*With apologies in advance to Congressman Ron Paul* Theorists and pundits have been harking on and on about how Fort Knox (more formally, 'The United States Bullion Depository') is empty or does not contain the stated amount of gold. Lets contemplate something a bit drastic - what if the US Bullion Depository was assayed from end-to-end and was found to contain almost exactly (plus or minus 10 kilograms) the stated gold content? No tungsten, no wolfram, some 0.900 gold-copper bars from melted coins but otherwise honest 99.99 pure gold. Does this gold actually give the U.S Government any additional options in dealing with its monetary policy? Selling it at today's open market rate would make no sense whatsoever. Best-estimates the US Gold Reserve contains 8,133.5 metric tonnes of gold (According to IMF and World Gold Council). Thats only about $421 billion US dollars.
No, I don't think so. The economic world today assumes that the US _does_ have the gold it says it does.
For what it's worth, I recently read an article written back in 2007. In that article, they compared the amount of gold the USA held (stated at around 8000 tons), with the number of printer dollars in existence. If the USA had moved to a gold backed currency at that time, given the number of dollars printed, would have led to a gold price of $34,000 per ounce. One would imagine that whilst 8000 tons of gold seems a heck of a lot, the actual numbers being used in Washington actually makes it look like small change :-/
the money people of the world believe its there,its irrevalant if its there or not because pricing of yellow is a fraud.US have free lunch due to comodities priced in USD.Theres the story that US president inspects fort knox and after seeing no gold asks the gaurd wheres all the gold,gaurd points to 2 small bars in corner,presidents response ''double the gaurd''.Its not a matter of how much gold its a matter of how much paper written against it
They would have to manipulate the prices upwards to cover their debts If they sell off other assets too along with the gold, _maybe_ then they can avoid the knee-capping.
you mean do you reckon they would have kept their hands off all that unaudited gold thats just sitting around doing "nothing"? that most people have forgotten about and don't use? that "barbarous relic" that is economically irrelevant? that hasn't been audited for yonks? ........... hmmmm ... i doubt it ... but you never know eh?
If the Fed says it is full of gold at Fort Knox then it is full. You believe the Fed, don't you? Place your bets Gents, Gold or BS . If the USA government still had the Gold, they would show it off just like a Silver Stacker does! Regards Errol43
Reminds me of what Stalin once said, "It's not the people who vote that count; it's the people who count the votes." Is there any organization in the world that can trusted to perform the assays without bias, when the stakes are this high?
Its publicly available information: The gold reserves of 33 foreign nations is actually held at the NY Fed at 33 Liberty Street, New York. (Made famous by Die Hard 3) Fort Knox is almost exclusively U.S gold; as in U.S pre-1900 gold rushes, Spain-American War treaty payments, proceeds of Depression-era confiscations, Treaty of Versailles payments (German/Austria-Hungarian), any spoil-of-war gold it managed to take (Germany again), all those 'melted brass bars' taken from Iraq and who knows what the heck else. Possession is 99% of ownership, especially with untraceable gold. Even more so when the possessor has the capacity to physically annihilate anyone whose going to press the issue. Want a historical precedent? Look up what happened to the Spanish Republic's gold reserves when they sent it to the Soviet Union during the Spanish Civil War.
