Home› Precious Metals

Ron Paul interview - Fort Knox audit and gold standard

CiccioCiccio Posts: 1,405 ✭
in Precious Metals
Here is the Kitco exclusive interview. Ron Paul
I remember seeing an article on the internet with pictures of the last Fort Knox audit. Does anyone have the link?

Can somebody explain me what would happen if the Govt ever decides to go back to gold standard?
How much a $50 Gold Eagle will be worth tomorrow? $1230, $50 or ?

Comments

  • derrybderryb Posts: 36,795 ✭✭✭✭✭
    Gold standard would push prices up.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • ebaytraderebaytrader Posts: 3,312 ✭✭✭
    With all of the things that need to be done, why is this of any importance?

    Or more succinctly, WGAF.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Why? Because it would tell Joe Six Pack if the govt has been fudging the books for the past 15 yrs to keep asset prices under wrap (ie hide inflationary effects from excessive dollar printing and credit creation). Doesn't J6P deserve to know the truth about his country's finances and economic condition? It would certainly not be a waste of time, and it wouldn't cost the taxpayers a cent if the govt would allow citizens to do the audit....heck, I'd even volunteer and work for free. We'd know once and for all if that 8100 tons of gold is still there. Of course we'd also want to inspect the books to see how much of it has been leased or sold off to other nations. This would certainly be a far more productive use of govt's resources than other inane things that money is wasted on. It seems every week we hear a story about how $10 BILL was misplaced here or $50 BILL lost over in Iraq, etc. If we can't keep track of hundreds of billions in TARP money why would we be able to keep track of $300 BILL in gold?

    An audit could probably be done for under $1 MILL. I'm sure we can find a "bridge to nowhere" or "a study of the mating habits of fleas addicted to twinkies" that can be deleted from the budget to pay for it.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    I would open any thread or link that has Ron Paul or Jim Rogers in it. I'm downright silly with those two. Love them.

    MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    I don't believe that J6P gives a hoot about the gold in Ft Knox. He's more concerned in finding or keeping his job or house. Same "stink" was made in the 70's and guess what, the gold was all accounted for.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • KonaheadKonahead Posts: 1,476 ✭✭✭


    << <i>Why? Because it would tell Joe Six Pack if the govt has been fudging the books for the past 15 yrs to keep asset prices under wrap (ie hide inflationary effects from excessive dollar printing and credit creation). Doesn't J6P deserve to know the truth about his country's finances and economic condition? It would certainly not be a waste of time, and it wouldn't cost the taxpayers a cent if the govt would allow citizens to do the audit....heck, I'd even volunteer and work for free. We'd know once and for all if that 8100 tons of gold is still there. Of course we'd also want to inspect the books to see how much of it has been leased or sold off to other nations. This would certainly be a far more productive use of govt's resources than other inane things that money is wasted on. It seems every week we hear a story about how $10 BILL was misplaced here or $50 BILL lost over in Iraq, etc. If we can't keep track of hundreds of billions in TARP money why would we be able to keep track of $300 BILL in gold?

    An audit could probably be done for under $1 MILL. I'm sure we can find a "bridge to nowhere" or "a study of the mating habits of fleas addicted to twinkies" that can be deleted from the budget to pay for it.

    roadrunner >>



    PEACE! This is the first day of the rest of your life.

    Fred, Las Vegas, NV
  • ebaytraderebaytrader Posts: 3,312 ✭✭✭


    << <i>I would open any thread or link that has Ron Paul or Jim Rogers in it. I'm downright silly with those two. Love them.

    MJ >>




    BWAHAHAHAHA!!!!!!!!!!!!!!!!!! image










    Quality spoof! image
  • CiccioCiccio Posts: 1,405 ✭


    << <i>I remember seeing an article on the internet with pictures of the last Fort Knox audit. Does anyone have the link?
    >>



    Found it. Unfortunately the pics are in B&W. image
    1974
  • 57loaded57loaded Posts: 4,967 ✭✭✭
    it would depend on what "M" value one used...i have heard as high as $50k per ounce, but i can't remember the source. Schiff?

    extrapolate how much money is in the system today vs 1933 at ~$22 an ounce then may give you a rough estimate.

    i am still a conspiracy nut regarding those new $100 bills...just sitting until February 2011.
  • CaptHenwayCaptHenway Posts: 32,123 ✭✭✭✭✭
    The story references a 1953 audit.
    The 1974 occasion was a press photo-op which established that there was a considerable amount of gold in Fort Knox, but not how much.
    Personally, I have no reason to doubt the 1953 audit. Because you want to doubt it is not a valid reason.
    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • meluaufeetmeluaufeet Posts: 764 ✭✭✭


    << <i>the gold was all accounted for. >>



    That is language of specific ambiguity.

    I'm sure there is a large chunk of americans that believe "the dollar is backed by gold". On balance is that statement accurate?

    Why wait for the next Congress? The Bill (if passed as designed) is unlikely to be signed by this President (or any other President)... might as well do it now, and any other opportunity.

  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i> I'm sure there is a large chunk of americans that believe "the dollar is backed by gold". On balance is that statement accurate? >>



    I don't think so ... do a street survey & you'll probably will get answers like: credit cards?, borrowing?, some may even have the correct answer.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
Sign In or Register to comment.