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Selling Gold at Fort Knox Emerges as Next Big Question in Debate on Federal Debt Limit
The New York Sun ^
| May 17, 2011
| David Pietrusza
Posted on 05/17/2011 12:21:08 PM PDT by statestreet
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To: broken_arrow1
I think Ron Paul knows there isn't any more gold... They said the same thing in the 1970's and when they opened up Fort Knox, there were thousands of tons of it.
The same thing would happen if they opened it up today.
If the government dumped a ton of gold on the market, the price would slump, and might slump hard, taking years to recover to anything close to current values, if it recovered at all.
It's a bad idea.
21
posted on
05/17/2011 12:48:41 PM PDT
by
Mr. Quarterpanel
(I am not an actor, but I play one on TV)
To: broken_arrow1; Stillwaters
I think Ron Paul knows there isn't any more gold left at Ft. Knox...he is just trying to bait them into admitting it. Nonsense. The gold is in a lockbox, just like the social security trust fund.
22
posted on
05/17/2011 12:50:37 PM PDT
by
lonevoice
(Where the Welfare State is on the march, the Police State is not far behind)
To: statestreet
23
posted on
05/17/2011 12:53:15 PM PDT
by
CPT Clay
(Pick up your weapon and follow me.)
To: Dilbert San Diego
Wouldnt it be the same as selling off federal lands, or other federal assets, to try to trim the deficit? I used to think that would be a good idea. But likely they would use the proceeds to keep paying the immense federal deadhead payroll that should be laid off instead.
24
posted on
05/17/2011 12:54:53 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
To: statestreet
"Given the high price it is now, and the tremendous debt problem we now have, by all means, sell at the peak. PEAK? Those idiots haven't seen anything yet. Let QE-X fire up or even hint it's coming, and you will see a spike like nobody's business.
25
posted on
05/17/2011 12:55:35 PM PDT
by
Centurion2000
(On a long enough timeline the inflation rate for all fiat currencies approaches infinity.)
To: olezip
Paging Ms. Galore...
26
posted on
05/17/2011 12:55:50 PM PDT
by
DTA
(U.S. Centcom vs. U.S. AFRICOM)
To: youngidiot
“The FEDS have no reason to be in the gold business. Sell it. All of it.”
How fitting...
HaHaHaHaHaHaHa
To: babble-on
It would make better sense to have been secretly buying it with all the wasted TARP money.. QE 1 2 and 3 ,,,bailouts of GM etc.......after all we are the worlds Reserve currency...The 1st country that backs its currency with just about anything will own the worlds financial system
28
posted on
05/17/2011 1:03:49 PM PDT
by
M-cubed
To: Dick Bachert
we should be buying all the gold with our phony money so at least when we start over wed have something to back it with
29
posted on
05/17/2011 1:08:10 PM PDT
by
M-cubed
To: noinfringers2
The Fed HAD TO acquire the land as collateral for all the money we owe to foreign governments!...they know our paper will be worthless...
30
posted on
05/17/2011 1:11:10 PM PDT
by
M-cubed
To: youngidiot
Better check your history...your name betrays you
31
posted on
05/17/2011 1:13:43 PM PDT
by
M-cubed
To: hosepipe
32
posted on
05/17/2011 1:16:04 PM PDT
by
M-cubed
To: M-cubed
Better check your history...your name betrays you
We went off of the gold standard. You think it's a good idea for them to hoard gold in Kentucky? Why?
33
posted on
05/17/2011 1:17:40 PM PDT
by
youngidiot
(Hear Hear!)
To: statestreet
if they allow the gold to be sold (assuming it’s still there...), then the progressives will do everything they can to sell it all.
then put us deeper into debt
DO NOT allow this.
the debt limit has been hit. stop looking under the cushion to fund more money for the next fix. stop spending. period.
they take in $2 trillion a year.
please... try to live within that meager budge /sarc
34
posted on
05/17/2011 1:31:58 PM PDT
by
sten
(fighting tyranny never goes out of style)
To: Dilbert San Diego
Wouldnt it be the same as selling off federal lands, or other federal assets, to try to trim the deficit?That's what irresponsible people do when they run up debt beyond their means to cover their debt. They sell assets. It's just a matter of time until they're broke and bankrupt.
35
posted on
05/17/2011 1:43:11 PM PDT
by
Cobra64
(Common sense isn't common anymore.)
To: statestreet
Please correct me if I'm wrong re the $70 trillion worth of gold the US supposedly has; there was a report several years ago claiming that president Bill Clinton leased it to various countries in order to prop up the US dollar. Supposedly it was leased at the market price of the time for approximately $250/oz. Now due to the current price of gold the US can't afford to buy back those leases thus any idea of returning the US dollar to a gold standard backing is nothing more than a pipe dream. If all of that is true the only thing in this country that is of any value is our hard assets/resources. Not to discount any current offerings of the US labor force as an American asset but given the current direction the country is headed, that value is in decline as well.
To: DTA
.
37
posted on
05/17/2011 1:47:22 PM PDT
by
Cobra64
(Common sense isn't common anymore.)
To: statestreet
Here's to the gu-gu-gullibility of the American populous.
To: broken_arrow1
39
posted on
05/17/2011 1:52:10 PM PDT
by
kalee
(The offences we give, we write in the dust; Those we take, we engrave in marble. J Huett 1658)
To: broken_arrow1
I heard that the gold is there but it has been sold/pledged/leased to the Federal Reserve and therefor the Treasury, our nation, has no gold at all.
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