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The Wall Street Journal reported Monday that a group of Republican congressmen supports the idea of selling gold.
Officials of the Obama administration have taken notice — and disagree. The assistant Treasury secretary for financial markets, Mary Miller, wrote in a posting on the Treasury Department’s Website May 6 that “fire sale” of the government’s financial assets, including gold, would not be a “viable option.” She urged instead a raising of the debt limit.
An unnamed senior administration official was quoted by the Washington Post as saying, “Selling off the gold is just one level of crazy away from selling Mount Rushmore.” The Wall Street Journal, in its dispatch Monday, reported that Treasury “could be forced to rethink” their opposition if the budget talks fail.
What’s going on here? If it was immoral and illegal for the government to confiscate the gold at $20 an ounce in 1933, why is it a bad idea for the government to sell back the gold to the public at a market price today?
Originally posted by Trueman
WHAT IF... those idiots just said that because right now there's no more gold to sell inside Fort Knox ?
Between 1999 and 2002 Brown sold 60% of the UK's gold reserves shortly before gold entered a protracted bull market, since nicknamed by dealers as Brown Bottom. The official reason for selling the gold reserves was to reduce the portfolio risk of the UK's reserves by diversifying away from gold. The UK eventually sold about 395 tons of gold over 17 auctions from July 1999 to March 2002, at an average price of about US$275 per ounce, raising approximately US$3.5 billion. By 2011, that quantity of gold would be worth over $19 billion, leading to Brown's decision to sell the gold being widely criticised.
The terrorist usurpers you call the State have declared Ron Paul’s calls for the US Government to sell its gold in Ft. Knox to be “just one level of crazy away from selling Mount Rushmore.”
I find this wildly humorous considering they also claim gold is a “barbarous relic” of a bygone era....
I lived around the Fort Knox area for years and it was always said that the gold vault was emptied of the gold and left the country during Jimmy Carters time. I was told of underground tunnel to the airstrip. I don't know if any of that is true. However a large segment of the population there believe it. They also claim that what bars are there are gold plated. This would be a good reason Ron Paul would bring it up and they would be highly upset. How can you sell lead for the price of gold.
I find it more alarming that they believe that raising the debt ceiling is a better idea. When you and me don't have enough money we have a garage sale.
Originally posted by OBE1
Even if treasury vaults do hold all 8965 tonnes [unencumbered by swaps and leases], Uncle Sam liquidating his national treasure to compensate for a lousy 2% of profligate congressional spending, would be like a compulsive shopper pawning family heirlooms to cover the minimum payments on his revolving credit card balance.
Originally posted by OBE1
And after looking at this chart, to what good purpose ?
Originally posted by mnemeth1
Well a few reasons:
1. If there really is no gold, this is an excellent way to force the Fed's hand in an audit. It would show the Federal Reserve and the Federal Government to be the criminals that they are.
2. If there is gold, it would get that gold back into the hands of the public where it will be needed when the dollar fails. By hording all the gold, the government is making it more difficult for private currencies or state currencies that are backed in gold to come into existence.
3. When the dollar finally does fail, Paul does not want the federal government to have a large horde of gold because this means they can bypass the process of re-confiscating it all again.
Since gold is a "barbarous relic" - clearly the federal government has no business hording the public's gold anyways. That is THE PUBLIC'S GOLD and it should be returned to the public markets. The federal government stole that gold and they have an obligation to give it back to the public they took it from.