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<p>[QUOTE=&quot;fatima, post: 1268140, member: 22143&quot;]This gold was once used to pay off USA debt.&nbsp; &nbsp;&nbsp; Gold was being sold off, mostly to Europe, to pay for the over printing of money by the Federal Reserve from the end of WWII to 1971 when Nixon closed the gold window.&nbsp;&nbsp; As you note from that article, the gold supply in Ft. Knox was reduced from 20.2 metric tons of gold to 4.78 metric tons.&nbsp;&nbsp; In other words, the USA gold supply was reduced by 76% to pay off USA debts.&nbsp;&nbsp; Nixon was afraid we would run out of gold so he simply told the rest of the world, no more redemptions.&nbsp; </p><p><br /></p><p>Though it occured over generations, this represented a massive transfer of private wealth to the federal goverment and its bankers as all the gold in Ft. Knox was taken from the people in the first place.&nbsp;&nbsp; </p><p><br /></p><p>We went 100% fiat after that with no restrictions on money printing.&nbsp;&nbsp; Not surprisingly, 98% of the US Debt on the books now was runup in the 40 years since.&nbsp;&nbsp; Endless wars, military buildups, vast expansion of federal powers and programs, etc etc are all responsible for it.&nbsp; I&#039;ve heard different figures for it, depending upon what is counted, but gold would have to be re-valued to something more than $50,000/ounce to cover it now.</p><p><br /></p><p><br /></p><p>(Interestingly a little more than a 1/3 of that gold never left the USA.&nbsp; It&#039;s sitting in the basement of the NY Federal gold vault and tagged as being held for other countries.&nbsp; Germany is the biggest &quot;owner&quot;.&nbsp; It was only when Charles DeGaulle decided to move France&#039;s portion of this to France that Nixon got annoyed and shutdown the gold window.)[/QUOTE]</p><p><br /></p>

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