Gold system to buy out credit

Discussion in 'The Powder Keg' started by sea_chicken1, Mar 3, 2010.

  1. sea_chicken1

    sea_chicken1 G&G Evangelist

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    Is anyone here good enough with economics to estimate how much gold and silver the U.S. has stored up? Do we have enough to buy out our failed credit system and go back to the gold standard currency?


     
  2. wily1

    wily1 G&G Addict Forum Contributor

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    Unless they sold it to Dollars for Gold!
     
  3. TACAV

    TACAV G&G Evangelist Forum Contributor

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    There is about $173 billion worth of gold at Fort Knox, there is more gold stored in the NYC Federal Reserve bank but you have to remember that a large portion of the gold stored there is actually invested in trusts held by foreign nations. I have no idea on silver but to answer your question...

    I dont think so.
     
  4. nathangdad

    nathangdad G&G Newbie

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    Sadly,

    the answer is no. There is just not enough gold and silver to translate into trillions of dollars unless, of course, we start valuing gold and silver at so many hundreds of thousands of dollars per ounce.

    We lost our last chance in the Vietnam War when L.B.J., to avoid taxation for an unpopular war, made the decision to finance the war with the government printing press. It was the end of gold at the pegged rate of $35.00 per ounce. There was not enough gold at $35.00 per ounce to meet the billions of dollars created and placed into the economy.
     
  5. jmp8927

    jmp8927 G&G Evangelist

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    Nope. Not even close. I personally don't think there's a whole lot left in Fort Knox. This country has been using it's silver and gold to pay other nations, especially China, because our currency isn't actually worth anything.
     
  6. Big Dog

    Big Dog Retired IT Dinosaur Wrangler Forum Contributor

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    There was an internut story going around last year that much of our gold bars in Fort Knox were actually gold-plated tungsten - supposedly the Slick Willie administration sent the real gold to China. Never heard whether it was true or not. If true - we are dead broke and the Goobermint don't want the sheeple to know it...... :eek13:
     
  7. sea_chicken1

    sea_chicken1 G&G Evangelist

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    That is pretty sickening if that is true Big Dog.
     
  8. ssbn642blue

    ssbn642blue G&G Newbie

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    Not silver

    The US Govt. no longer owns any silver. The US Mint will buy it to produce comm. coins and American Silver Eagles, but thats it.

    I've also heard the rumor about the gold stored being tungsten filled. If this becomes true WE are in a wirld of hurt from China and India.
     
  9. Deersniper

    Deersniper G&G Newbie

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    I heard that too. Building 7 had a lot that disappered too. I wouldn't anything past a politician. We also loaned a lot of it out that will never be returned. We need an immediate inventory of all of it, along with an audit of the Un-federal Reserve, yesterday. China will buy the last 191 tonnes from the IMF. But don't worry They will issue us common folk credits, kinda like IOU's California is handing out.
     
    Last edited: Mar 4, 2010
  10. Cyrano

    Cyrano Resident Curmudgeon Forum Contributor

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    I have news for you, guys. If you were to gather every bit of refined gold IN THE WORLD and put it all in the Gold Depository at Fort Knox, there would not be enough gold to back every dollar that's circulating out there in the world.

    It's not just the actual dollar bills we're talking about. You also have to be able to back the I don't know how many trillions of Zen electronic dollars that form the basis of 99% of the dollar transactions around the world. I'd love for our currency to be backed by something substantial. It's just impossible. When Nixon made the decision to have the dollar 'float' against all the other world currencies, we lost our last chance to avoid the deadly problem of fiat money. Now, the US dollar is worth what other countries are willing to pay for it.

    We can't afford to go back to the gold standard unless we could somehow buy gold for $1 an ounce and then magically revalue gold at $1,000 dollars an ounce once we had enough to back at least a substantial percentage of the paper bills out there. You know as well as I do this is not going to happen.
     
  11. TGF

    TGF G&G Newbie

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    lol no, we have about 300 billion i think.
     
  12. Ten Man

    Ten Man G&G Evangelist

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    There is not enough gold above ground in the whole world to cover the US debts, at the current price of $1136/ounce.

    There have only been two Billion ounces of gold mined since gold was first discovered by man.

    With the current government debt of almost 100 Trillion dollars (US), you have to revalue every ounce of gold in existence to $50,000.00. Then you would have to convince the rest of the world to give it up to pay the debt.

    Can you say "inflation?"

    I knew you could.:angryfire:
     
  13. Mooseman684

    Mooseman684 G&G Newbie

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    If gold goes to 50,000 per ounce I'm Selling !!! LOL
     
  14. samuel

    samuel G&G Newbie

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    And me with one well worn penny in my pocket!(and thats fake.The gov doesn't make real coins anymore) ,,,sam.
     
  15. Big Dog

    Big Dog Retired IT Dinosaur Wrangler Forum Contributor

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    Yep, not enough copper in a penny to 'copperwash' a gnat. And it still costs more to produce it than it's face value......

    The whole concept of money has been perverted to hellish extremes.
     
  16. chesterwin

    chesterwin Moderator Staff Member

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    They should start minting pennies with holes in them. The pennies could then be used as washers. It would be a start at making currency worth something again.
     
  17. Deersniper

    Deersniper G&G Newbie

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    Actually, the fed printing paper money violates the Coinage Act.
     
  18. The_Patriot

    The_Patriot G&G Newbie

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    You'll have to beat me to it! Man, wouldn't that be nice?!
     
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