Drudge: Ron Paul: Sell The Gold In Fort Knox...

[ghengis86]

That gold is the american peoples gold, it was stolen from us.

There is ~ 150 million ounces of gold in Ft Knox.
They should give each american a half oz of gold or sell it and send us all a check.
Just IMO.

There are ~8,133.5 metric tons (tonnes) of gold reportedly held at Fort Knox (just play along). At $1490 per Troy ounce, selling all that gold would net uncle Sam a whopping $389 billion FRNs or enough to fund the government for another 3 months, give or take. That's only 2.72% of our current debt. We would need 35 more identical facilities in addition to fort knox to pay off our debt. But since tax receipts fund only half of the governments expenses, we'd need to sell a fort Knox worth of gold twice a year to avoid going back into debt.

Billion and trillion are such huge numbers, it's hard to wrap your head around them. It also makes it difficult for anyone to sincerely believe that we will ever pay off our debt, without going Gideo Gono

 

[Teaser Rate]

There are ~8,133.5 metric tons (tonnes) of gold reportedly held at Fort Knox (just play along). At $1490 per Troy ounce, selling all that gold would net uncle Sam a whopping $389 billion FRNs or enough to fund the government for another 3 months, give or take. That's only 2.72% of our current debt. We would need 35 more identical facilities in addition to fort knox to pay off our debt. But since tax receipts fund only half of the governments expenses, we'd need to sell a fort Knox worth of gold twice a year to avoid going back into debt.

Billion and trillion are such huge numbers, it's hard to wrap your head around them. It also makes it difficult for anyone to sincerely believe that we will ever pay off our debt, without going Gideo Gono

There's really no reason to ever pay off our debt, the only challenge is keeping it at a reasonable level so that the interest payments remain manageable.

 

[Napoleon's Shadow]

 

[sailingaway]

I'm assuming Ron is doing it to call for an accounting/audit which he has been asking for for years. He is steadily buying gold, typically, I doubt he'd really want the country to sell it.

 

[propanes]

There's really no reason to ever pay off our debt, the only challenge is keeping it at a reasonable level so that the interest payments remain manageable.

Yes, especially if part of the national debt was the result of fraud.

 

[Teaser Rate]

Yes, especially if part of the national debt was the result of fraud.

What fraud are you talking about?

 

[daviddee]

...

 

[sailingaway]

Ron has been in metals his entire life... He knows when to sell at peaks. Gold is an investment... you should not fall in love with it.

I had this discussion when silver was at $50 and all of the people who were/are "in love" came out in force to preach the gospel... It crashed a couple days later. Every bubble has a good story to justify it... Every bubble crashes.

Gold at $1500 is a sell.

For an individual yes, and that might be part of why he mentioned it, but I still think he is just generally saying when you are in debt you sell stuff to get out, and think he wants to find out what is really there. He is taking heat for this tonight on gold pages, and I think he will explain it and we will all say 'Ohh.... ok.' when we find out his reasoning.

 

[daviddee]

...

 

[sailingaway]

I"m sending Mish's report to drudge it sounds a lot more realistic

 

[low preference guy]

I"m sending Mish's report to drudge it sounds a lot more realistic

i'm not so sure. not many others use "moral" to describe a method of payment, but Ron would.

 

[sailingaway]

i'm not so sure. not many others use "moral" to describe a method of payment, but Ron would.

Well, you could be right too, but I doubt Ron meant to race out and do it. Whatever, I sent it to drudge, he will 'investigate and decide' or whatever.

 

[low preference guy]

Well, you could be right too, but I doubt Ron meant to race out and do it. Whatever, I sent it to drudge, he will 'investigate and decide' or whatever.

yeah, i'm not sure, because it surprised me as well. i wasn't objecting sending it to drudge.

 

[LibertyEagle]

They can't sell what they don't have. What proof do we have there is any gold in Fort Knox? Ron has asked for an audit or to at least see the gold, but they will not comply.

Yup. It's one way to get an audit. LOL

 

[libertybrewcity]

I think Ron is digging a hole for himself. He can explain these issues to people, but news stations are just going to attack him and skew his words. Ron should make big appearances but keep it limited like Rand did.

 

[martyr_rabbit]

Looks like it's off the Drudge homepage now.

 

[Carehn]

Im for it. I want to see america do good but not the government. If it was up to me they would have no assets at all. Just an army of old librarian type bureaucrats in a run down shed somewhere in navada.

 

[wizardwatson]

Mish is calling bullshit...

http://globaleconomicanalysis.blogspot.com/2011/05/ron-paul-says-sell-gold-no-chance.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29

Mish might be right and this is all mis-quoting Paul or mis-attributing something someone else said to him. But the damage is already done for the most part. The 'big story' is always featured in the paper while the retractions go to page 6 as they say.

I caught about 10 minutes of Michael Savage yesterday and he was ripping into Ron Paul about this sell all the gold meme. Saying it will make the gold markets go crazy, our dollar won't be backed by anything, etc. Then he started mocking him by saying "why don't we sell Mt. Rushmore, or the statue of liberty" and all this jabber.

Anyway, I guess Savage is an expert on monetary theory when he gets the chance to attack Ron Paul (I think his main beef is foreign policy as Savage in an interventionist like most of these talking heads). He might retract if the story is found to be a lie, but I doubt he'll spend 4 sentences retracting.