Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it’s “a possibility” that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank.
The libertarian lawmaker told Kitco News, a website tracking news about precious metals, that an audit was necessary to determine how much the U.S. maintains in gold reserves in case the government were to use gold to back the dollar.
“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said.
“Our Federal Reserve admits to nothing, and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit?
“I think it is a possibility,” Paul said when asked if there was truth to rumors that there was actually no gold at Ft. Knox or the New York Fed.
GOLD backs OIL..
Check the oil prices and compare them to GOLD.
Over the years, 7-11 barrels was ALWAYS worth about the same in GOLD.
Thats #1.
#2 goes like this..
AT THIS PRICE, Sell…sell sell sell..
LET the price dump…BUY it back at 1/2, 1/4..
And if our money was based on GOLD..
it would be going up with inflation, AND the price of oil.
When gold hits $1500 per ounce soon, I might be tempted to sell 100 oz. About half the gold I have that I bought when it was <$325 oz. I could always use a few more guns and more ammo.
When will silver rise? I have 20oz of silver bullion burning a hole in my pocket …
Not so much a question if the gold physically is there or not, as it may well be and probably very likely. The point is, to whom did they lease it, and how many times over, or did they even sell it, meaning moving it from the US holding bins to the another country’s holding bin?
Point is, how much of the gold they claim is there is actually gold owned by the US?
And yes, if there is doubt about how much, why don’t they just come out and document what that they own and kill the End-The-Fed-lemming Ron Paul once and for all?
But they won’t because they can’t!
My man for 2012 – Ron Paul!
@ #5
An edit required.
“Point is, how much of the gold they claim is there is actually gold ….”
INSERT: and not plated Tungsten
“owned by the US?”
“introduce legislation next year to force an audit of U.S. holdings of gold”
Of course there is gold there. This is not something that could be kept secret.
BUT…
WTF?
Isn’t there a monthly / quarterly / annual audit in place already?
The Gold is probably there. But do we own it?? That is the question.
Truly edifying to see a cluster of nutballs having a group hug.
I’ve toured the FRB in NY. There are tons of gold there. I’m not sure how much is owned by the Fed as opposed to on deposit there from other places. But there is a lot of gold there.
Say the gold is all there. Will they release that information to the public? To confirm the amount of gold held (and owned) by the government is to implicitly put the dollar back on the gold standard.
Which is what I think Ron Paul wants. The only thing that would make him happier is for the government to officially say we are backing the dollar with a set amount of gold.
http://youtube.com/watch?v=bZfyrIPw3wY
Someone should edit Ron Paul into this remix.
Gold Standard??? Wealth built on a finite resource much better suited to fine cookware?
I say let’s move to a clam shell based economy. The harder working of us will grow clams and get rich in a sound Calvinist way. Not gambling like gold diggers.
If we all spent more time thinking about what “real” wealth is, would we start reading more?
I think not. The mind is short circuited by bright shiny things.
“Gold Standard.” ha, ha. Silly Hoomans.
Okay by me. Once they determine the vaults are empty, the gold I hold will skyrocket.
he’s probably right
Did anyone notice that the image of ‘gold’ coins
are canadian currency of common change. just
regular quarters,nickels,etc. The gold must be
a photoshop colour filter!
Of course there is no gold in the NY Reserve – we saw the German thieves take it under John McCain’s nose. Last I saw, it was still in a bunch of tractor trailers in a warehouse in Jersey.
Nice Canadian coins in the picture…
You should have used the real Canadian gold coin…
http://en.wikipedia.org/wiki/Canadian_Gold_Maple_Leaf
The purest gold coin in the world…
We don’t want to disclose how much gold is in Fort Knox. That’s like telling the bank you can’t make your house payment but you own 5 other houses. All our gold will be going to China.
You know I may not agree with everything Ron Paul says, but I have to give the man credit, he sticks by his beliefs, unlike almost every other politician in Washington.
Thinking about this some more. I’ve personally seen the gold, but have not personally seen Ron Paul. Perhaps Ron Paul is bogus.
Seriously though, I can respect Ron Paul (but not his son). I disagree with him on some significant issues, but can respect him.
So, what’s with this lunacy? Is he trying to become irrelevant? Why can’t we find a politician who isn’t bought, has some honest and decent ideas about the country, and doesn’t make statements about there being no gold in the U.S. or about UFOs?
Aside from the slight insanity issues, a race between Ron Paul and Dennis Kucinich would be between two people not bought by corporate america with real ideas on fixing our problems.
Imagine a race between two respectable candidates, a true conservative and a true liberal. What a concept!!
And then I woke up.
Why is it “lunacy” to ask for some transparency and do an audit to find out what our obligations are to various governments and banks around the world? You’re saying you prefer government secrecy to an open and honest accounting of our public assets? The only lunacy is in your thinking.
How far has our politics sunk when a politician earns “respect” merely for being honestly idiotic?
Scott: can you think of a different word?
“understand”
“respect his honesty, but not his politics?” ((not one word, it is a challenge to encapsulate your meaning???))
“totally reject”
And so forth. Hitler was pretty honest too! (Ha, Ha!!)
@carl
All money in Canada is gold, you can just dig it out of the ground here.
But we make the notes out of color full plastic – after all oil is a scarce and limited resource.
“Hitler was pretty honest too! (Ha, Ha!!)”
Godwin ftw.
bobbo in the mirror: Godwin normally invokes “a lose” not a win, so at face value: thank you for seeing the point being made:
Respecting politicians is a foolish notion. On the distorting Mirror end of things, take Bill Clinton: I have almost no respect for him lying in office, selling pardons, totally corrupt but one of the better politicians to have served in office.
Respect???? Its a term to bamboozle the voting public.
I recently heard a some great advice for gold bulls:
*Sell all your assets and take out massive loans.
*Use all that money to buy gold that you can physically hold.
If you’re right, and the fiat currencies collapse, you can pay back the loans at a song. Put your fictional paper currency where your mouth is.
I own some gold. Bought a bunch about four years ago. A bunch. Figure I will just hang onto it, and my kid will get it.
These days I am buying 1000 round lots of ammunition. I started doing this, plus picked up an AR before Sock Monkey got elected.
Bobbo, go right ahead, cheesedick.
Some congressman did the same thing back in the 70’s. I saw a 60 Minutes piece about it, I think. He eventually got a guided tour of Fort Knox, and saw massive amounts of gold. Maybe Paul is just repeating that stunt.
#24 – bobbo,
Perhaps I haven’t followed Ron Paul closely enough since my politics does not lean toward the libertarian.
My view of him is as a classic libertarian, as in “freedom to starve.” Is this not the case?
I can respect the Heinleinesque libertarian viewpoint (but, of course, not the teabagger brand of anarchist that wrongfully calls themselves libertarian).
If Ron Paul is not what my impression is, then I just haven’t paid enough attention to him, which is extremely possible. If he is a classic libertarian and not bought by corporate interests, I can respectfully disagree with his politics.
As far as I know based on the little attention I’ve given him, the only point on which I truly don’t respect his view (though there are many points on which I disagree with his view) is on abortion, which is indeed a big one.