3 votes

Why Uncle Sam is hoarding gold

It’s silly, nothing more than a shiny metal, a substance with little use and little real value, a “barbarous relic,” and the stuff of nothing more than superstition. Only a fool would own any gold in his portfolio.

Right?

After all, its value has plunged by $500 an ounce in the past year, and $100 just in the past month. Gold hasn’t even rallied during the budget crisis: So much for its “safe haven” status.

There is just one nagging problem with this story line. One group of people disagrees. And I am not talking about wacko gold bugs in Arizona (“the ex-husband state”) with tinfoil on their heads.

I am talking about the people running the United States Treasury.

They remain firm believers in gold. Big-time.

This week I asked them if they would consider selling some of the country’s gold reserves to pay the bills if the budget crisis escalates later this month.

Their response? Not a chance

http://www.marketwatch.com/story/why-uncle-sam-is-hoarding-g...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Oh please.

Not too much gold coming out of the Treasury these days. Gold coin sales are way up, but delays in delivery are more the rule than the exception.

Why does anyone still believe that the US Government has a huge hoard of gold? No one's seen it for decades. Germany is told they need to wait seven years to get theirs back.

The Treasury isn't hoarding gold -- they're not selling it because they don't HAVE it. The gold is gone, and misleading articles like this one are a forlorn prayer that no one finds out.

Recommended reading: The Most Dangerous Superstition, http://www.amazon.com/Most-Dangerous-Superstition-Larken-Ros...