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Pillar of the Community
United States
7840 Posts |
I have a whole bunch of "Gold Dollars" to contribute to this idea. GRAND JUNCTION, Colo., -- Phillip Smith says he considers himself to be a "think tank". While many people take information at face value, he spends time thinking about the 'why' behind it. And that's led him to reach out to President Obama about reducing the national debt.
Smith believes if the government would take all of the gold coins out of circulation and melt them into bars, the U.S. would be able to pay off the national debt. He says the gold coins are not doing anybody good just sitting around so the government should take action.
"One troy ounce--depending on who you sell it to--goes for $600 to $800. And our government is sitting on billions of those gold coins," he said. "Why don't you have our government melt it down?"
Smith says he just hopes the American people don't flood the market before the government can melt the coins. That would mean less money per ounce of gold for each coin, and he says he believes it is more important for the government to reduce our deficit than for people to get a little extra cash off old jewelry.
Smith says he sent a letter to President Obama asking him to look into this, but he is still waiting to hear back.http://www.kjct8.com/news/30172361/detail.html |
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Valued Member
United States
134 Posts |
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Pillar of the Community
United States
4897 Posts |
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Pillar of the Community
United States
1391 Posts |
I've got some gold coins I'll sell him. I'll only charge 1/10 of spot too.
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Pillar of the Community
United States
4132 Posts |
what is this I don't even
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New Member
United States
38 Posts |
The government has confiscated gold coins before...
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Valued Member
United States
404 Posts |
US Economics 101...so we'll sell all the gold at 600-800 an ounce...pay off our deficit then buy all the gold back for 1500-1600 an ounce...I'm FOR IT!
Why not just sell Alaska while we're at it? We didn't pay all that much for it...may have to pay capital gains...but look at all the beach front property...
We also have a large reserve of nuclear weapons that aren't doing anything...Iran I'm sure would be interested and that would pay down the deficit even faster.
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Pillar of the Community
United States
4897 Posts |
Quote:
We also have a large reserve of nuclear weapons that aren't doing anything...Iran I'm sure would be interested and that would pay down the deficit even faster.
  Seems logical. |
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Pillar of the Community
 United States
7840 Posts |
This dingle-berry needs to get out of the "Think Tank" and dry off for a while. Just another ill-informed individual who thinks that the presidential and Sac dollars are "gold".
Edited by oih82w8
01/12/2012 11:20 am
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Pillar of the Community
United States
4132 Posts |
To be clear, the article and accompanying video are actually referring to the brass dollar coins in circulation, not gold stored at Fort Knox, or old pre-1933 gold coins, or the collectible gold coins that the mint sells.
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Bedrock of the Community
United States
19930 Posts |
WOW! Seriously? All those gold coins in circulation, huh? Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Pillar of the Community
United States
1510 Posts |
sounds made up
Retired USAF 1983-2003
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New Member
United States
37 Posts |
The fact that someone is seriously devoting space to this person worries me. I'm hoping this is some badly executed joke.
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Valued Member
United States
404 Posts |
No way, people all the time think the presidential and Sac dollars are gold.
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Pillar of the Community
United States
842 Posts |
Quote:
The U.S. government has around 21.7 million pounds of gold. That might sound like a lot, but it would take 808.0 million pounds of gold to pay off the debt. Even if the U.S. government put every once of its gold towards paying down the debt, it would pay down less than 3%.
How much is 808 million pounds of gold? For a little perspective, this is equal to the weight of 55,403 male Asiatic elephants. It's weighs as much as nearly 80 million gallons of water, which is enough to fill up 121 Olympic-sized swimming pools. It's the same weight as 1,691 Boeing 747-400 jets ("Operating Empty Weight"). Even now, with prices at historical highs, that's an awful lot of gold. This info was found on The Atlantic's website. I read elsewhere a while ago that in the 1000's of years that man has been mining gold, all of it combined would STILL not be enough to pay off our debt. I do not remember where I read that nor do I know how factual that information is, but I would not be surprised if it was fairly accurate. |
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Bedrock of the Community
United States
12437 Posts |
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Replies: 35 / Views: 4,932 |
Posted 01/12/2012 10:39 am
