General

Re: Official US report on GOLD reserves

Solredime — Mon, 07 Apr 2008 16:41:17 GMT

Harksaw:
And the only reason they needed gold in 33 was that it was an international standard for money. Now, not one country in the world backs its currency with gold. So what would they have to gain by confiscating more gold, when they can already print money at will and legally require people to use it?

Because free market gold is now the best indicator (together with oil, though people don't usually realise this) of the dollar's devaluation. People may not yet use gold as a currency, but the more the dollar is devalued and the higher the price of gold goes up on the market, the more the incentive for people to channel their savings in to gold.

If the government wants to continue fooling people about inflation with their CPI, they have to do something about gold. And don't tell me they're not worried about it. Ever since the end of the Second World War gold has been sold off in huge quantities by central banks in order to keep the gold price below real market levels. But you see, they've been running out of gold. They can't flood the market indefinitely, and ever since gold has taken off it becomes more of a danger to fiat currency. Think of gold as a political banner.

I think the book "Gold Wars" should be pretty good - trying to get a hold of that myself.

Re: Official US report on GOLD reserves

Harksaw — Mon, 07 Apr 2008 15:27:37 GMT

Fred Furash:
Right now then the total dollars in the economy are backed by about 2-3% in terms of gold. If somethin or other hits the fan, expect the treasury to "replenish" their stocks through confiscation as in 1933.

I don't think this is likely unless there's an unprecedented worldwide financial meltdown. The dollar isn't backed in any percentage by gold. They're completely separate.

And the only reason they needed gold in 33 was that it was an international standard for money. Now, not one country in the world backs its currency with gold. So what would they have to gain by confiscating more gold, when they can already print money at will and legally require people to use it?

Any move to try to back the dollar with gold would be a reduction in the government's power to create money, and they will never voluntarily do that.

Re: Official US report on GOLD reserves

Solredime — Mon, 07 Apr 2008 14:50:06 GMT

The official US exchange price has been nothing near the market value of gold for decades....maybe even centuries. I'm not sure why, but its almost akin to deceiving yourself....

But yeh, pretty sad number. Right now then the total dollars in the economy are backed by about 2-3% in terms of gold. If somethin or other hits the fan, expect the treasury to "replenish" their stocks through confiscation as in 1933.

Re: Official US report on GOLD reserves

Harksaw — Mon, 07 Apr 2008 12:38:51 GMT

$11,041,058,821.09 divided by 261,498,899.316 ounces indicates that they're valuing gold at $42.22 an ounce.

Why so low?

At $920 an ounce, their stash is worth $240 billion, not $11 billion. What's going on here?

Re: Official US report on GOLD reserves

Bank Run — Mon, 07 Apr 2008 12:26:14 GMT

dvictr:
Discuss

$11,041,058,821.09 And, the debt is in what kind of trillions. There is how much of what floating markets? Well my confidence is ever more inspired! Had I money, I don't know how I'd liquidate.

Will real labour rates, and real price rates come down sooner or later. How can the power of the consumer indicate a direction to take? The imperial-objectivists, must be forced to rationaly defend their sophisms, which they scarcely, if ever, consider to be sophisms.

Official US report on GOLD reserves

dvictr — Thu, 03 Apr 2008 01:58:48 GMT

http://fms.treas.gov/gold/current.html

261,498,899.316 ounces

Discuss