Will there always be privately owned GOLD???

Sorry I took your post wrong , but the people who died in Japan were the unlucky ones that lived in the area , rich and poor as you stated . Some were probably as prepared as one could be . For example in Nazi Germany , it's that the majority of people stood by and did nothing that so many Jews died . It was systematic and slow . Their wealth didn't help them unless they fled . So you might have something there . Like I tried to say before prudent steps like owning a firearm or two and ammo , some presious metals are the thing to do . As long as it doesn't interfere in your families happiness and well being . Sorry I took it as you joining survivalist groups and living in the wilderness areas , which in the long run is no good for ones familiy . Also I don't believe the gov can back our money with gold , there's mabe billions of dollars in gold , but just our economy is in the Trillions and growing . The way to bring it unger control is to stop spending so much . Why should we be the policeman of the world , that's a job for all the worlds governments . In Iraq we go in and don't ask for any oil to help pay for the war , that's plain stupid .
Rusty

 

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I agree, but probably not for the same reason. That's the people's gold and it should be sold back to the people since it isn't required to back the currency or settle international trade balances. I would be a little upset, however, if it ended up in the hands of the bankers. Maybe they could offer to sell one ounce at melt value to every American citizen, then give whatever is left or unsold to the Mint to use in commemorative coins.

 

No concern about China and India buying up all the gold? They're not doing so because its useless. Social Security is destined for bankruptcy, and our currency isn't doing so well which is part of the reason PM's are as high as they are. $200 billion doesn't even cover February's deficit, but that gold would be a great source of wealth if the USD doesn't turn around, assuming it's all there.

 

US annual GDP is $14 trillion. $200 billion is about 1.4% of that. $200 billion is about $650 per American. That's about 1.3% of average household income.

To put it another way - the gold in Fort Knox is a drop in the bucket. It is irrelevant to the economic fortunes of the US. It serves no purpose other than psychological, and it's beyond time to dispose of it.

 

I have a pan, shovel, pickup , and access to my club's gold claim. Right now it would cost more in gas to drive there and back and work 8 hrs to find maybe 3-5 grams of gold, but there will always be gold in the desert.

 

If the government tries to confiscate PMs, it won't do anything aside from speed up the coming revolution. No significant amount would be surrendered voluntarily and it would be interesting to see what would happen when the most heavily armed society in history rallies to defend their gold from theft by a single enemy.

 

There is no single enemy. The government consists of the people ( good or bad) that the populace vote into office. If the "heavily armed society" made efforts to pick the right people to get into office, "revolution" would be positive. A change absolutely doesn't have to be armed conflict induced. It has to be voters supporting the correct people for office , and then maintaining contact by all means to let them know they are working for you rather than themselves. If they don't recall them. IMO.

Jim

 

If you believe there's any gold in Ft.Knox, I've got some swampland in Florida for you. What do you think they've been selling to suppress the price of gold for 20 years? They clearly ran out circa 2001. This is the same period during which Britain dumped the last of their gold as well. It was the bottom of the suppressed gold market and the beginning of the massive bull market which continues today.

The fact that we measure our money supply in $trillions and derivatives in $quadrillions is because gold is no longer backing the currency. It doesn't matter how much gold exists... that much can always back the currency. It merely needs to adjust in "price" in order to represent all of the notional assets heretofore denominated in fiat. Whatever "price" that is is the real price, before it was depreciated by the central banks.

 

Interesting you wrote that yesterday, and here it is today, in an article, by Reuters, in the Drudge Report.

"..They have also asked Treasury whether financial assets such as the country's gold reserves or the government's portfolio of student loans could be sold to avoid raising the debt ceiling.
Treasury has rejected the proposals as unworkable."

They must have been reading last night! (Of course, I'm kidding)

Lucy

 

Try to give that answer "unworkable" to the...IRS

 

It's unworkable because there is no gold in Ft. Knox and because student loans are subsidized at an interest rate lower than inflation, so there's no market. The government has no assets other than federal lands mostly in the western states and any federal buildings mostly in and around DC. Whatever the value of these assets, I'm sure it's less than the national debt. Zillow.com values the total of all U.S. real estate at under $23 trillion. That includes every building in every city. The government mostly owns empty desert. We're bankrupt... the last hope they had was their ability to raise taxes in a growing economy, but growth cannot be found in this over-regulated, inflating economy. Their last and only way of avoiding outright default is to turn up the speed on the printing presses.

Well, I guess there is one other option, but I don't think the people would stand for it -- to use our military which is bigger than the rest of the world's put together to take whatever resources we want from whomever we want. We've been sort of doing that secretly for the past few decades through our support of military dictators throughout the Middle East in exchange for them denominating oil sales in Dollars, but Americans are already sick of the consequences of that. Outright war for resources wouldn't be well-received.

 

If it looks like a duck, smells like a duck and ...........

 

Five grams of gold is worth about $225. There are millions of people in this country who would leap at the chance to earn that much in eight hours. As for the gas to and fro, take enough supplies for a week, come back with $1400.

 

Thanks for the compliment! I could probably do it ( once) , but my medical bills after a week of sleeping on the ground and digging in the desert sun would be way above the income Mining by an individual(s) is really, really hard work, best if one is under 50. Some club members dig a day or so a week. There are always open offers for the public, but after one day, they aren't leaping much to do so.

Jim

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Who knew!! That sounds like it would be a fun adventure...(for a day, as you say...)
Lucy