Did The United States Steal Trillions Of Dollars Worth Of Iraqi Gold And Oil
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According to a theory supported by an Al Jazeera news report, the United States has stolen approximately 20 trillion dollars worth of gold and 30 trillion dollars worth of oil. This claim is also backed up by photos of American soldiers posing with Iraqi gold bars.
To get to the bottom of this, lets dissect each individual claim:
1. $30 trillion worth of oil was stolen.
Mostly false.
After the conclusion of the Iraqi invasion, Iraqi oil was sold for the Development Fund of Iraq . However, in July 2010, the US Special Inspector General for Iraq Reconstruction found that the US Department of Defense couldnt account for $8.7 billion of DFI funds. The Iraqi parliament then requested the United Nations to help them get back the $17 billion of oil money that it said was stolen from the Iraqi people by the US.
2. $20 trillion worth of gold was stolen.
False.
The soldiers may have posed with the gold but they didnt keep it! The soldiers are members of the 230th Finance Battalion who are assigned to seize Iraqi assets. These gold bars were transported to Kuwait to be analyzed for purity and value. Afterwards, they were sent to the Central Iraqi Treasury.
Also, take note that the value of all the gold ever mined in the world is at $8.2 trillion!
3. Saddam Hussein had no weapons of mass destruction and is not involved in 9/11.
True.
4. Americans invaded Afghanistan after invading Iraq.
Do I Need To Worry About Scale Accuracy
In some cases, yes. The accuracy of scales used by jewelers and pawn shops is verified periodically by government agencies. But this may not be the case for at-home parties or sellers who set up shop in a hotel for the weekend.
Also, some buyers pay by the gram, while others use a pennyweight valuation. A pennyweight is equal to 1.555 grams. When youre paid by the pennyweight, that allows the buyer to get more gold for less money.
What Is The World Gold Council
Founded in 1987, the World Gold Council is the market development organization for the gold industry responsible for stimulating demand, developing innovative uses for gold and taking new products to the market. Based in the U.K., the WGCs members include major gold mining companies. There are currently 17 members including Agnico Eagle, Barrick Gold, Goldcorp, China Gold, Kinross, Franco Nevada, Silver Wheaton, Yamana Gold and more.
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Us Gold Reserves: Location Breakdown
This graphic shows the amount of USA gold reserves held between Fort Knox, the US Mint at West Point, and the US Mint in Denver.
These numbers get taken from the Bureau of Fiscal Services website, which updated the US Gold Reserve data regularly.
Working gold stocks get defined as the portion of the government US gold reserves which the US Mint uses as the raw material for striking congressionally authorized bullion and collectible gold coins. The US gold reserve working stock consists of gold bars, gold blanks, unsold gold coins, and condemned gold coins.
The US Mint strikes various gold bullion coins at both its Denver and West Point mint locations.
Fort Knox remains the dominant gold vault choice for the majority of US Gold Reserves.
Before World War 2, the US gold reserves were more than two times the size they are now.
Following the 1933 gold confiscation and 1934 near -70% US dollar devaluation to gold, the United States built its Official Gold Reserves to a peak of over 20,000 tonnes or over 643 million troy ounces of gold by the early 1950s.
During the 1960s, tens of thousands of US gold reserve tonnes were spent in an ongoing attempt at suppressing the price of gold near the official $35 oz USD price. By late 1968 gold was being demanded by many of our foreign creditors over US dollars, thus causing our monetary system to be changed to full fiat currency standard shortly after that.
What Is Quantitative Easing
Quantitative easing is a monetary policy tool used by central bankers in response to the 2008 financial crisis. The tool was first used in Japan but became a widely used term punned QE after former Federal Reserve chair Ben Bernanke introduced the concept in the U.S. in response to the fall of major investment bank Lehman Brothers. Bernanke purchased bad debt off other major commercial banks in order to prevent them from defaulting, while simultaneously increasing the money supply. Since then, other central banks have implemented this tool including the European Central Bank and the Bank of Japan.
QE has risks including increasing inflation if too much money is created to purchase assets, or can fail if the money provided by central bankers to commercial banks doesnt trickle down to businesses or the average consumer.
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How Much Do Gold Buyers Pay
Just like everyone else, gold buyers are in business to turn a profit. That means the less they have to pay someone who walks in the door and wants to sell some gold, the greater potential there is for them to turn a profit.
You will need to shop around to find the best deal when you want to sell. Recognize that a dealer has overhead and they will need to buy your gold at some kind of a discount before they can process what they buy and resell it to others in the gold marketplace.
How Do Interest Rates Move The Price Of Gold
In simplest terms, interest rates represent the cost of borrowing money. The lower the interest rate, the cheaper it is to borrow money in that countrys currency. Rates have an impact on economic growth. Interest rates are a vital tool for central bankers in monetary policy decisions. A central bank can lower interest rates in order to stimulate the economy by allowing more people to borrow money and thus increase investment and consumption. Low interest rates weaken a nations currency and push down bond yields, both are positive factors for gold prices.
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How Much Gold Does The Us Government Hold
One of the great testimonials to golds enduring value is the fact that the United States government continues to hold the worlds largest gold reserves, even though the U.S. has been off the gold standard since 1971 when President Richard Nixon determined the Dollar would no longer be directly convertible into gold.
The U.S. Treasury holds nearly 261.5 million troy ounces of gold, the vast majority of which is in bullion, with the remainder primarily in gold coins and blanks. The U.S. Mint, a bureau of the Department of Treasury, holds most of the gold in deep storage sealed vaults at three of its locations: Fort Knox, Kentucky West Point, New York and Denver, Colorado. Each vault is examined annually by the Treasury Departments Office of the Inspector General. Fort Knox holds 56 percent of the nations gold about 21 percent is held at West Point and almost 17 percent is in the vaults of the Denver mint. Most of the remainder is stored just a few blocks from Wall Street in the secure underground vaults of the New York Federal Reserve Bank. The Federal Reserve, however, does not own any gold.
A relatively small portion of the U.S. government gold reserve, about 2.7 million troy ounces, is the Mints working stock, from which it produces congressionally authorized coins.
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Other Treasures In Fort Knox
One of the many lesser-known facts about Fort Knox is that it has held more treasures than just gold over its lifetime. Currently, in addition to the tons of gold sitting in the underground vault, Fort Knox also holds ten 1933 Double Eagle Gold Coins, a 1974-D aluminum penny, and twenty gold Sacagawea dollar coins that flew on the Space Shuttle. It isnt a stretch of the imagination to assume that one of the United States most impenetrable vaults overseen by the Treasury Department also currently holds many other undocumented treasures.
Throughout history, the vault has stored many other valuable items as well. World War II, in particular, marked a period of great uncertainty that drove many treasures into hiding underground. As cities were bombed and the German advance seemed inevitable, the Librarian of Congress at the time, Archibald MacLeish, pushed for valuable documents to be secured in bomb-proof vaults in the United States. Fort Knox was offered as the solution and a few cubic meters of space were made to hide essential items.
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Should I Sell To Gold Buyers Near Me
If you want to trade for the quickest way possible to get cash in hand versus getting the highest possible price, then yes, go ahead.
You may find a buyer near you that will give you a reasonable price, but if you just stop at the first handwritten sign reading Cash for Gold place you see after googling who buys gold near me, you are doing yourself a disservice.
Realistically, you could walk into a local gold buyers shop or office and have cash in hand in 15 minutes. But the speed at which online buyers operate, and the potential to get a much better price means that you should give yourself the opportunity that casting your sellers net far and wide can provide to you.
How To Sell Gold Coins Gold Bullion And Gold Bars
You might be wondering if theres any difference between selling scrap gold, gold plated jewelry, or other forms of gold, as opposed to selling gold coins, bullion, or bars.
The short answer is no.
Buyers are more concerned with the qualities of the gold youre selling than what form youre selling. To them, it all comes down to melt weight and purity.
Of course, the exception here is if youre selling forms of gold that have numismatic value, such as rare coins, antique gold jewelry, and so forth.
But for the vast majority of gold, your best bet is to start with Cash for Gold USA.
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How Much Gold Has Been Mined
The best estimates currently available suggest that around 197,576 tonnes of gold has been mined throughout history, of which around two-thirds has been mined since 1950. And since gold is virtually indestructible, this means that almost all of this metal is still around in one form or another. If every single ounce of this gold were placed next to each other, the resulting cube of pure gold would only measure around 21 metres on each side.
How Is Gold Bullion Different From Other Forms Of Gold
In general terms, bullion can be used to describe other precious metals like platinum or silver. Bullion can come in bars, ingots, and coins. It is never traded in a futures market. Bullion is always traded for actual amounts of physical quantities.
Gold bullion is a recognized weight and fineness that you can buy for the current price of gold, plus some added charges for refining, fabricating and shipping the bullion to you.
The bullion content of a gold object is usually measured by multiplying the weight of the object in troy ounces by the purity of the gold in that object. For example, a 1-ounce gold bar with a .9999 purity rating would contain one troy ounce of 99.99 percent pure gold bullion.
Most of the worlds bullion is owned by governments and central banks and stored in 400-ounce troy bars. Smaller quantities are also available for purchase by individual investors. The problem with buying or selling gold bullion as an asset is that it can be costly to liquidate after you remove it from storage.
There may be assay, refining or handling fees involved if you are dealing with larger quantities. Its much easier to sell gold bullion in smaller, more convenient and tradable sizes.
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Gold Futures And Paper Gold Faq
What is a gold futures contract?
A gold futures contract is a contract for the sale or purchase of gold at a certain price on a specific date in the future. For example, gold futures will trade for several months of the year going out many years. If one were to purchase a December 2014 gold futures contract, then he or she has purchased the right to take delivery of 100 troy ounces of gold in December 2014. The price of the futures contract can fluctuate, however, between now and then.
If I want to buy gold, couldnt I just buy a gold futures contract?
Technically, the answer is yes. One could purchase a gold futures contract and eventually take delivery on that contract. This is not common practice, however, due to the fact that there are only certain types of gold bullion products that are considered good delivery by the exchange and therefore ones choices are very limited. In addition, there are numerous fees and costs associated with taking delivery on a futures contract.
Isnt buying shares of a gold ETF the same thing as buying bullion?
Although one can buy gold ETFs, they are not the same as buying physical gold that you can hold in your hand. ETFs are paper assets, and although they may be backed by physical gold bullion, they trade based on different factors and are priced differently.
What Is The Price Of Gold Today
Todays spot price of Gold, like all days, is constantly changing according to supply and demand, market conditions, geopolitical forces and many other variables. However, todays price of Gold could also refer to the total percent change of the spot price, as calculated relative to the price at the start of that trading day.
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Other Conditions Associated With Gold Bars
In case you are bringing gold bars to India, the serial number, weight and the name of the manufacturer should be inscribed over the gold bars. Besides that, you will have to pay duty tax on these gold bars depending on the gold bars that you are carrying. It is not over here, you will have to pay duty tax again in India after the declaration of your gold. In case if you carry gold over a certain limit you may have to face certain legal charges. It can get you in trouble.
Being on the safe side, its recommendable to not exceed the suggested limit of 1Kg, until absolutely necessary. This can help you save a good deal of money, plus keep trouble at bay.
Glossary Of Gold Terms
You may already know a fair amount about gold, but to fill in any holes you might have, heres a glossary of terms you should get familiar with when looking to sell your gold.
Ask and Bid Prices. The ask price is the price a precious metals dealer has set for a bar or coin, also known as the selling price. The bid price is how much a dealer is willing to pay to purchase or buy back a coin or bar.
Assay. A test to determine the fineness and weight of a precious metal.
Avoirdupois. The weighting system used for commodities, except precious metals, stones, gunpowder, and drugs. For example, corn, wheat, meat and other common items use the 16 ounces equals one pound unit of measurement. One avoirdupois ounce equals 28.35 grams or 437.50 grains.
Metals stones, gunpowder and drugs are weighted according to a Troy ounce. It is heavier than an avoirdupois ounce. One troy ounce equals 1.09714286 avoirdupois ounces. One troy ounce equals 31.1035 grams
Comex. Located in New York City, Comex is a division of the New York Mercantile Exchange and one of the worlds major commodities futures exchanges where gold and silver are traded.
Fine weight. The precious metallic weight of a coin, ingot, or bar, as opposed to the items gross weight. The gross weight also includes other alloys. For example, a 1-oz Gold Eagle has a fine weight of one troy ounce but a gross weight of 1.0909 troy ounces. The .0909 troy ounces are composed of other alloys.
- Luster
- Color
- Preservation
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Should I Have An Appraisal Done Before Trying To Sell My Gold
Yes. The more due diligence you can undertake, the more likely it is that you will get as much as possible when you actually sell your gold.
Although no paperwork is required when selling your gold, if you have had an appraisal done, be sure to bring it with you to support your ability to negotiate with a dealer.
Are Premier Gold Parties A Good Way To Sell My Gold
Organized like Tupperware parties, these gatherings are typically arranged by friends or neighbors who meet to socialize and sell gold in a home setting. While theyre convenient, you may not get a very good deal if you sell your gold at one of these.
Theres a couple of reasons why. First, there are extra middlemen who need to get a cut. The company who organized the party and the host will both take their share. The other problem is that at parties like these, gold is often weighed together.
There is no consideration given to karat value, and payment is usually made at the lowest karat value rate. If you must go this way, separate your gold jewelry by karat in advance and dont accept the mixed bag terms.
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Thats Not All Of The Gold
Fort Knox holds a majority of the U.S. Treasurys deep storage gold reserves with 56% of the total gold reserves being stored there. In addition to the 147.37 million troy ounces of gold at Fort Knox, there is another 54 million troy ounces at West Point and still another 43.8 million troy ounces in Denver, CO. The total of these gold reserves amounts to 8133.5 metric tons of gold making the U.S. gold reserves roughly equal the total gold reserves of the next three countries combined.
This massive gold supply outweighing the gold reserves of all other countries leaves the United States in a position of tremendous economic leverage. For example, back in 2013 the small country of Cyprus simply considered selling off their gold reserves to help handle their debt crisis. In response to their ruminations, global gold prices plummeted. That price drop contributed to already unstable economic conditions around the world.
Now, the United States roughly holds 330 times more gold reserves than Cyprus. Actually, Fort Knox alone holds a significantly higher amount of gold reserves compared to Cyprus. It isnt hard to imagine what would happen if the United States attempted to sell off even a portion of their gold reserves. It is this sort of economic leverage that has made the gold reserves of the United States a deeply political and emotional topic for some.
