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How much gold is actually in Fort Knox?
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<p>[QUOTE="Cloudsweeper99, post: 1016785, member: 3011"]You are correct that it isn't very clear. It gives the illusion of ownership, but comes with restrictions. The gold certificates can't be redeemed in gold bullion. They can't be sold to individuals or to other central banks. They can only be traded from one Fed regional bank to another. The Treasury can extinguish the certificates by an act of Congress and replace them with US Treasury debt. So the question remains, is this what gives the dollar its value? I think it is clear that it is not. So it doesn't matter whether the gold is in Fort Knox or not.</p><p><br /></p><p>You did an excellent job at researching this.[/QUOTE]</p><p><br /></p>
[QUOTE="Cloudsweeper99, post: 1016785, member: 3011"]You are correct that it isn't very clear. It gives the illusion of ownership, but comes with restrictions. The gold certificates can't be redeemed in gold bullion. They can't be sold to individuals or to other central banks. They can only be traded from one Fed regional bank to another. The Treasury can extinguish the certificates by an act of Congress and replace them with US Treasury debt. So the question remains, is this what gives the dollar its value? I think it is clear that it is not. So it doesn't matter whether the gold is in Fort Knox or not. You did an excellent job at researching this.[/QUOTE]
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