who would really spend a Silver Eagle for a dollar or a 1 ounce Gold Eagle for $50 in today's inflated fiat money?
-True Money!
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Permalink Reply by Buffalo on -
Assuming the 361 million ounce figure is correct, the price of gold would have to be slightly more than double the $18,000 number to equal the debt, currently more than $13.4 trillion.
US Debt Clock
Maybe just a coincidence but the debt per citizen (around $43k) would be just over 1 ounce of gold, and 3 ounces if you pay taxes.
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Permalink Reply by True Money on
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I stand corrected. I forgot that our current President has already spent more money than all of our previous Presidents COMBINED! So, I guess a 1 ounce gold coin should carry a denomination of $50,000 (not $50).
-True Money!
Buffalo said:Assuming the 361 million ounce figure is correct, the price of gold would have to be slightly more than double the $18,000 number to equal the debt, currently more than $13.4 trillion.
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Permalink Reply by Buffalo on
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It is hard to see how gold could ever pay off the US debt. All of the gold ever mined throughout history at today's price would probably pay not quite half of it. I think a more appealing target for the government could very well be retirement accounts and would keep an eye on meetings and discussions related to that topic. Those accounts are worth much more than all of the gold in the US even if all of the government gold is accounted for at Fort Knox.
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Permalink Reply by True Money on
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I hate to sound like George Carlin, but I really respected the man as a very intelligent person. Well..., if you think about it..., all of these retirement accounts are basically non-tangible assets. Think about how these accounts are funded and tracked. Essentially, all they are is cyber-credit accounts that only become tangible upon redemption. So, all of this cyber money becomes easily accessible to those who look to seize these accounts. Gold (in the physical form) is that tangible asset that is not so easily seized by these crooks in government.
-True Money!
Buffalo said:It is hard to see how gold could ever pay off the US debt. All of the gold ever mined throughout history at today's price would probably pay not quite half of it. I think a more appealing target for the government could very well be retirement accounts and would keep an eye on meetings and discussions related to that topic. Those accounts are worth much more than all of the gold in the US even if all of the government gold is accounted for at Fort Knox.
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Permalink Reply by Gem on -
If we are talking about the same George Carlin the comedian then i liked him too he was verry funny i used to listen to him for hours !
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Permalink Reply by Lee Grant on -
With the late financial debacle, my retirement system lost one hundred billion dollars on their stock holdings. Yes, that is Billions with a "B." I can recall when this country stubbornly clung to $35 an ounce for gold. As a result, gold was pouring out of the country and being immediately sold for $ 90 an ounce. And then there was the continuing trade deficit with gold being transferred to those countries we owed money. Most of that took place as shifts from one pile to another pile in New York. One day when China decides it has had enough of our paper currency and promises to pay, we will be divested of all gold held in the country and Treasury might seek a new sucker to take our worthless paper for their gold so we can payoff the Chinese. Fort Knox is an empty symbol and is much a fiction as the U.S. dollar and faith in the honesty of the Federal Reserve system.
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Permalink Reply by Buffalo on
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"With the late financial debacle, my retirement system lost one hundred billion dollars on their stock holdings."
Lee, I think your statement above is the key to how the government will sell the idea of taking control of retirement accounts. I believe this will be presented as a way to "protect" these funds. The part about using these funds will only be added later after control has been established. This brings us back to TM's point about "cyber-money" which in this case I believe will be used to allow the government to do what it wants with the majority of these funds. Only a smalll percentage will need to be converted into anything tangible to be paid out at any one time, allowing free use of the majority of the funds. I will vote against any such plans and anyone who supports them.
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Permalink Reply by True Money on
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If the government does implement something like this, and make it mandatory for everyone to invest in, then it will be time to yank everything out of my retirement account. I could definitely make better use of money than investing in the cyber market that will leave my heirs with nothing after I am gone.
-True Money!
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Permalink Reply by Gem on
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It sounds to me like 401k & 403b better look out whats next our checking & savings accouts house hold goods )0:
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Permalink Reply by Indentured Servant on -
It's cute that you think we will get to "vote" on this. I believe the topic is number one on the agenda of the upcoming Dept. of Labor meeting. The Congress has been holding meeting about how to implement it since 2008. I only contribute the exact amount I need to get the company match. That gives a 100% return "if" I ever get to withdraw the money.
BOHICA!
Bill
Buffalo said:"With the late financial debacle, my retirement system lost one hundred billion dollars on their stock holdings."
Lee, I think your statement above is the key to how the government will sell the idea of taking control of retirement accounts. I believe this will be presented as a way to "protect" these funds. The part about using these funds will only be added later after control has been established. This brings us back to TM's point about "cyber-money" which in this case I believe will be used to allow the government to do what it wants with the majority of these funds. Only a smalll percentage will need to be converted into anything tangible to be paid out at any one time, allowing free use of the majority of the funds. I will vote against any such plans and anyone who supports them.
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