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<p>[QUOTE=&quot;cmbdii, post: 4934, member: 655&quot;]I&#039;m sorry, but I can&#039;t follow that line of reasoning.&nbsp; When dollars are valuated in gold,&nbsp; how can someone wipe out the gold standard by presenting gold certificates to be redeemed in gold? </p><p><br /></p><p>&nbsp; The currency circulating today is owned, not by the US Treasury, but by a cartel of private banks which make up the federal reserve system. The US can only reinstate the gold standard by repealing the federal reserve act.&nbsp; When they do that, the federal reserve banks are responsible for the currency in circulation not the US Treasury.&nbsp; </p><p><br /></p><p>&nbsp; In Asia and in the middle east, regardless of what official currency is issued by any government, the people hold all their wealth in gold.&nbsp;&nbsp; Once any major monetary issue becomes gold based, anyone wishing to trade with the holders of that issue will have to bring gold to do their buying, and will have to accept gold for their goods.</p><p><br /></p><p>&nbsp; Would you rather see the US be the first to monetize gold, or would you rather see Red China or the EU beat us to it?&nbsp; Somebody is going to do it pretty soon.</p><p><br /></p><p>&nbsp; BTW, some of the dealers I buy from have been selling gold to Chinese buyers at a premium over spot for quite awhile, so the gold is leaving the country anyway, while our currency is steadily falling in value.&nbsp; Who has the most US paper to throw at our domestic gold supply, OPEC nations or Red China?&nbsp; &nbsp; Bear in mind, when gold is monetized, the government doesn&#039;t own it. It is owned by the bearers, and is known as &quot;portable property&quot;.&nbsp; The only reason the treasury was holding gold reserves before 1933 was because they had issued gold certificates as paper currency. </p><p><br /></p><p>&nbsp; We&#039;ll look pretty cute trying to buy back our gold coins from the Chinese with federal reserve notes.[/QUOTE]</p><p><br /></p>

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