US Gold Stockpile in Fort Knox?

With the US gold storage being 147.3 million ounces and the deficit being $1.1 Trillion dollars, why doesn't the US Gov't sell some of the gold it has in storage? Sure, maybe it's not enough money to get us completely out of debt but some of it could have been sold at an earlier date to keep us from owing so much money to China. If we borrow money we pay interest, if we sell gold and thereby use our own money we don't pay interest. Anyone know the answer. Is something written in the US Constitution that keeps us from digging into that stockpile of gold?


http://www.usmint.gov/about_the_mint/fun_facts/?action=fun_facts13


The United States Bullion Depository Fort Knox, Kentucky

• Amount of present gold holdings: 147.3 million ounces.
• The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years.
• The gold is held as an asset of the United States at book value of $42.22 per ounce.

http://www.cbsnews.com/8301-505123_162-57526960/u.s-2012-deficit-at-$1.1t-estimate-says/

A new estimate puts the U.S. deficit for the just-completed 2012 budget year at $1.1 trillion, the fourth straight year of trillion dollar deficits

 

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Not sure what the market value is for gold plated tungsten bars... I assume that's all there is in "Fort Knox."

 

Exactly my thoughts, and we may never know if there really is gold or not. My understanding is we hold gold for other countries as well, or at least "gold plated tungsten bars."

 

I remember reading a story not too long ago about how we tried to pay china back with a few gold bars from fort knox recently. The chinese were insulted because the bars were filled. Think thats what jloring is implying.
I doubt theres any gold in fort knox, otherwise we would be flaunting it.
Theres a great bio on J.P. Morgan on Netflix right now about how he bailed out the US two times when we needed money.
What we need right now is another J.P.

 

Because next year the deficit will again be $1.1 trillion and all the gold will be gone. So we will be right where we are now but without 147 million oz of gold.

 

I don't really have a side to choose on real or fake bars. But for those who don't believe there is any REAL gold, is there actually any evidence or proof to support your claims? Just wanna hear both sides!

 

Its not the lack of gold, but silver. There is more gold today than there ever was, While 90% of all silver ever mined is gone forever, used up for industrial/medical uses.

 

Ron Paul is also trying to figure this out.
http://www.businessweek.com/magazine/content/11_26/b4234039356718.htm
I don't believe the press or public has been in since '74.

 

First thought that came to mind when I saw this thread Jim.

 

I think that China would be insulted IF we tried to pay them back with a "few gold bars" period.

 

The gold in Ft Knox is really meaningless versus the level of US debt. To wish to sell it would do not good at all. To me, I think its healthy, that we have essentially "outgrown" such childish this as having to have a savings account for the nation somewhere. So, in that vain, I say sell it, every ounce, (and yes I believe the gold is still all there).

The "treasure" in the United States is our people. Maybe its better to get rid of such trivial things like Ft Knox altogether.

 

So we 'fly' with reputation? The real world will accept that for only short a period of time. After that it's time to fess up. Can we really back up what we say? The vultures are lurking. Let's hope the devils don't pick our bones clean.........

 

I thought that Goldfinger tried to steal it but James Bond and Pussy Galore stopped him.

 

I know my opinion isn't as exciting as doom and gloom, but just what nation(s) have the economic interest to do effectively? China or any nation isn't forced by the US to buy US bonds, they do it because they see safety, even at the low rates. They of course have experience in revaluing their currency, and they don't want to be holding instruments of countries that might. Sure I believe the gold is pure and still there, no reason to not, unless I own a bullion site and want to sell more conspiracies related bullion. So would you buy China bonds, even at twice the rate of the US? Not me.

 

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than 3% of... GDP, all sitting members of Congress are ineligible
for re-election.

The 26th amendment (granting the right to vote for 18 year-olds)
took only 3 months & 8 days to be ratified! Why? Simple!
The people demanded it. That was in 1971 - before computers, e-mail,
cell phones, etc.

Of the 27 amendments to the Constitution, seven (7) took one (1) year
or less to become the law of the land - all because of public pressure.

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Congressional Reform Act of 2012

1. No Tenure / No Pension.

A Congressman/woman collects a salary while in office and receives no
pay when they're out of office.

2. Congress (past, present & future) participates in Social
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All funds in the Congressional retirement fund move to the
Social Security system immediately. All future funds flow into
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American people. It may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all
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Congressional pay will rise by the lower of CPI or 3%.

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Congress made all these contracts for themselves. Serving in
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No, there is no evidence that the gold in Fort Knox has been removed or that it has been tampered with. It's just another urban legend. And there is no reason to pay China or anyone else in gold even if they request it. US Treasury bonds are non-callable and China can either hold them to maturity or sell them - their choice. The gold is a national asset that hopefully will be returned to the people someday, so it bothers me when people suggest it be sold to fund government spending. How can that possibly work to the benefit of the American citizens?

 

Everything is a conspiracy these days. Probably because our government shrouds everything in secrecy.
Why do they do this? To keep us stressed and in terror. Thats another one.
My favorite conspiracy about gold is that aliens crafted us humans solely to mine gold on earth for them.
They need it on whatever planet they inhabit and we shuttle it to them whenever they ask.
Since the beginning of man we have cherished gold. Im sure early man made a few tools and such with the metal, but only in recent years we have found numerous new technologies where gold is required.
We gave the gold in fort knox to the aliens because they need it for their atmosphere on their planet.

 

I just think people need to stop and look at the value of US real estate holdings, and future value of taxes collected from the US. THAT is what backs the USD, not a trivial amount of gold.

YES, I have screamed from the rooftops that we need to lower spending, that all levels of government spend too much, but that doesn't change the facts that our Ft Knox asset is effectively trivial nowadays.

 

Perhaps because it would create a security problem to permit people to visit Ft Knox and learn about the layout, security measures, etc. One can argue whether this is necessary or not, but that's probably the reason. Maybe they need an updated, more secure facility.

 

That IS the issue. First rule of security, do not let ANYONE see your security measures. EVERY person who knows any of your security measures is a risk by definition.

The US knows how to secure a location, and they have done so with Ft Knox. All of the internet rumor stuff is garbage. I cannot personnally vouch its there, but everything they say about it is SOP for security, not some conspiracy. I was involved in security in the Army, and am telling you that from my experience.