Mnuchin’s Pre-Fort Knox Quip: ‘I Assume the Gold Is Still There’

carew4me

https://bloomberg.com/news/articles/2017-08-21/mnuchin-to-visit-fort-knox-assumes-america-s-gold-still-there

-Only third Treasury secretary to visit U.S. Bullion Depository
-$200 billion worth of gold, but it hasn’t counted since 1953

ricko

We all know the old euphemism that goes with 'assume'...... Cheers, RickO

asheland

rawteam1

Meaningless... Whether it's there or not there, the fort is looking for their bitcoin anyways...

derryb

And his wife suddenly became more newsworthy than the gold.

cohodk

@derryb said:
And his wife suddenly became more newsworthy than the gold.

Why would someone of his wealth and stature ever get married, especially to someone who could be his daughter? Dude must like writing alimony checks.

ricko

@cohok..... "Why?"..... Well, the obvious answer... hope he had a good prenup....Cheers, RickO

BAJJERFAN

@ricko said:
@cohok..... "Why?"..... Well, the obvious answer... hope he had a good prenup....Cheers, RickO

With his wealth and stature he could easily go out and get a like kind replacement.

derryb

What's a trip to the gold vault without a gold digger?

MilesWaits

@cohodk said:

@derryb said:
And his wife suddenly became more newsworthy than the gold.

Why would someone of his wealth and stature ever get married, especially to someone who could be his daughter? Dude must like writing alimony checks.

Hope. The odds are better at a casino in Las Vegas yet hope rules.

1630Boston

Why ?......................because he **can **

derryb

The existence of the gold is not the only concern. The gold held by the US government is not just owned by America, it holds gold for many countries. Because the Fed keeps secret its gold swap arrangements with foreign banks, these gold swap arrangements could be nothing more than an expensive game of pass the parcel. These gold swap arrangements bring to question whether the fed his holding allocated gold for a foreign country or simply a paper promise for the gold. Fractional banking may very well extend beyond commercial banks.

cohodk

The USA holds lots of oil, natural gas, iron ore, coal, forests, rivers, lakes, sunshine, cows, chickens, pigs, corn, wheat, soybeans, sandy beaches, mountains, missiles, manufacturing plants, airplanes, railroads, ect. That's really all that's important.

derryb

@cohodk said:
The USA holds lots of oil, natural gas, iron ore, coal, forests, rivers, lakes, sunshine, cows, chickens, pigs, corn, wheat, soybeans, sandy beaches, mountains, missiles, manufacturing plants, airplanes, railroads, ect. That's really all that's important.

The majority of these things are held by productive American citizens and businesses and not hidden unaccounted for in a secret vault with secret accounting. Big difference. What's also important is the holdings and liabilities by our government - they are actually the holdings and liabilities of the taxpayers.

cohodk

Here's another secret.....don't tell anyone......

Gold is meaningless and worthless in regards to the strength, vitality, productivity, innovation and power of the USA, it's currency and it's citizens.

derryb

@cohodk said:
Here's another secret.....don't tell anyone......

Gold is meaningless and worthless in regards to the strength, vitality, productivity, innovation and power of the USA, it's currency and it's citizens.

Must be why they keep it in a secret vault with secret accounting under guard by the US Army. Yep, worthless and meaningless.

cohodk

So you DO believe it's there!!

Belief in the value of gold is a religion. Nothing wrong with believing. We all die in the end. We can either worry, fret, be afraid, or allowed to be controlled, or we can enjoy life and all the spoils that come with freedom of thought.

derryb

Rickards: The truth about the Fort Knox gold

cohodk

**_Many gold bugs and conspiracy theorists say there is no actual gold in Fort Knox. They say the reason the government will not audit the gold, for example, is because the gold is not there.

But the truth is quite the opposite_**

Well, there you go then.

derryb

I believe there's gold in them thar vaults. Quality and quantity is questionable, should be assayed and audited. Would also be nice to know how many "owners" there are for each bar. Fractional banking is common so why should gold be any different.

Baley

@derryb said:

@cohodk said:
Here's another secret.....don't tell anyone......

Gold is meaningless and worthless in regards to the strength, vitality, productivity, innovation and power of the USA, it's currency and it's citizens.

Must be why they keep it in a secret vault with secret accounting under guard by the US Army. Yep, worthless and meaningless.

Humans hoard gold because we must do so, by genetic imperative. We have been bred to do so by the Sky Brothers, who will return to collect it someday. Thus we as a species are irresistibly compelled to mine, refine, form, and store it. And of course, we must build strong places to put it, and keep meticulous count of it and obsess over the amount.

derryb

@Baley said:

@derryb said:

@cohodk said:
Here's another secret.....don't tell anyone......

Gold is meaningless and worthless in regards to the strength, vitality, productivity, innovation and power of the USA, it's currency and it's citizens.

Must be why they keep it in a secret vault with secret accounting under guard by the US Army. Yep, worthless and meaningless.

Humans hoard gold because we must do so, by genetic imperative. We have been bred to do so by the Sky Brothers, who will return to collect it someday. Thus we as a species are irresistibly compelled to mine, refine, form, and store it. And of course, we must build strong places to put it, and keep meticulous count of it and obsess over the amount

It is much simpler - we have learned that it will always have value, especially in the face of declining value elsewhere.

jmski52

The USA holds lots of oil, natural gas, iron ore, coal, forests, rivers, lakes, sunshine, cows, chickens, pigs, corn, wheat, soybeans, sandy beaches, mountains, missiles, manufacturing plants, airplanes, railroads, ect. That's really all that's important.

Exactly. And gov.com wants to split it with the banks, but the banks simply want it all.

Gold is meaningless and worthless in regards to the strength, vitality, productivity, innovation and power of the USA, it's currency and it's citizens.

And gov.com wants to split it with the banks, but the banks simply want it all.

With trillions in unsecured debt & unfunded liabilities, I will give you 3 guesses about how gov.com in collusion with the banks intend to redistribute all that wealth.

3 guesses only.

cohodk

Of course we all > @derryb said:

@Baley said:

@derryb said:

@cohodk said:
Here's another secret.....don't tell anyone......

Gold is meaningless and worthless in regards to the strength, vitality, productivity, innovation and power of the USA, it's currency and it's citizens.

Must be why they keep it in a secret vault with secret accounting under guard by the US Army. Yep, worthless and meaningless.

Humans hoard gold because we must do so, by genetic imperative. We have been bred to do so by the Sky Brothers, who will return to collect it someday. Thus we as a species are irresistibly compelled to mine, refine, form, and store it. And of course, we must build strong places to put it, and keep meticulous count of it and obsess over the amount

It is much simpler - we have learned that it will always have value, especially in the face of declining value elsewhere.

When has gold risen when the values of everything else declined? When has everything decined?

More evidence shows gold declining, especially on a relative basis, when everything else has risen.

cohodk

@jmski52 said:
The USA holds lots of oil, natural gas, iron ore, coal, forests, rivers, lakes, sunshine, cows, chickens, pigs, corn, wheat, soybeans, sandy beaches, mountains, missiles, manufacturing plants, airplanes, railroads, ect. That's really all that's important.

Exactly. And gov.com wants to split it with the banks, but the banks simply want it all.

Gold is meaningless and worthless in regards to the strength, vitality, productivity, innovation and power of the USA, it's currency and it's citizens.

And gov.com wants to split it with the banks, but the banks simply want it all.

With trillions in unsecured debt & unfunded liabilities, I will give you 3 guesses about how gov.com in collusion with the banks intend to redistribute all that wealth.

3 guesses only.

I guess you should buy the banks then?

derryb

@cohodk said:
Of course we all > @derryb said:

@Baley said:

@derryb said:

@cohodk said:
Here's another secret.....don't tell anyone......

Gold is meaningless and worthless in regards to the strength, vitality, productivity, innovation and power of the USA, it's currency and it's citizens.

Must be why they keep it in a secret vault with secret accounting under guard by the US Army. Yep, worthless and meaningless.

Humans hoard gold because we must do so, by genetic imperative. We have been bred to do so by the Sky Brothers, who will return to collect it someday. Thus we as a species are irresistibly compelled to mine, refine, form, and store it. And of course, we must build strong places to put it, and keep meticulous count of it and obsess over the amount

It is much simpler - we have learned that it will always have value, especially in the face of declining value elsewhere.

When has gold risen when the values of everything else declined? When has everything decined?

More evidence shows gold declining, especially on a relative basis, when everything else has risen.

I was referring to declining value in forms of money other than gold. Gold is the anti-fiat currency, no matter where you are in the world.

cohodk

Ok....I guess that brings us back to, "what is money?".

I would hazard to guess that almost everything, including services, have at one time or another been exchanged for other things or services.

I, on more than one occasion, have exchanged my time and labor for a truckload of cow sh*t.

My belief is that time and labor is more universally accepted, desired and attainable than gold. Many, many more folks can afford and have time and labor than have gold.

Baley

Gold is simply an element.

People and their range of Cares about it are interesting.

Many ignore it and live long, fulfilling lives nevertheless.

Others obsess over it, and are continually miserable.

metalmeister

No worries. Inside the vaults are probably IOU's.

jmski52

3 guesses only.

I guess you should buy the banks then?

Try again. 2 more tries left.

cohodk

@jmski52 said:
3 guesses only.

I guess you should buy the banks then?

Try again. 2 more tries left.

You said the banks were going to split it all with gov.com (lol), so using your logic I think the guess I made is best. Are you withholding some other info?

Baley

Um, continue to devalue the dollar?

Good. We're well positioned here,
aren't we?

BLUEJAYWAY

I hear tell that recently David Copperfield was sighted in the vicinity of Fort Knox. Perhaps he can shed some light on the "disappearance" of the gold.

jmski52

You said the banks were going to split it all with gov.com (lol), so using your logic I think the guess I made is best. Are you withholding some other info?

Unless you own a bank, you're fooling yourself if you think they'll cut you in on the mainline of their profit stream.

I'll only count that as 1/2 of a guess.

Only 1 1/2 more guesses left. Use them wisely.

cohodk

Guessing implies that one does not know. I don't need to guess.

TwoSides2aCoin

@cohodk said:
So you DO believe it's there!!

Belief in the value of gold is a religion. Nothing wrong with believing. We all die in the end. We can either worry, fret, be afraid, or allowed to be controlled, or we can enjoy life and all the spoils that come with freedom of thought.

Bought some gold teeth the other day. The dead guy won't be chewing with them.

It's about $20 higher today. Blessings are abundant... Like teeth.
Take a bite out of gusto.

logger7

Why all the secrecy then? Shouldn't there be full transparency to all Americans? What if it wasn't "there" as the government sees that it is "there"? It would not be that hard to fake large amounts of gold bricks with cheaper copies.

jmski52

_Guessing implies that one does not know. I don't need to guess. _

There's always a possibility that you could be "wrong". It seems to me that Harvey will force the Fed into more blatant support of the economy via more free money to the banks so that the banks can start shagging more loans to businesses hurt by the storm.

Profitability is going down the drain in Texas right now, and the additional drag on the economy isn't going to help anyone. Diluting the value of a dollar by creating more of them only redistributes wealth, mostly to the distributors of those dollars.

derryb

@logger7 said:
Why all the secrecy then? Shouldn't there be full transparency to all Americans? What if it wasn't "there" as the government sees that it is "there"? It would not be that hard to fake large amounts of gold bricks with cheaper copies.

Try auditing your bank that holds your cash. They were allowed to loan 90% of it to others. When you withdraw it all, 90% of it comes from the other depositors' 10% that is on hand. This is why the FED will stop at nothing, including closing the banks, to prevent a bank run.

No reason for fractional banking to also not apply to gold deposits. Note that what Germany has deposited here was not all returned at once when they asked for it.

cohodk

@logger7 said:
Why all the secrecy then? Shouldn't there be full transparency to all Americans? What if it wasn't "there" as the government sees that it is "there"? It would not be that hard to fake large amounts of gold bricks with cheaper copies.

Does Jesus exist?

derryb

Why the visit to Ft. Knox?

"Maybe Mnuchin and McConnell just wanted to make sure the gold was there before they revalue it and issue new certificates."

This could also explain why gold is being allowed to make a move up.

rpw

There is gold in the Fort Knox vaults. Whether it has been hypothecated or not is for a different discussion. The important fact is that it is carried on the books of the United States at $35 an ounce or so. Thanks to a 1934 currency law the Treasury can mark the gold up to free market value and issue a gold certificate to the Fed for it and they can then use that as the basis to issue more FRNs. This is plan B if Congress does not raise the debt limit. Turns out the Eisenhower administration did this back in 1954 or so. Now you know why he went to Fort Knox.

jmski52

There is gold in the Fort Knox vaults. Whether it has been hypothecated or not is for a different discussion. The important fact is that it is carried on the books of the United States at $35 an ounce or so. Thanks to a 1934 currency law the Treasury can mark the gold up to free market value and issue a gold certificate to the Fed for it and they can then use that as the basis to issue more FRNs. This is plan B if Congress does not raise the debt limit. Turns out the Eisenhower administration did this back in 1954 or so. Now you know why he went to Fort Knox.

If that's the plan, it's only a one-time fix. What happens after that? To go down that road would imply that no other options exist and surely they already know that it won't work for long. I don't think that's the reason for the visit, but I don't know what that reason could possibly be. They have absolutely no intention of a transparent accounting, so I'm baffled by what the purpose of the visit was.

bigjpst

@jmski52 said:
_There is gold in the Fort Knox vaults. Whether it has been hypothecated or not is for a different discussion. The important fact is that it is carried on the books of the

If that's the plan, it's only a one-time fix. What happens after that? To go down that road would imply that no other options exist and surely they already know that it won't work for long. I don't think that's the reason for the visit, but I don't know what that reason could possibly be. They have absolutely no intention of a transparent accounting, so I'm baffled by what the purpose of the visit was.

It's not exactly a one time fix since the price of gold fluctuates, and they have already used this once before.
Don't all the gold bugs think it's going to $5000 an ounce. They'll have plenty of new opportunities in the future if it starts rising.

derryb

Just because the Gov says their gold is worth $5000 an ounce does not mean your gold is worth $5000 an ounce. Currently US values their gold at $42 an ounce, what does the market say yours is worth?

cohodk

For some folks gold is worth zero. Can't exchange it for what they want.

Baley

@derryb said:
Just because the Gov says their gold is worth $5000 an ounce does not mean your gold is worth $5000 an ounce. Currently US values their gold at $42 an ounce, what does the market say yours is worth?

Depends entirely on the form.

If i have a pure oz. each a.g.w in the form of:

An AGE
A poured bar
A natural gold nugget
A pile of assorted dental gold in various alloys
A pile of broken jewelry
A pile of nice jewelry
1805 and 1812 half eagles and the rest of the ounce in gold dust
A ton of gold plated electronic parts that contain an oz total gold
and
A one ounce slice of a good for delivery bar

How much should i expect to get for each?

element159

Sounds like the actual reason for the visit was to watch the total eclipse, and the whole check on the gold bit was just an excuse.

TwoSides2aCoin

I like that question about Jesus, previously posed . He lives, but you have to believe. Now back to the mine.

Are we digging a deeper hole or raising the debt ceiling ?

element159

@TwoSides2aCoin said:
Are we digging a deeper hole or raising the debt ceiling ?

You mean, are we going to pay the bills that we already incurred, or just default on them?

TwoSides2aCoin

@element159 said:

@TwoSides2aCoin said:
Are we digging a deeper hole or raising the debt ceiling ?

You mean, are we going to pay the bills that we already incurred, or just default on them?

It means we are enslaving generations to come until we have another emancipation proclamation declared for the people. That's WE, the people in the 99%