Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - 30th Nov 21
Omicron Covid Wave 4 Impact on Financial Markets - 30th Nov 21
Can You Hear It? That’s the Crowd Booing Gold’s Downturn - 30th Nov 21
Economic and Market Impacts of Omicron Strain Covid 4th Wave - 30th Nov 21
Stock Market Historical Trends Suggest A Strengthening Bullish Trend In December - 30th Nov 21
Crypto Market Analysis: What Trading Will Look Like in 2022 for Novice and Veteran Traders? - 30th Nov 21
Best Stocks for Investing to Profit form the Metaverse and Get Rich - 29th Nov 21
Should You Invest In Real Estate In 2021? - 29th Nov 21
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21
Stock Maket Trading Lesson - How to REALLY Trade Markets - 26th Nov 21
SILVER Price Trend Analysis - 26th Nov 21
Federal Reserve Asks Americans to Eat Soy “Meat” for Thanksgiving - 26th Nov 21
Is the S&P 500 Topping or Just Consolidating? - 26th Nov 21
Is a Bigger Drop in Gold Price Just Around the Corner? - 26th Nov 21
Financial Stocks ETF Sector XLF Pullback Sets Up A New $43.60 Upside Target - 26th Nov 21
A Couple of Things to Think About Before Buying Shares - 25th Nov 21
UK Best Fixed Rate Tariff Deal is to NOT FIX Gas and Electric Energy Tariffs During Winter 2021-22 - 25th Nov 21
Stock Market Begins it's Year End Seasonal Santa Rally - 24th Nov 21
How Silver Can Conquer $50+ in 2022 - 24th Nov 21
Stock Market Betting on Hawkish Fed - 24th Nov 21
Stock Market Elliott Wave Trend Forecast - 24th Nov 21
Your once-a-year All-Access Financial Markets Analysis Pass - 24th Nov 21
Did Zillow’s $300 million flop prove me wrong? - 24th Nov 21
Now Malaysian Drivers Renew Their Kurnia Car Insurance Online With Fincrew.my - 24th Nov 21
Gold / Silver Ratio - 23rd Nov 21
Stock Market Sentiment Speaks: Can We Get To 5500SPX In 2022? But 4440SPX Comes First - 23rd Nov 21
A Month-to-month breakdown of how Much Money Individuals are Spending on Stocks - 23rd Nov 21
S&P 500: Rallying Tech Stocks vs. Plummeting Oil Stocks - 23rd Nov 21
Like the Latest Bond Flick, the US Dollar Has No Time to Die - 23rd Nov 21
Why BITCOIN NEW ALL TIME HIGH Changes EVERYTHING! - 22nd Nov 21
Cannabis ETF MJ Basing & Volatility Patterns - 22nd Nov 21
The Most Important Lesson Learned from this COVID Pandemic - 22nd Nov 21
Dow Stock Market Trend Analysis - 22nd Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Fort Knox Gold and What Your Should Do

Commodities / Gold and Silver 2010 Oct 15, 2010 - 06:28 AM GMT

By: LewRockwell

Commodities

But Ron Holland fears it’s not just the beer talking about Fort Knox.

Gold reached a record high of $1,376 per ounce this Thursday morning but I’m writing about Fort Knox because of an unexpected conversation I had yesterday with a distant friend. We have known each other for 35 years but have only seen each other once over the last two decades due to busy schedules and distance. He had a long distinguished career in the gold business before retirement and is now battling a terminal cancer which can be treated but not cured.


I had been talking about the alternative Budwig flaxseed cancer cure and he stopped me in mid-sentence.

"Ron, I didn’t call to talk about me or my health issues. I hope to beat the cancer but regardless of the outcome I specifically called you today to tell you about a chance meeting I had back in 2005 related to Fort Knox that I have never told anyone else."

"Only God knows if I will have the opportunity to publicize this in the future so I wanted to pass it on to you. The message needs to get out so people will know the truth as I heard it about America’s gold reserves. I read your LRC earlier essay, ‘Swiss Investors Ask: Where’s the Gold’ and since we are old friends, here is my story."

As you well know I have always enjoyed going out and having a few beers after work and one evening back in 2005 I was drinking at a local watering hole with a few stock broker friends. As always, they talked the conventional Wall Street BS and I always enjoyed making them uncomfortable with my pro-gold discussions.

The bar was crowded and one of the brokers spotted a friend he hadn’t seen a while and made the normal introductions but I didn’t catch the guy’s name. He said he had been working up in Kentucky for 18 months. Just making conversation, I asked what he did for a living and he responded that he was a plumbing or electrical contractor and had just finished working up at Fort Knox, Kentucky.

Of course, he knew nothing about my background in gold but again just making conversation I asked, "Did you get to see the gold bullion depository building there at the fort?" He laughed, "Yes actually we were involved in renovating the building over the vault as the electrical and plumbing was in rough shape and we were bringing it up to code."

Both of us had obviously already had a few beers and although I had just met this guy, I seized the moment and asked the one question every gold bug would if given the opportunity. "So is there any gold at Fort Knox?" He looked around the room a little uncomfortable and then laughed and replied, "The place is totally empty and the only gold at Fort Knox is in the teeth of the guards. I had full access to the building and the running joke we had with the guards was ‘how was the gold today’."

This guy didn’t know my friend and probably thought this drinking conversation wouldn’t go any further than the bar but I have related the story as it was told to me yesterday.

Now to be fair, this was an offhand conversation after a large number of beers. Also the supposed gold is actually stored in an underground vault at the depository and there is no way a contractor would have had access to the area even if the entire building above ground was empty. Finally, any gold in the building could well have been moved during the renovation process for security reasons.

Still this is food for thought and another reason we should get behind Congressman Ron Paul’s proposal and bill to Audit Fort Knox which should be introduced in January 2011. Also, if the gold isn’t at Fort Knox as the beer discussion suggests, then gold investors owning substantial amounts should take efforts now to secure the gold by storing it offshore in a program like the Perth Mint or Switzerland’s Global Gold.

I believe the life cycle for the central banking fiat currency Ponzi scheme is about over. After the coming dollar and debt collapse, government and hopefully competing private alternatives will eventually require some form of precious metal or commodity backing guarantee in order to restore faith and trust in currencies. As always, private alternatives will buy gold etc. on the open market while governments will likely confiscate and steal what they need to create a new dollar after hyperinflation and currency collapse.

If you trust the gold reserves are in Fort Knox then just buy more gold from time to time on price dips. But, if you believe "it’s not just the beer talkin," then take actions while you still can to secure your gold now before we have a crisis and a repeat of Roosevelt’s confiscation program.

Ron Holland [send him mail], a retirement consultant, works in Zurich and is a co-editor of the Swiss Mountain Vision Newsletter. He is the author of the special report, "Get Ready To Escape the Obama Retirement Trap" and you can email him for the complete report.

    http://www.lewrockwell.com

    © 2010 Copyright LewRockwell.com - All Rights Reserved
    Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in