Sell Fort Knox’s gold, some say

[jimswift]

Saw this in an article on the front of the local news paper and had to look it up. That is a drop in the bucket considering the debt they are carrying.

Just goes to show how broke the US Gov is if it is even that amount.


The administration recently did a rough calculation of the nation’s gold reserves, including the stash at Kentucky’s Fort Knox (technically, it’s in the fortress-like U.S. Bullion Depository) and concluded that it was worth about $370 billion.

http://www.journalgazette.net/article/20110516/NEWS03/305169957/1006/NEWS

[Son-of-Liberty]

Assuming they actually have any gold at all it still doesn't make sense. 370 billion is only what? Half of the debt they are running this year alone? Why even bother.

[Neuro]

Assuming they actually have any gold at all it still doesn't make sense. 370 billion is only what? Half of the debt they are running this year alone? Why even bother.
They run through it in less than three months assuming about 1500 Billion deficit this year, but I don't think there is gold in Pandora's box, errh Fort Knox...

[goldleaf]

Knew a guy that worked there, he said that Fort Knox gold was an old
wives tale.Supposedly old priceless artwork and antiques is what they
had there. :dunno :dunno

[mamboni]

Even if they had the gold, and I don't believe they do, this illustrates how incredibly cheap gold is when priced in dollars. Gold is worth several thousands of dollars per ounce, today.

Silver is also severely underpriced in dollars.

[Ares]

Why sell the gold? It's just banker debt, tell them to pound sand.

Bankers knew the risk of loaning money to a spend happy nation. Tell them to eat it like Iceland did.

[jimswift]

Assuming they actually have any gold at all


I think that this is what the truth is.

If there is some at Knox, it is being stored for someone else.

From the default in '71 I'm willing to bet any major holdings by the US Gov has been spoken for.

They are broke as a joke.

[JohnQPublic]

I wonder if they are not making GAEs from that gold. Note that GAEs are one of the few gold bullion coinis that are not .999 fine gold. Note that all the gold that Roosevelt confiscated is the same 90% gold that GAEs are.

[Ponce]

If that gold is really there, and is sold, the money would probably go to the banks (once again) and not to the people.......to me that gold is the last back up to the back up plan for this country.

[madfranks]

Assuming they actually have any gold at all it still doesn't make sense. 370 billion is only what? Half of the debt they are running this year alone? Why even bother.


As far as I know they officially value the gold at the government rate of $42/oz. The article states that they have 147 million ounces of gold, so one "ace in the hole" they still have (assuming they still have the gold), is to reinstate the gold standard at $100,000/oz, then that stash is worth $14.7 trillion.

[Awoke]

Why sell the gold? It's just banker debt, tell them to pound sand.

Bankers knew the risk of loaning money to a spend happy nation. Tell them to eat it like Iceland did.


Exactly.
Not only that, but all these loans and debts are insured anyways, and the IMF (and any other predatory lending bank) can write the debt off with a few mouse clicks, replacing their "lost" digital currency with "new" digital currency.

Pound sand, bankers.

[JDRock]

..all the gold was shipped to " fort LOX" in israel years ago..