Dont we have trillions on gold we are never going to use??
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Not nearly enough gold to do so for one thing.Comment -
I'm sure there are reasons we can't legally do that
Why not just legalize online gambling. Stupid fukkin republicans fukked everything up w/ the UIGEA lawComment -
Because there's very little gold at Ft Knox.
Also, lol at having $15 Trillion in gold there anyway.Comment -
fort knox doesnt even have the most gold in the US, the federal reserve in NYC does. Together they have about 6.3% of all the gold ever refined in human history. Not all the gold in NY is ours though so that makes a difference obviously. But the US has a total (supposedly) of 9300 or so tons of gold. At $1875/oz that makes it worth roughly 420 billion dollars. Ft Knox has about half of that amount in it, so fort knox gold is worth around 200 billion.
The theory is that Ft knox has been whittled away as has the NYC reserves. Ron Paul guys love that since he wants it audited. To make sure we have what we say we have. getting it out Ft Knox is pretty hard, but the reserves in NYC and other federal reserves can be trade and moved as seen fit and thus has very little contraints on it, so it is possible we have pissed all that away without the public knowing.Comment -
it's mostly gone. there's a couple of pallets of gold bars still there and few slabs in the deep safe but that only a couple of billion dollars worth. ft. knox was promoted to legitimize the dollar way back when it wanted to instill the belief that every dollar was backed up with equal worth in ft. knox. except someone ordered some more money printed and forget to order the gold...Comment -
Dawoofdaddys basementComment -
If we continue to furiously print money (diluting the value of each dollar) AND sell all of our gold, we would be paying people back with useless currency. If this happens, Zimbabwe-like inflation would probably occur and we'd all be f'd.Comment -
lol @ JJ
you know how much is $15T?Comment -
paying off debt with gold would be foolish.
remember - the countries who bought our debt, bought it with their own
fiat paper. so, if we paid that off with gold, they would be getting gold for paper.
not a wise choice.
rather, we should eliminate the Federal Reserve, and then use all the current gold available to us to begin a new Constitutional currency backed by gold, and issued by Congress. If Congress won't do that, we can still issue a new currency, just like President John F. Kennedy did with his Silver Certificates and United States Notes (as opposed to FRN's.)
JFK in his two years was the greatest President of the 20th Century.
Our country has never been the same since his assassination. Then they
killed his brother Bobby who would have become President, and his son
JFK Jr !Comment -
all the gold in the entire world is only worth around $8 trillion.
kind of puts our deficit into perspective of how it can never be paid back, eh?
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America should send an agent to whereever large stockpiles of foreign gold are held and set off a small dirty nuclear device rendering that gold radioactive and thus useless. That way the value of their gold holdings would skyrocket due to less supply available.
- AGComment -
Then we would have nothing if we used the gold to pay off the debt. Its better to be sitting on the largest gold reserve in the world in the case that the world crumbles. The USA will have something to fall back on and barter with.Comment -
REFINED gold, and if put into current prices it is a little more than 8 trillion now. But since these prices are manufactured, putting a true value on it is impossible. $1000 an oz is probably a decent benchmark. But then again if the US dollar never recovers then who know?
But you could probably get another trillion out of industrial and commercial stuff if they wanted to dig it out and refine it.Comment -
off topic, i'll tell you what the greatest risk to gold is.
it's not what you think.
the greatest risk to gold, which will happen, is chemically-transmuted gold.
gold that is 100% real and indistiguishable from natural gold.Comment -
Actually I for one would have absolutely no problem paying back my student loan debts with "absolutely useless currency." At least then I could buy a new car and a house, contributing to economic growth.
In any case, let us not forget that unlike Zimbabwe, the United States actually produces things. It is our immense economy that gives our currency value, not the amount of some shiny metal bricks we keep in a hole in the ground in Kentucky. Plus, there's another really really big thing that differentiates us from Zimbabwe: LAND. In the United States, land is plentiful, valuable, and freely purchasable. It is the exact opposite in Zimbabwe, where Robert Mugabe took all the land and gave it to their supporters, thus removing it from the market and stripping it of all market value.Comment -
agreed, or why not just print out money at the mint and hand it out, its only paper and ink,Comment -
wow not many here know whats up, yes we do have the gold here in ft knox, trillions, even higherComment -
I sure hope they aren't trading away the gold. But in the back of my mind, I really doubt there is anything left.
Also, ppl say that we will be f'd if our economy goes under and our dollar is worth nothing. But I think if we go under, every other country will get hit extremely hard. Probably only China could stay on their feet; barely. The trickle effect would hurt every country out there.Comment -
warrior please explain how we have "trillions" in gold in fort knox when all the gold ever mined in the history of the world only amounts to 8 trillion?
can you even fathom how much a trillion dollars in gold is? that's over 500 million ounces, 34 million pounds.
picture a giant 25 lb bar from a movie (same size held by central banks/fort knox) - now picture over A MILLION OF THOSE IN ONE PLACE! that actually happened back in 1949 at fort knox but it has been depleted quite a bit since then.
The website of the US Mint says that the 147.3 million troy ounces of gold in Fort Knox “is held as an asset of the US”.
But ttwarrior knows more than the us mint about how much gold is in fort knox because he just counted it
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warrior please explain how we have "trillions" in gold in fort knox when all the gold ever mined in the history of the world only amounts to 8 trillion?
can you even fathom how much a trillion dollars in gold is? that's over 500 million ounces, 34 million pounds.
picture a giant 25 lb bar from a movie (same size held by central banks/fort knox) - now picture over A MILLION OF THOSE IN ONE PLACE! that actually happened back in 1949 at fort knox but it has been depleted quite a bit since then.
The website of the US Mint says that the 147.3 million troy ounces of gold in Fort Knox “is held as an asset of the US”.
But ttwarrior knows more than the us mint about how much gold is in fort knox because he just counted it
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just the fact that gold continues to have value is a baffling anachronism of the human psyche.Comment -
It might actually be a good idea to sell our gold during a bubble and then have our economy bounce right back.Comment -
ahh the real point being made. I have said it since this frenzy started up.
Gold in and of itself is useless as a commodity. Other than to trade for something, and once you actually have to trade it for something its 'true' value will really be understood. because until then you still have to trade it over to some sort of currency.
Gold basically lost its value when Nixon took us off the standard and the fixed price of 30 bux an ounce was then allowed to rise and fall on its own.
Gold only has some sort of value because as usual people are brainwashed to think it does.
The biggest excuse I hear people use is "gold is for an emergency". My thought is "what kind of emergency?" Gold is only as useful as the highest price in the strongest currency will get you. If all currencies suck then what? Would you rather have a bunch of dense metal to lug aroud or food you can eat and water you can drink?
People need to watch some post apocalyptic movies to be taught what will actually hold value if the world collapses into that type of anarchy.
The only reason gold has value is because the people who have the most of it want you to think it does, and the more they convince people it is worth something the more they can manipulate it and use it to further their fortunes.
If someone started scooping up dog shit and claimed it was worth XXX amount of dollars, in 3 or 4 years if more guys continued to claim dog shit was a great commodity and a good asset against inflation and started trading for a few hundred buck an ounce people would buy and sell that as well.
Gold is a total scam, the price of it is more than platinum right now, or very close, and platinum is about 15 times rarer than gold. Platinum also has just as many commercial uses as well. Platinum is also a lot more finite than gold. if no more platinum were mined then what we have now would last about 3 years. Gold would last about 30. So why is gold more than platinum right now? Because enough suckers make it that way.
When gold was 300 bux or less an ounce you could have bought hoards for maybe 200 because guys were begging to give it away. Now suddenly it is worth thousands? The world is in that bad a shape now as compared to around 1999? I seem to remember some big scares during that year as well. But I dont remember gold skyrocketing.
There are reasons, they just arent what people think theyare.Comment -
there is no evidence of any gold in Fort Knox .
post some photos or videos .Comment -
JJ why don't we pay our debt by selling acreage to other countries? Maybe sell Colorado, Virginia and Alaska to China for 15 trillion and solve the debt problem.Comment -
Alaska is worth only $100 B .Comment -
Does Ron Paul want to legalize online gambling?Comment -
If the U.S. somehow fell, Europe would fall. If the U.S. and Europe stops buying Chinese goods they fall. No one would be left standing.
And forget buying goods. The U.S. and European economies are so large that if their citizens just stopped traveling and spending money in other countries those countries would fall.Comment
