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Author Topic: If Ft Knox is Empty???  (Read 5101 times)

RVM45

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If Ft Knox is Empty???
« on: September 29, 2015, 11:55:53 am »

Friends,

Just a brief question—or two actually…

A lot of cynical people believe that the govie has been raiding the Gold stores at Ft Knox…

Just for the sake of Argument:

What if some group forced an open inspection of Ft Knox and there wasn't enough Gold to make a good dental filling…

We're no longer on the Gold Standard—sure, maybe we ought to be—but we aren't.

So exactly what would this MEAN—both in terms of Unavoidable Consequences and in terms of Psychological Effects on the Markets?

Question number two:

Suppose new Gold ores—very rich Gold ores—were discovered and literally huge amounts of Gold was dumped on the market—enough to drop the price of Gold to only 20%-30% what it is today. Outside of giving hard money folks' portfolio a beating—what does this do to the World and American Economy?

Yeah, just one little question that occurred to m a few days ago/;

Is any country in the World still on the Gold Standard?



…..RVM45
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DiabloLoco

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Re: If Ft Knox is Empty???
« Reply #1 on: September 29, 2015, 12:01:43 pm »



Is any country in the World still on the Gold Standard?

Short answer....No. Switzerland was the last holdout. Late 90's I think.
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DiabloLoco

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Re: If Ft Knox is Empty???
« Reply #2 on: September 29, 2015, 12:05:53 pm »

I think that there is still gold at Ft. Knox. I also think that the gold there has been leveraged six ways to Sunday! BUT.....Whomever physically HOLDS the gold is the real owner. So, in my opinion, in a SHTF worldwide scenario, I believe that the US would say piss on the leases and such, and claim sole ownership.

Wait.....What was the question again? :laugh:
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DiabloLoco

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Re: If Ft Knox is Empty???
« Reply #3 on: September 29, 2015, 12:15:56 pm »

OK...There were TWO questions!

Question #1

If there were no US gold reserves......IMO, the implications would be severe market turmoil, the US dollar would lose it's world reserve currency status, extreme hyperinflation (think Zimbabwe), the creation of the North American Union, and the creation of a new currency (Amero?). In that order. Maybe. :laugh:

Question #2

If huge amounts of gold were discovered and dumped on the markets, besides what you already mentioned, I really don't know. Probably not much else would happen. Maybe I'm not looking at it from the right angle? :huh:
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Silver

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Re: If Ft Knox is Empty???
« Reply #4 on: September 30, 2015, 06:44:14 am »

I'll go with the first part of DL's answer: "severe market turmoil, the US dollar would lose it's world reserve currency status, extreme hyperinflation (think Zimbabwe)"

Heck, I think all that will happen even if the vault doors are never opened again.   :rolleyes:

I don't believe we'll see mega-states or new fiat currencies.  More likely succession, a lot of smaller nation states, and some sort of PM-backed cyber-crpto-currency.  Think bitcoin but written by someone who knows economics and the theory of money and credit.  Eventually I expect phyles or something similar to destroy nation states (please!) but I don't expect to live that long.

Question 2: this one is rather unlikely.  We know where there is that much gold, and more, but can't reach it.  It's only a few thousand miles away, in the earth's core.  Go get some, I'll wait.

But even if a gold asteroid were captured and brought to earth and produced the market price decline to 20% of today's value, nothing beyond beating up PM holders would happen.

It doesn't matter how much money is available; what matters is that it is hard to create more of it.  Fiat is so dangerous and destructive precisely because it is so easy to make.

Do this thought experiment: Tonight we all go to sleep.  Tomorrow we wake up and the amount of money in our bank accounts has doubled.  Are we all richer?  Of course not.  Prices will also double, more or less, but not smoothly and not instantly.  The early risers who figure out was has happened first will clear the store shelves, then sell it back at whatever the new market will bear.

If you hold PMs, you get beaten.  It's a fact of life in this world.  So literally nothing new would happen.

Question 3: no country is currently on the gold standard. Switzerland flirts with the idea, a referendum would have strongly linked the Swiss franc and gold failed recently. 

China is quietly building its gold reserves, and could destroy the US and most Western economies by linking their currency to gold.  Destroying your customers is bad for business, so I don't expect China to do that soon.

Several middle Eastern nations talk of gold currency, in part to escape the tyranny of the US petrodollar.  Since they have only one thing to sell, and sell to the whole world while their share of US market falls, they aren't as constrained as China.  There have been several proposals to mint gold dinars, and some reports that ISIS uses gold coins. 

I expect a smart, Austrian-aware entrepreneur to develop a Bitcoin killer backed by PMs.  Nation states hate gold for good reasons, and the consumer market will love a good gold currency for the same reasons.

Peace,

Silver
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fred.greek

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Re: If Ft Knox is Empty???
« Reply #5 on: September 30, 2015, 07:53:32 pm »

For some time, the US has “loaned” out physical gold, at some minimal annual percentage, based on the “official” per ounce value of gold.  Personal opinion, there’s no gold left there, it’s all been “loaned” out.
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securitysix

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Re: If Ft Knox is Empty???
« Reply #6 on: October 04, 2015, 10:04:55 pm »

a Bitcoin killer backed by PMs.

Something like this?
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casca-503

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Re: If Ft Knox is Empty???
« Reply #7 on: October 05, 2015, 11:13:22 pm »

gone to china...along with  the  amount that was in  world trade center &  "  supposedly "   vaporized  from  the  blast & heat...ho...ho...ho.../   another  big joke...
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Silver

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Re: If Ft Knox is Empty???
« Reply #8 on: October 12, 2015, 12:35:56 pm »

a Bitcoin killer backed by PMs.

Something like this?

Following the link gets
Quote
Bandwidth Limit Exceeded
The server is temporarily unable to service your request due to the site owner reaching his/her bandwidth limit. Please try again later.

So no, not like that.
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securitysix

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Re: If Ft Knox is Empty???
« Reply #9 on: October 12, 2015, 05:45:55 pm »

a Bitcoin killer backed by PMs.

Something like this?

Following the link gets
Quote
Bandwidth Limit Exceeded
The server is temporarily unable to service your request due to the site owner reaching his/her bandwidth limit. Please try again later.

So no, not like that.

Odd.  Works fine for me.  Anyway, it's called "Full Integrity Coin" and it is a cryptocurrency (like bitcoin) that is supposed to be backed by PMs (not like bitcoin).  Maybe searching for "Full Integrity Coin" in your preferred Internet search engine will yield some information if you're so inclined to do the search.
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"That's what governments are for; get in a man's way." - Malcom Reynolds

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DiabloLoco

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Re: If Ft Knox is Empty???
« Reply #10 on: October 12, 2015, 06:12:38 pm »

a Bitcoin killer backed by PMs.

Something like this?

Following the link gets
Quote
Bandwidth Limit Exceeded
The server is temporarily unable to service your request due to the site owner reaching his/her bandwidth limit. Please try again later.

So no, not like that.

Odd.  Works fine for me.  Anyway, it's called "Full Integrity Coin" and it is a cryptocurrency (like bitcoin) that is supposed to be backed by PMs (not like bitcoin).  Maybe searching for "Full Integrity Coin" in your preferred Internet search engine will yield some information if you're so inclined to do the search.
Worked for me too. :huh:
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Silver

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Re: If Ft Knox is Empty???
« Reply #11 on: October 12, 2015, 08:00:33 pm »

And now it works for me.  Whatever their bandwidth problems, now I can see the site.

"Bringing Righteousness, Honesty, Morality, and Solidarity to Digital Currency"

Ooh, that's about 3 adjectives too many. 
It got worse, not better, as I explored the site.

Quote
FIC has two small eyes, presented as special gemstones, located at the eagles chest plate, as well as above the eagle, which represent:

    Open source (open heart)
    Transparency (all seeing eye)

This coin is going to bring a significant value, and is unlike any of the other alternative currency. The reason for this is that we will be minting these coins, which have an obvious value through our metallurgy specification.

I wish them well, but I will not be a customer.

Peace,

Silver
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Jake

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Re: If Ft Knox is Empty???
« Reply #12 on: April 26, 2016, 11:02:58 am »

An EU country (I think Germany) requested their gold back from storage there and then there was TX that wanted their gold back also.  Both were delayed, Germany for 7 years.  Must be leverage holding it there or it is gone. . . . . . . . or 7 years to econ bust.
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Cherokee

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Re: If Ft Knox is Empty???
« Reply #13 on: April 27, 2016, 02:46:19 am »

Ghadaffi was taken out because he was making interest free loans to other African nations, backed by the gold dinar. The central bankers realized that over time, the asset backed currency would destroy their debt based fiat system. Eventually, some African nations would have become the new economic power centers especially given their untapped natural resources. Obama quickly promised 12 billion dollars to African nations for building power grids. I don't know where he got the funds because it was never proposed by congress. After Ghadaffi got whacked, his gold was confiscated and the central bankers set up shop in Libya, issuing loans at interest to repair and rebuild.
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Jake

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Re: If Ft Knox is Empty???
« Reply #14 on: April 27, 2016, 08:52:25 am »

Ghadaffi was taken out because he was making interest free loans to other African nations, backed by the gold dinar. The central bankers realized that over time, the asset backed currency would destroy their debt based fiat system. Eventually, some African nations would have become the new economic power centers especially given their untapped natural resources. Obama quickly promised 12 billion dollars to African nations for building power grids. I don't know where he got the funds because it was never proposed by congress. After Ghadaffi got whacked, his gold was confiscated and the central bankers set up shop in Libya, issuing loans at interest to repair and rebuild.

Yup, not surprised here.  What's the moto: "Never pass up opportunity on a catastrophe"  Then create the catastrophe.
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