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Non-Cattle Specific Topics
Coffee Shop
The Fed
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<blockquote data-quote="greybeard" data-source="post: 1519602" data-attributes="member: 18945"><p>They 'could' back each dollar in accounts and circulation with gold, but the value of gold would have to rise to over $10,000/ounce first. Last I read the US Govt in total (not just federal reserve) has only about 261 million ounces of gold in various forms in it's vaults.</p><p>Not all of it is part of the Federal Reserve. Some belongs to the Treas Dept. Some is 'working gold' some is 'deep storage' at Ft Knox Ky, West Point NY, & Denver Colo.</p></blockquote><p></p>
[QUOTE="greybeard, post: 1519602, member: 18945"] They 'could' back each dollar in accounts and circulation with gold, but the value of gold would have to rise to over $10,000/ounce first. Last I read the US Govt in total (not just federal reserve) has only about 261 million ounces of gold in various forms in it's vaults. Not all of it is part of the Federal Reserve. Some belongs to the Treas Dept. Some is 'working gold' some is 'deep storage' at Ft Knox Ky, West Point NY, & Denver Colo. [/QUOTE]
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