Paul: Finally, someone with facts steps forth to enlighten us! Thanks, this information is consistent with what I have observed. The official book value of the govt's gold is $42 an ounce and officially, at least, the mint has possession and the Fed the claim to 262 Million ounces. That hasn't changed in decades.
That gold is in competition with fiat is true, and therefore the US govt has no reason to support its price except if it contemplated selling what gold it possesses. That the Fed has a claim on all of this gold however, implies that the government in fact has no ownership and therefore absolutely no interest in supporting its market price. Unless, of course, the govt has complete control over the Fed and could get all the gold back for $42/ounce if it wanted! This gets back to the ownership of the Fed question! Secrecy!
At issue, still, is whether in fact this gold really exists or not. I do believe myself that it exists but I have my doubts. As you say, the Fed figures are largely cooked and meaningless, and one has to wonder whether the existence of this gold hoard is likewise a fabrication.
Bob |
