Glenn Beck: Why Trump Must Audit Fort Knox’s Gold Reserves Now!

 

[VIDEO] What's the real state of the United States' gold reserves at Fort Knox? And then I have more questions.

Such as why are we holding so much gold there?

Is gold and silver a bad investment?

 

[VIDEO] And this is a question I hope Dave Ramsey had actually discussed. Is it a bad idea, Ramsey would say yes. 

If you ask me, precious metals are a better investment than bitcoin. However as you can physically possess gold and silver, like bitcoin which is Ramsey's point there is no guarantee that it can't be taken from you in some way.

So you don't have to take investment advice from me. And perhaps you don't have to take investment advice from Ramsey. You can continue to follow Dave Ramsey for insuring that you still have money in your bank account. If you hate credit cards which is more debt, then listen to him for paying them off and eventually cutting them up.

Ben Shapiro: Everything you need to know about gold standard

 

[VIDEO] Simply put before 1971 the American dollar was based upon its convertability into gold. Shapiro goes through the history of the gold standard in the U.S. and he starts in 1834 when American goes on the gold standard. Of course what changes is that monetary policy changes.

By the Great Depression the gov't nationalizes gold and prohibits convertability. America becomes the world's reserve currency. As explained by Shapiro other national currency instead of attaching their own currencies to gold instead attaches their value to that of the American $ which until 1971 was still on the gold standard.

In 1971, the American dollar essentially becomes a fiat currency per the direction of President Richard Nixon. He would term this action to protect the value of the American dollar. And that means the value of our currency will be based upon the full faith and credit of the U.S. gov't.

I've met a few people over the years who think the $ should go back on the gold standard.

Business Insider: How pure gold is refined

[VIDEO] Must be nice to have enough money to not only buy gold, but to also make them into any shape you choose. Especially as I can only dream about bars or coins. BTW, I wonder what is the current price of gold per ounce?

And funny thing, I was somewhat interested in bitcoin and yet I've lost interest quick. So many things to invest your money in, what does one choose. Better to invest in precious metals than something that can be as non-secure as cryptocurrency.

AP: Arizona returning to gold rush roots with bill making gold legal tender

Arizona

I have worked as a cashier and have ran into people who preferred crisp, fresh bills. It's easy to just want to tear into them and say it doesn't matter, but often it's better to let it go and move on. One point to make is that well someone out there could say American currency isn't worth the paper it's printed on.

One state at least is attempting to create a currency that is truly worth something. Worth something meaning that legal tender could be precious metals such as gold & silver.

Arizona is returning to its gold rush roots with a bill that would make precious metals legal currency.

The GOP-led Senate gave final approval Tuesday to the bill that could make Arizona the second state in the nation to recognize gold and silver as legal tender. If signed into law by Gov. Jan Brewer, the measure would take effect in 2014.

The state Department of Revenue opposed the measure. It passed in the House only after an amendment was added to exempt the department from having to accept gold or silver as tax payments.

The measure reflects a growing distrust of government-backed money amid the declining value of the dollar, according to proponents. Republican Rep. David Livingston of Peoria, a financial adviser who ushered the legislation through the House, said his clients were eager to tap into their gold and silver reserves.

According to this article Utah was the first to approve such a measure in 2011. I've learned that in theory each state can determine their own legal currency. Probably more accurately each state could have their own central bank. As a matter of fact one state does have their own statewide central bank of sorts, North Dakota.

Silver!

I have an interest and have a lot to learn about buying silver. It's an easy investment to make, but it's something that one must do their homework on. Besides my concern when it comes to buying this precious metal is whether or not one finds themselves buying a fake from an unscrupulous seller.

Another concern I have is getting the best deal in purchasing silver. I don't make enough money as it is anyway and that means making my money count on such investments. Is it important to own silver and pay more than necessary to own such a precious metal.

In looking up any advice on this subject the main suggestion anyone has on buying this precious metal is to shop around for the best deals. As stated earlier do some homework! That's my current plan so far and just as everyone else hopefully I can find the best deals for me!

BTW, I got to get a handle on silver as a hedge against inflation. Besides the economy isn't doing so great right now and items do cost money. Still it's great to know that money is held up in something and the longer you hold that silver hopefully the more value it had when it's time to have to exchange it for cash money.

So should states be able to create their own gold & silver based currencies?

An old friend talked about this frequently since he's a proponent of using primarily precious metals as currency and not merely fiat currency. It looks like some states are considering his advice at least. This article is from February 2012 but might as well share it on this Sunday:

Worried that the Federal Reserve and the U.S. dollar are on the brink of collapse, lawmakers from 13 states, including Minnesota, Tennessee, Iowa, South Carolina and Georgia, are seeking approval from their state governments to either issue their own alternative currency or explore it as an option. Just three years ago, only three states had similar proposals in place.

"In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System ... the State's governmental finances and private economy will be thrown into chaos," said North Carolina Republican Representative Glen Bradley in a currency bill he introduced last year.

Unlike individual communities, which are allowed to create their own currency -- as long as it is easily distinguishable from U.S. dollars -- the Constitution bans states from printing their own paper money or issuing their own currency. But it allows the states to make "gold and silver Coin a Tender in Payment of Debts."

To the state legislators who are proposing state-issued currencies, that means gold and silver are fair game, said Edwin Vieira, an alternative currency proponent and attorney specializing in Constitutional law. And since gold has grown exponentially more valuable, while the U.S. dollar continues to lose ground, the notion has become increasingly appealing to state lawmakers, he said.

If it happens in Illinois, my friend may not like the fact that Illinois could use on their precious metal based currency Abraham Lincoln. He's not a fan although I'm sure there are other state figures that my state could put onto such currency. Although granted I'm not sure this state would adopt their own currency.

Here's the section of the constitution which concerned money in this nation. Article 1, Section 8 among the powers of the United States Congress: "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures"

Gold....

I feel awkward attempting to explain some rough understanding of economics but luckily my mother is a banker so therefore there were some rough concepts that she could corroborate. If you are even more of an economics geek feel free to challenger my conclusions!

So I was watching this episode of Pawn Stars ("Buy the Book" aired on June 6, 2011) recently where an older gentleman was looking to sell a 1930s Lincoln automobile. The Harrisons and this man just weren't coming together on a price until Rick Harrison just outright asked what this gentleman wanted to make a deal. What he wanted was some gold.

They made a deal for the right price but with gold as part of the deal. So Rick Harrison explains that he can't exchange gold for the car. What he did offer was cash for the car and then gold for the cash.

It wasn't explained during the course of the episode why Rick Harrison arranged the deal in that fashion. Although I do figure that this may have been a tax issue for his pawn shop at the very least. There are probably some business things going on there too but with all that gold basically all Eagles and Krugerrands gold coins, the old gentleman trading his antique car made out quite well.

Then it brought back some history I've learned over the past few years. Once upon a time America was on the gold standard and that determined the value of the dollar. In the Great Depression, the Roosevelt administration wanted to buy/confiscate all gold in order to devalue the dollar. I suppose in this way they wanted to stop people from trading gold/silver and affect the value of the dollar. In any case by the 1970s, America was no longer on the gold standard and the dollar is currently a fiat currency. The value of the dollar is according to the interest rates set by the Federal Reserve.

I also thought about an executive order signed by President Franklin D. Roosevelt. In 1933 this executive order criminalized the possession of gold by individuals, corporations, associations or partnerships. This executive order was replaced by the Gold Reserve Act in 1934. That legislation effect made gold clauses in private contracts illegal and they were necessary in order to protect against he US Government devaluing the currency. Although now it's legal to possess, purchase, and trade for gold.

Also, I look forward to the day when I can purchase gold so that I can use it to trade or sell. Gold is a good investment in these uncertain times. Even better it would be nice to store them in a safe deposit box at a bank for safe keeping.