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Why does the U.S. value its gold at $42/oz?

gecko109gecko109 Posts: 8,231 ✭
in Precious Metals
On the books, the U.S. government values its gold holdings at $42/oz still. Other than the mint showing a TIDY profit on sales of AGEs, what is the real reason that this number has remained unchanged for 30+ years?

Comments

  • PerryHallPerryHall Posts: 46,327 ✭✭✭✭✭


    << <i>On the books, the U.S. government values its gold holdings at $42/oz still. Other than the mint showing a TIDY profit on sales of AGEs, what is the real reason that this number has remained unchanged for 30+ years? >>



    Maybe the government is in denial as to the true value of the dollar.image

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    Maybe that will be the price at which well-connected politicians can trade their dollars for gold.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • CaptHenwayCaptHenway Posts: 32,322 ✭✭✭✭✭
    Ever see an old abandoned gas station with a sign out front $1.29?

    $42 was the last price at which the gummint allowed foreign governments to redeem their dollars. When they closed the window in the early 70's, nobody bothered to take down the sign.

    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.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    1. Gives the sheeple the general idea that gold is a barbarous relic....and possibly really only worth $42/oz

    2. In the event of shtf, confiscation, etc. it will be to the govt's advantage that the price on the books is $42. Even the price on the AGE's is $50.

    3. A testimonial that no matter how much inflation has occured over the past 98 years.....it will be never be admitted to. But if it there is any blame to
    be assigned, it will be at the feet of the gold bugs that made that $42/oz go to $1400+. Blame it on the bugs and punish them.


    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    "...it will be at the feet of the gold bugs that made that $42/oz go to $1400+."

    The Bernak did it.
  • ebaytraderebaytrader Posts: 3,312 ✭✭✭


    << <i>"...it will be at the feet of the gold bugs that made that $42/oz go to $1400+."

    The Bernak did it. >>



    In concert with the JP Morgue.
  • johnny9434johnny9434 Posts: 28,538 ✭✭✭✭✭


    << <i>Ever see an old abandoned gas station with a sign out front $1.29?

    $42 was the last price at which the gummint allowed foreign governments to redeem their dollars. When they closed the window in the early 70's, nobody bothered to take down the sign.

    TD >>



    that would make perfect sense lol. why not
  • derrybderryb Posts: 37,106 ✭✭✭✭✭
    because they are incapable of being honest when reporting anything that has a number in it.

    Repetition of ignorance is ignorance raised to the power two.

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