Secretary of the Treasury Steve Mnuchin and Senate Majority Leader Mitch McConnell just paid a visit to Fort Knox to see the U.S. gold supply. Mnuchin is only the third Treasury secretary in history ever to visit Fort Knox and this was the first official visit from Washington, D.C., since 1974.
The U.S. government likes to ignore gold and not draw attention to it. Official visits to Fort Knox give gold some monetary credence that central banks would prefer it does not have.
Why an impromptu visit by Mnuchin and McConnell? Why now?
The answer may lie in the fact that the Treasury is running out of cash and could be broke by Sept. 29 if Congress does not increase the debt ceiling by then.
But the Treasury could get $355 billion in cash from thin air without increasing the debt simply by revaluing U.S. gold to a market price. (U.S. gold is currently officially valued at $42.22 per ounce on the Treasury’s books versus a market price of $1,285 per ounce.)
Once the Treasury revalues the gold, the Treasury can issue new “gold certificates” to the Fed and demand newly printed money in the Treasury’s account under the Gold Reserve Act of 1934. Since this money comes from gold revaluation, it does not increase the national debt and no debt ceiling legislation is required.
This would be a way around the debt ceiling if Congress cannot increase it in a timely way. This weird gold trick was actually done by the Eisenhower administration in 1953.
https://dailyreckoning.com/weird-things-happening-gold/
>>173402
>This weird gold trick was actually done by the Eisenhower administration in 1953.
Sounds like one of those click bait titles. "This one weird trick can give your more money in the treasury without raising the debt ceiling."
>>173404
Trump has been following weird tricks for all his life and it seems to have worked out fine for him.
>>173407
For him, and not for anyone else. He's no great leader, merely a supremely skilled opportunist; in his world, you can't make a profit without someone taking a loss, regardless of how unsustainable that is.
>>173409
>muh ebil profit
Listen Commie. Profit is god. Profit means you took raw materials and rearranged them in such a way that people are willing to pay you more for it than for the raw materials.
Profit means you created value for humanity.
Without profit nothing would exist.
So would this crash the price of gold or jump it up?
Am I being memed into buying gold?
>>173422
This. I've been meaning to pick up 10kish in trade gold should I do it now or after
>Official visits to Fort Knox give gold some monetary credence that central banks would prefer it does not have.
>Central banks
>>173402
You people really go to websites like dailyreckoning.com for news? Was OP homeschooled?
>>173454
Of course my friend.
Sieg Heil
>>173454
Do you have even the slightest clue who James Rickards is.
>>173425
I'm no economist, but the way the article was written makes me believe that the market value of gold (the value you would be paying) would remain the same. It seems that the US-owned gold is purchased and valued at a static non-market amount that doesn't change until it is revalued at a later date. Since it hasn't been revalued since 1935, it has a lot of inflation to catch up with.
>>173402
>Treasury is running out of cash and could be broke by Sept. 29 if Congress does not increase the debt ceiling by then.
US national debt has fallen with some 120 billion dollars since Trump took office
am I missing something?
>>174535
Yes. Your brain.
buy it cheap, mark it up, sell it, mark it down
rinse
repeat
find all the newsletter articles from 2008-2012 about gold going from 1600 to 1800 to 2000, etc...
I lost interest in gold when the IRS decided to tax the GLD ETF the same as the physical metal despite the two not being fungible.
Bitcoin, our new tulip, can be readily spent. Newer crypto-currencies will try find better methods of avoiding IRS surveillance.
>>174556
explain why debt ceiling needs to be raised if debt goes down.
sorry im not an expert on jewish financing scams
>>174559
Both the gold trick and trumps debt decrease are just financial tricks. As real as trying to build a castle out of bath foam. The underlying real cash flow of the US is still vastly negative to the tune of billions per day. Just look at the trade balance alone.
This is why they always must take on new debt no matter what the numbers say, they're all faked anyway. Otherwise the ponzi house comes crumbling down faster than you can imagine.
>>174559
because 1 billion of USD is less than 1/10,000,000th that of our national debt.
Okay... So is there anything wrong with doing it? Am I missing something?
there are certificates on this gold. Said certificates follow the gold "inflation". They can't revalue the gold. If they do, they would't add that to the economy. They would take it from the economy.
>>173409
you aren't taking a loss shitbag, Time as well as effort has a value just the same as any product does.
you aren't taking a loss by not producing a product yourself, you are trading the value of the time and effort it would take you to create the item on top of the raw materials.
jesus christ this is like grade school shit.
>>174995
the value of all gold on earth is 3.5% of our debt you fuck wit
Bernanke is such a smooth scumbag.
https://www.youtube.com/watch?v=2Dj9v9s9buk
>>174558
Monero is supposedly unable to be traced.
>>173455
Lol
>>175004
Lol, yeah I was looking at OP and was like "hmm $1000 × however many ounces at ft knox isn't that much money compared to the national debt is it?" probably not even worth doing tbqh