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All of the gold owned by US is pocket change
Old 03-23-2009, 11:03 AM   #1
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All of the gold owned by US is pocket change

If you can even believe this report. I calculate the current value of it to be about 247 billion based on this report that says the US owns 260 million ounces of gold.

Current Report: Gold Report: Publications & Guidance: Financial Management Service

With the numbers being tossed around these days this appears to be pocket change as I said.
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Old 03-23-2009, 11:08 AM   #2
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Interesting. The GLD fund has a market cap of $31 billion today. Supposedly this ETF is backed by stored physical gold, but IF the value of all the gold in the world is $247B as you say, am I supposed to believe that this fund holds 1/8 of all the gold in the world?
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Old 03-23-2009, 11:20 AM   #3
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No this report is all the gold owned by the US government, not all the gold (in a refined state) in the world.
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Old 03-23-2009, 11:22 AM   #4
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Originally Posted by cashflo2u2 View Post
No this report is all the gold owned by the US government, not all the gold (in a refined state) in the world.
Ah, I misread it. Duh, I iz ejumacaded...
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 03-23-2009, 12:40 PM   #5
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Furthermore, all of the gold owned by the US would barely pay half of one year's interest on the federal debt (current running at about 450 billion a year).
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Old 03-23-2009, 12:54 PM   #6
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Unfortunately, our biggest asset is our military power. I guess it's the global political version of the guns-and-ammo-are-better-than-gold theory.
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Old 03-23-2009, 01:13 PM   #7
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Unfortunately, our biggest asset is our military power. I guess it's the global political version of the guns-and-ammo-are-better-than-gold theory.
Yes and no IMO. Like a house, in order for our military power to remain a valuable asset, we need to keep throwing (a lot of) money at it... When the USSR crumbled politically and economically, its military might crumbled with it.
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