The Conspiracy Theorist's History of GoldSubmitted by DeMolay on Thu, 04/14/2011 - 15:55
By Alex Dumortier, CFA | More Articles
April 14, 2011 | Comments (0)
Last year, Rep. Ron Paul (R-Texas) speculated that there might not be any gold in the vaults of the New York Federal Reserve and Fort Knox. Last month, the Utah Legislature passed a bill establishing gold and silver as legal tender, thumbing its nose at the Fed in the process. In this climate of concern (legitimate and otherwise) regarding the role of central bankers and the value of the greenback, the conspiracy theorist's history of gold is long overdue. Here it is.
An edited history of gold in the U.S.
For each event, I start with the official history, before revealing their true nature:
1792: The Coinage Act creates a silver-gold standard, and sets the value of the U.S. dollar at 24.75 grains of fine gold and 371.25 grains of fine silver.
Finest piece of monetary legislation ever passed; the cornerstone of sound money and fiscal probity. Good times.