re: Article: BRICs Launch Gold- Backed Currency

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You’re the one who stated we had 8k tons of gold.
I simply asked you to prove it.

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Negative

I posted numbers based on internationally accepted claims. You've questioned those claims ... at least unilaterally. Any supposed 'proof' would necessarily fall into your camp, not mine.

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So guessing they found the gold and the records

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I guess it all depends on how much one trusts our government.

The last “full audit” of US gold reserves occurred in 1953 under Eisenhower. But even then it wasn’t an “full” audit. Auditors from Treasury and the US Mint verified domestic reserves at the Fed and Fort Knox, but they omitted the Reserves stored at West Point.

US government declared the audit to be a “full” inspection. However, only 3 of the 22 compartments at Fort Knox were examined, accounting for only 13.6% of alleged gold holdings.

Around 88,000 bars (34.4M oz) were counted, and auditors weighed around 9,000 bars (130 tons). Only 26 gold bars, selected at random, were drilled to confirm purity. Auditors confirmed that US gold “certificates” matched physical holdings at the New York Fed, but due to limited sampling and a lack of transparency, suspicions arose and exist still today.

“We have no reason to believe other melts would differ “ (from the assay results) the joint commission stated.

It may or may not work but facts are at some point the U.S. dollar will lose its reserve currency status if we don’t get our finances under control and at minimum reduce the deficit where GDP to debt ratio remains healthy.

And we need to not only grow our economy, we need an economy that produces things. Energy, agricultural, manufacturing, raw materials for export. Utilize our resources and build wealth. We left ourselves vulnerable by outsourcing key manufacturing sectors and shutting down mining of valuable resources. Silver as one example.

I think a lot of you all are missing part of the picture. The problem isn't that BRICS is trying to find a substitute for the petrodollar, it's that the abusive mismanagement of finances by our government is giving them an opening to even believe it's possible.

Our GDP has been floating on horrendous deficit spending since 2008. In other words, if not for the constant and growing deficits all but 3-4 years since then would have been recession years. We're now at a point where projected deficits are a minimum of $2+T per year, with their growth over time being the only certainty.

If/When countries move away from the petrodollar, I think the root cause will be our own government's mismanagement of the USD with things like BRICS (or whatever countries move to) will be just a symptom.