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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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