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Representative Ron Paul Suggests Selling Fort Knox Gold To Pay U.S. Debts

May 18, 2011 by  

Representative Ron Paul Suggests Selling Fort Knox Gold To Pay U.S. Debts

As the debate over raising the Federal debt limit rages, policy groups have suggested selling off Federal assets to pay debts. One Presidential contender, Representative Ron Paul (R-Texas), said the United States should sell the gold in Fort Knox — that is, if Fort Knox has any gold to sell.

Paul called for an audit of the Federal government’s gold reserves in August 2010, but was voted down. He said, “If there was no question, you’d think they would be very anxious to prove to us that the gold is there.”

Now, Paul recently told The Sun that choosing to sell the gold reserves is “a good and moral decision. An individual would have to do the same.”

However, an unnamed senior administration official told The Washington Post, “Selling off the gold is just one level of crazy away from selling Mount Rushmore.”

Experts agree with Paul, though. An analyst at the Heritage Foundation, Ron Utt, told The Washington Post, “Given the high price (gold) is now, and the tremendous debt problem we now have, by all means, sell at the peak.”

The Sun estimates, “at recent prices of $1,500 an ounce, (the U.S.’s gold bullion) would be worth about many tens of billions of dollars.”

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  • http://n/a Aldin Mahmutovic

    I think this is the same thing as if we would start printing our own bail out money, which is what we have been doing in the past 3 years and it did not help. You can’t fund the problem and let it continue with the same course it has been going. All the big company’s and banks should not been bailed out like AIG, they should have been closed down and people who invested should be paid by the government with the bailout money they were gonna invest and there you go one problem less to worry. We don’t have to get in to the details on how much executives at AIG have been paying for unnecessary trips, all i am saying that selling the gold will not resolve an issue, we need to eliminate the institutions who are smooching of the government and US citizens that way we will be out of the debt in no time.

  • danielle

    I read an article someplace that stated Fort Knocks could very possibly be EMPTY, The FEDERAL RESERVE will not let anyone inside?

  • granny mae

    Yepper,
    Someone should tell Ron Paul, that there is no gold in Fort Knox. My husband was stationed there in 1960 and the word was then that it was all gone and that word hasn’t changed over the years ! All Gone-No Gold !

  • http://PersonalLibertyDigest Edward

    When my son was about 10 years old, he had an ounce of gold. It was worth roughly $460.00 an ounce. He is not 38, and now gold is $1,600,00 an ounce. That comes out to a nice piece of change.

    Now you are telling me that there is no gold in Fort Knox, where the hell did it go? Is the Fort loaded with promissary notes that were never ever going to be paid back. Just like Social Security! There should be a PRIVATE INVESTIGATION INTO THIS MATTER. Not a govermental or congressional investigation. We need one that is honest and concise. Is there gold in Fort Knox or not? Is there gold in the Federal Reserve building? Who is minding the store in this country? Does anyone at all have a clue what is going on.

  • http://PersonalLibertyDigest Edward

    Sorry for the typos, when I read the previous blogs, they totally blew my mind.

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