MSM at its best. These are the People Reporting to the Masses

GRAND JUNCTION, Colo., -- Phillip Smith says he considers himself to be a "think tank". While many people take information at face value, he spends time thinking about the 'why' behind it. And that's led him to reach out to President Obama about reducing the national debt.
Smith believes if the government would take all of the gold coins out of circulation and melt them into bars, the U.S. would be able to pay off the national debt. He says the gold coins are not doing anybody good just sitting around so the government should take action.

"One troy ounce--depending on who you sell it to--goes for $600 to $800. And our government is sitting on billions of those gold coins," he said. "Why don't you have our government melt it down?"

Smith says he just hopes the American people don't flood the market before the government can melt the coins. That would mean less money per ounce of gold for each coin, and he says he believes it is more important for the government to reduce our deficit than for people to get a little extra cash off old jewelry.

Smith says he sent a letter to President Obama asking him to look into this, but he is still waiting to hear.

www.kjct8.com...

If you go to the link there is a video of this self proclaimed “think tank”. He is talking about melting all the Sacagawea and presidential coins into gold bars and selling them. (there is no gold in the Sacagawea and presidential coins)

Not to mention he wants to sell the gold for a discount price of $600 to $800. This article blew my mind. I could not stop laughing after I read it. haha

Stupid is as stupid does, I suppose. I wonder if I could sell this guy some pyrite for a good price?

reply to post by camaro68ss


Exlanation: S&F!

The bloke needs to THINK MORE ACCURATELY ... and here is why ...

Gold [wiki]

A total of 165,000 tonnes of gold have been mined in human history, as of 2009. This is roughly equivalent to 5.3 billion troy ounces or, in terms of volume, about 8500 m3, or a cube 20.4 m on a side.

And thats the ENTIRE worlds current gold supply [ie that which is to hand and mined already]!!!

And at $800.00 per troy ounce it only covers $4 1/4 trillion U$D [aprox] and so unless the USA has all the gold in the world to hand then NO ... what he proposes is just not going to work at all!

Personal Disclosure: Sounds like a scam!