Ron Paul Says Sell The Gold – Terrorist Oligarchy Disagrees

The terrorist usurpers you call the State have declared Ron Paul’s calls for the US Government to sell its gold in Ft. Knox to be “just one level of crazy away from selling Mount Rushmore.”

I find this wildly humorous considering they also claim gold is a “barbarous relic” of a bygone era. Clearly if gold really is a relic of the ancient past, then it makes absolutely no sense for them to argue against selling it.

The New York Sun reports:

The Wall Street Journal reported Monday that a group of Republican congressmen supports the idea of selling gold.

Officials of the Obama administration have taken notice — and disagree. The assistant Treasury secretary for financial markets, Mary Miller, wrote in a posting on the Treasury Department’s Website May 6 that “fire sale” of the government’s financial assets, including gold, would not be a “viable option.” She urged instead a raising of the debt limit.

An unnamed senior administration official was quoted by the Washington Post as saying, “Selling off the gold is just one level of crazy away from selling Mount Rushmore.” The Wall Street Journal, in its dispatch Monday, reported that Treasury “could be forced to rethink” their opposition if the budget talks fail.

Economist Gary North explains why the statist tyrants are hell bent on preventing the American people from getting their gold back, and so are the gold bugs!

I highly recommend reading this article:

What’s going on here? If it was immoral and illegal for the government to confiscate the gold at $20 an ounce in 1933, why is it a bad idea for the government to sell back the gold to the public at a market price today?

The left often likes to wail and moan that Ron Paul only wants a gold standard because he has collected a lot of gold coins, and a gold standard would obviously drive up the price of gold. Here Ron Paul demonstrates his calls for a gold standard have absolutely nothing to do with the fact that he has purchased gold coins as an investment over the course of his life.

If Ron got his way, the price of gold would plummet.

WHAT IF... those idiots just said that because right now there's no more gold to sell inside Fort Knox ?

Originally posted by Trueman
WHAT IF... those idiots just said that because right now there's no more gold to sell inside Fort Knox ?

that too

reply to post by mnemeth1


I wonder how much they could get for Mt Rushmore....? I say give that idea some wings.

Originally posted by colbyforce
reply to post by mnemeth1

 

I wonder how much they could get for Mt Rushmore....? I say give that idea some wings.

hahhaha I couldn't agree more sir

reply to post by Trueman


Trueman, I have to agree. Ron Paul has on more than one occasion questioned the validity of our gold holdings in Fort Knox. Personally, I think Ron Paul believes it to be long gone ... as do other gold bugs. Here is a quick video on a YT channel I follow (pertinent content is right at the beginning of this short video):

So, it is interesting to see (in the news) all those people not getting what he is really trying to provoke, which is more conversation about our gold reserves, his long-time effort to audit Fort Knox, and to bring illumination to the topic.

And for those to scoff it off as a relic - come on. Gordon Brown sold a good portion - albeit at below market value - Great Britain's gold, as noted on Wikipedia:

Between 1999 and 2002 Brown sold 60% of the UK's gold reserves shortly before gold entered a protracted bull market, since nicknamed by dealers as Brown Bottom. The official reason for selling the gold reserves was to reduce the portfolio risk of the UK's reserves by diversifying away from gold. The UK eventually sold about 395 tons of gold over 17 auctions from July 1999 to March 2002, at an average price of about US$275 per ounce, raising approximately US$3.5 billion. By 2011, that quantity of gold would be worth over $19 billion, leading to Brown's decision to sell the gold being widely criticised.

So, while it would be somewhat foolish to sell our gold, Gordon Brown established a precedent, which cannot be laughed off as unheard of. Not that I think that is the direction he is going at all - just showing that in recent times, it has been done.

reply to post by mnemeth1


I lived around the Fort Knox area for years and it was always said that the gold vault was emptied of the gold and left the country during Jimmy Carters time. I was told of underground tunnel to the airstrip. I don't know if any of that is true. However a large segment of the population there believe it. They also claim that what bars are there are gold plated. This would be a good reason Ron Paul would bring it up and they would be highly upset. How can you sell lead for the price of gold.

reply to post by mnemeth1

The terrorist usurpers you call the State have declared Ron Paul’s calls for the US Government to sell its gold in Ft. Knox to be “just one level of crazy away from selling Mount Rushmore.”

I find this wildly humorous considering they also claim gold is a “barbarous relic” of a bygone era....

ROTFLMAO... Oh this is too delicious!

What better way to prove TPTB is using do as I say not as I do.

Gold HAS ALWAYS been the medium of exchange among the bankers, they just do not want the "great Unwashed " to get their hands on it. After all how can you scam the public and feed them ever inflating fiat currency if they can use gold instead .

reply to post by redrose123

I lived around the Fort Knox area for years and it was always said that the gold vault was emptied of the gold and left the country during Jimmy Carters time. I was told of underground tunnel to the airstrip. I don't know if any of that is true. However a large segment of the population there believe it. They also claim that what bars are there are gold plated. This would be a good reason Ron Paul would bring it up and they would be highly upset. How can you sell lead for the price of gold.

It is also the reason no inventory has ever been made. Gold plated bars were in the news recently BTW. agmetalminer.com...

The Great American Disaster: How Much Gold Remains In Fort Knox? Goes through the history of Ft Knox and the gyrations used to prevent an inventory. A real good read.

I find it more alarming that they believe that raising the debt ceiling is a better idea. When you and me don't have enough money we have a garage sale. Just getting more credit cards is about the stupidest thing you can do when money is running low.

Sometimes I think the government really does represent the people that elected it. The government may as well just do the equivalent of going to a payday cash advance store (which is probably close to what they do).

EDIT: Also blaming that Gordon Brown fellow for selling gold because his $3.5B proceeds could have been $19B is unfair. Absolutly no one would have guessed back then that gold would get to almost $1600 an ounce. And I'm pretty sure no one is thinking that gold will get to $5000-$6000 an ounce in the near future....and if it did it probably means the SHTF anyways so it wouldn't matter much.

reply to post by westrock2000

I find it more alarming that they believe that raising the debt ceiling is a better idea. When you and me don't have enough money we have a garage sale.

I do not think it is about actually selling off US gold I think it is more about showing the lies for what they are.

Gold (or oil) is the real medium of exchanged not US $

reply to post by alyoshablue


Thanks for that info. Now I know 100% sure my vote will go to Ron. First time in my life I unintentionally share the same point of view about something with a candidate,

Hat tip alyoshablue, mnemeth1, Trueman.

Paul's skepticism regarding the official tally on US Gold reserves is a matter of public record. Why would he recommend selling an asset that he doubt's may even exist...at least in an unencumbered fashion.

And after looking at this chart, to what good purpose ?

[atsimg]http://files.abovetopsecret.com/images/member/1d66e4926fbe.jpg[/atsimg]

Even if treasury vaults do hold all 8965 tonnes [unencumbered by swaps and leases], Uncle Sam liquidating his national treasure to compensate for a lousy 2% of profligate congressional spending, would be like a compulsive shopper pawning family heirlooms to cover the minimum payments on his revolving credit card balance. I doubt this simile would be lost on Rep Paul, and it's certainly not lost on the global financial community. Without the "stated" US Gold reserves lending de-facto support to an already ailing greenback, the currency vigilantes would probably crash the USD within a week. In this regard, the treasury statists have a legitimate argument imo. Whether they're simply using a logical defense to camouflage gross mismanagement of official US Gold reserves is a whole other question...one I'm sure Ron Paul would love to have an answer to.

This sale will never happen, RP probably knows that better than most, and even if it did, I can name several large foreign central banks that would throw elbows to be first in line.

An interesting sidebar on the infamous Gold dump by G. Brown. Without fail, when it comes to the useless relic, the rabbit hole always runs deep and circuitous.

Brown's Bottom Is an Enormous Issue In the UK: Was This a Bailout of the Multinational Bullion Banks Involving the NY Fed?

Originally posted by OBE1

Even if treasury vaults do hold all 8965 tonnes [unencumbered by swaps and leases], Uncle Sam liquidating his national treasure to compensate for a lousy 2% of profligate congressional spending, would be like a compulsive shopper pawning family heirlooms to cover the minimum payments on his revolving credit card balance.

Searching the couch cushions for enough change to by the next (or last) 6-pack ... Well stated, OBE1. Thanks for the link and further information. It's totally clear now the rationale behind Paul's statement.

Originally posted by OBE1
And after looking at this chart, to what good purpose ?

Well a few reasons:

1. If there really is no gold, this is an excellent way to force the Fed's hand in an audit. It would show the Federal Reserve and the Federal Government to be the criminals that they are.

2. If there is gold, it would get that gold back into the hands of the public where it will be needed when the dollar fails. By hording all the gold, the government is making it more difficult for private currencies or state currencies that are backed in gold to come into existence.

3. When the dollar finally does fail, Paul does not want the federal government to have a large horde of gold because this means they can bypass the process of re-confiscating it all again. This makes it much more difficult for the federal government to create a new gold backed currency should the dollar fail. The last thing Paul wants is for us to return to a federally controlled gold standard.

Since gold is a "barbarous relic" - clearly the federal government has no business hording the public's gold anyways. That is THE PUBLIC'S GOLD and it should be returned to the public markets. The federal government stole that gold and they have an obligation to give it back to the public they took it from.

Originally posted by mnemeth1
Well a few reasons:

1. If there really is no gold, this is an excellent way to force the Fed's hand in an audit. It would show the Federal Reserve and the Federal Government to be the criminals that they are.

Absolutely agree mnemeth1. I attempted to outline that point as perhaps Rep Paul's underlying motivation in my previous comment.

2. If there is gold, it would get that gold back into the hands of the public where it will be needed when the dollar fails. By hording all the gold, the government is making it more difficult for private currencies or state currencies that are backed in gold to come into existence.

Apparently Gary North advocates that our gubmn't return the peoples Gold in the form of American Eagle sales, "and sold only to Americans". I see a problem with that. How long might it take for the US treasury to mint and sell almost 9,000 tonnes of bullion (equal to over 3 years global production) to an American public that in the face of a decade long bull market, still doesn't own Gold, doesn't understand Gold, and by and large can't afford Gold ? A decade maybe ? The re-education program alone could take several years. I'm afraid the dollar as reserve currency would be history long before this optomistic endeavor could ever be accompolished. And this process would help mitigate our current national debt woes, how exactly ?

When the IMF recently divested 403 tonnes, predictably this Gold never saw the open market, it was scooped-up via off-market transactions with foreign central banks. In any event, market or off-market, rationally it would require BUYERS OF SIZE to absorb 9,000 tonnes of supply, namely, foreign CB's eager to diversify surplus USD. An obvious example would be the PBOC, a potential US rival in the upcoming battle over currency supremacy. Depleat our reserve base and arm Beijing in the process ?

The 10 Biggest Gold-Hoarding Countries In The World

3. When the dollar finally does fail, Paul does not want the federal government to have a large horde of gold because this means they can bypass the process of re-confiscating it all again.

Not a challange mnemeth1, but can you link to that position ? I'd be interested in studying it. It's my understanding that Rep Paul considers confiscation a viable gubmn't alternative under the current US reserve allocation.

Since gold is a "barbarous relic" - clearly the federal government has no business hording the public's gold anyways. That is THE PUBLIC'S GOLD and it should be returned to the public markets. The federal government stole that gold and they have an obligation to give it back to the public they took it from.

I can appreciate your sentiment, but the Gold wasn't technically stolen, it wasn't technically confiscated either....more like appropriated. The minority that actually surrendered their Gold were compensated for their "patriotism" at the [then] official price of $20.67 an ounce. The fact that those dollars were devalued against the POG shortly thereafter...well, that's another whole other can of worms.

I agree, the Gold should be returned to the public...at the price of $20.67 an ounce