Grab The Bull By The Horns
Posted on May 28, 2010 in Commodities · 2 Comments
Considering the US came off the gold standard in 1972, how many ounces of gold were in reserves at that point in time? If the currency circulation was $1 trillion dollars that means there would have been $1 trillion worth of gold at roughly $100 per ounce.
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We have none. Our government is bankrupt. I’m not sure how much China has……….
Go to the Fort Knox website to see what they are quoting.
Note: almost all the gold in Fort Knox was obtained when FDR confiscated all of the privately owned gold in the US back in 1933. A number of professionals are questioning how much gold is really in Ft K. They do not seem to reduce it by sales of the gold coins (gold Eagles, silver Eagles) they mint, so what is really going on with US gold reserves, gold coin sales, etc? Nobody is really sure. Very controversial issue among gold investors, traders, etc.