Tuesday, August 31, 2010

Ron Paul questions whether there's gold at Fort Knox, NY Fed

Gold baby, gold... This is a very good idea. Of course good ideas usually do not see the light of day on Capitol Hill.

What if there was no gold in Fort Knox? Right now, at this moment, it doesn't matter. But the second after the audit was released it would spark all kinds of craziness in the markets and this is why this bill will have "difficulties."

Remember, gold is the only investment you can make for your great grandchildren. It has held its value at a stable level for nearly 5000 years. It has also been valued at similar levels across very different cultures from the Chinese, Rome, the Incas, Aztecs, Timbuktu, etc...It's God's money.

Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold.

Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank.

The libertarian lawmaker told Kitco News, a website tracking news about precious metals, that an audit was necessary to determine how much the U.S. maintains in gold reserves in case the government were to use gold to back the dollar.

Click here for the story.

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Nick Sorrentino is the Editor of The Liberty and Economics Review and CEO of Exelorix.com a social media management company.