View Full Version : The US has $209,199,120,000 worth of gold

12-21-2007, 03:04 AM
On page 59 of the buget report:


Gold is valued at the statutory price of $42.2222 per fine troy ounce. The number of fine troy ounces was 261,498,900 as of September 30, 2007, and 2006, respectively. The market value of gold on the London Fixing as of the reporting date was $743 and $599 per fine troy ounce for the years ended September 30, 2007, and 2006, respectively. Gold totaling $11.0 billion for the years ending September 30, 2007, and 2006, respectively, was pledged as collateral for gold certificates issued and authorized to the FRBs by the Secretary of the Treasury.
Treasury may redeem the gold certificates at any time. See Note 15—Other Liabilities.

Some interesting things in that statement. For one I see that our government values gold at $42.22222 per troy ounce. Which makes sense since the one troy ounce gold eagle coin is legal tender face value of $50. Makes you wonder why gold is trading at $800 per ounce. They value their gold at the statutory price instead of the market value price. Then it talks about gold certificates. I thought we did away with the gold standard.

Very interesting.

12-21-2007, 03:21 AM
We have a dual standard, both gold and fiat. Tax wise it would be much wiser to work in gold, but if people actually did they'd close the loophole.