362.5 million oz of gold in Fort Knox valued at 615 TRILLION?
 

362.5 million oz of gold in Fort Knox valued at 615 TRILLION?
I have read estimates between 147 million and 362 million.
Regardless, why doesnt the govt simply sell off a very small portion of that shit to pay off debt?

Or is there really any gold left in Fort Knox?

btw that figure is based upon today's 1700/oz price

Or is that actually 615 billion...heh i could be off, fuck i can't multiply

there is no gold there..lol
certainly not that much anyway.

but there is gold in them there mountains..they should go and mine it and sell that to pay off their debt

sorry i did fuck that royally-
According to the United States Mint, there is presently 147.3 million ounces of gold at Fort Knox. With today's price of $1,700 per ounce of gold, that is $250 Billion worth of gold.

so it would be 615 billion tops at the high estimate. alot of money but not nearly enough to dent the debt.

/end stupid thread

:1orglaugh

you seriously think their is gold in fort knox? the usa government fucked over its people long ago.

i don't think so.
At least not with gold

lol, theres no proof what sooooooooooooooooooooooooooooooooooooooooooooooooo ooo ever fort nox is empty

america has so much fucking gold it's silly.

would mining more in large quantities not lower the overall prices of gold? sort of like printing more money?

not my expertise but it still falls under that supply and demand principle doesn't it?

yeah...they would need about 50,000 tonnes..and who ever the major holders of gold are...will be forced to buy up americas gold in order to keep the price high.

who cares if they lower the market price? probably many countries, but no one is going to do anything about it.

so...mine and sell
tada

Billion, not trillion. It's nowhere near enough.

price only falls if you actually sell it, if you just mine it and store it, it wouldn't really effect the price... but you are right, if US government would start selling it, the price would drop...:2 cents:

Nor is there any proof it's full eighter. Personally, I wouldnt take the goverments word for it:1orglaugh

sell it to who, nobody will buy it now

Ahh ok, that's why they used it to pay of their debt. Nice!

as i understand it, that is not how the global financial system works.

yah right, just because you can't see it, it's not there right?
like the creatures swimming in the 4th dimension all around you, just stimulate your pineal gland buddy.

I don't see how the gold mining business is fundamentally different than any other business. If the government went into the gold mining business, wouldn't that be essentially the same as if they went into the hamburger business?

It seems to me the government isn't in the mining business for same reason it's not in the hamburger business - it's not DESIGNED to be a business. A business isn't organized such that it argues with itself for months over whether or not to bankrupt itself by taking on debt equal to ten times it's revenue. A business doesn't take ten years to install new desktop computers after ordering them. A business doesn't estimate a project at $10 million, then spend $80 million and still not finish the project.

If government sold burgers, they would cost $42, be frozen for six months before they were sold, and require proof of income to get the value meal. Maybe FEMA could run it. If government mined gold, they would first spend $100 billion on studies analyzing the possible effects of mining $100 million in gold

The fed hold the gold of some other nations as well - all the world's gold, mined and unmined proven reserves, is valued at 1.5 tril. So the USA alone owes 10 times the world reserve currency.

No because gold is one of the least rarest metals on (above ground) earth. It takes 60 years or so of mining to double the above ground volume. With copper it's just 2 or 3 weeks.

That way, gold is almost in-elastic to supply and demand (mining) forces.

wait until goldfinger turns it radioactive, mr bond

Devil's advocate: just because you heard about it, it's there...right?

They really gold plated lead bars ...

Where is that tin foil roll?

First of all all the gold the US would only pay of a very small portion of the debt. Secondly as soon as the US started flooding the market with gold the price of gold would drop thus earning the US even less money.

what do you mean, the gold or the creatures in the 4th dimension;)

Don't count on it.

The gold ofcourse. The 4th dimension is time ;)

Thread fail :)

im not so sure actually.
i think countries holding gold would be forced to buy it
or see their worth diminish

you could flood the market with 50k tonnes of gold...and 2-3 countries bought it all...i dont think the price would be affected that much

I doubt Fort Knox actually has any gold (significant amounts) even left. I'm pretty sure the US had to give it out to lenders as security when borrowing against the deficit.
WG