(Editorial Word: That is an opinion piece and doesn’t essentially mirror the views of workers or administration of SavingAdvice.com or its mum or dad firm. As well as, you must know that this commentary was written on the urging of Elon Musk – properly, kind of. Musk advised a Conservative Political Motion Committee (CPAC) assembly final weekend that “the left wished to make comedy unlawful, ya know.” He lamented that “you may’t make enjoyable of something”, then mentioned some unspecified entity ought to “Legalize comedy.” I’m simply attempting to do my half.)
You would possibly count on a story of journey starring Harrison Ford, however no. This ripping yarn is entitled: “Mar-a-Lago Trump and the vault of Gold.” It options President Donald Trump and his trusted sidekick Meme Musk. That makes it a global endeavor since Musk is a twin citizen of South Africa and Canada.
(Editorial Word: the reference to the president as “Mar-a-Lago Trump” harkens again to his house/personal membership in Florida. Musk’s nickname is his personal creation. He referred to himself by saying “I’m turn out to be meme” at that CPAC occasion. You may view a portion of the occasion by clicking the hyperlink above or looking out YouTube. Warning: In case you are offended by a center aged man with a center aged unfold in an undersized t-shirt dancing with a chainsaw – you would possibly need to take a go on the clip.)
Trump And The Vault of Gold – Or Not
Cue the acquainted theme music for the Indiana Jones motion pictures.
Our story opens with a closeup of the tip of a pink necktie dangling properly under the belt of a person in a blue swimsuit. The digital camera pans up, up, as much as the face of President Trump. It then zooms out to disclose that Trump is holding a lantern. Behind him, Elon Musk bumps right into a wall as a result of he can’t see at nighttime together with his sun shades on.
All of the sudden there’s a loud clanking sound adopted by the noise of a huge vault door opening.
There’s a burst of sunshine as Trump’s lantern shines on hundreds of gold bars.
What’s Actually Going On
Okay. The above is perhaps a great opening for a fictional film (Steven Spielberg – name me!) However it doesn’t clarify what’s behind Trump’s pledge to examine the gold vault at Fort Knox?
A number of instances over the previous week, Trump has mentioned he would ship Musk or deliver him on an investigation of gold reserves housed at Fort Knox.
Flying again to Washington final week, a reporter requested the president if Musk can be making cuts on the Pentagon.
Both avoiding the query or misinterpreting it, Trump responded that Musk can be inspecting gold reserves on the Kentucky army base.
Requested why, Trump mentioned, “To ensure the gold is there.”
Throughout a joint press convention with French President Emmanuel Macron on Monday, Trump elaborated
“We’re really going to Fort Knox to see if the gold is there,” mentioned Trump, “as a result of perhaps any person stole the gold, tons of gold.”
What Began The Case Of The Vanished Gold
As with many issues in Trump, MAGA and DOGE worlds – the concept of gold disappearing from Ft. Knox started with a conspiracy idea on right-wing radio and podcasts. That was sufficient for Musk who has been posting about it frequently.
“Who’s confirming that gold wasn’t stolen from Ft. Knox?” Posted Musk.
To get a solution, Musk may need requested Treasury Secretary Scott Bessent.
“We do an audit yearly and all of the gold is current and accounted for,” Bessent mentioned in a current interview.
Bessert even supplied an invite to any member of Congress who want to tour the vault, to name him to schedule an inspection.
If that wasn’t sufficient, Musk or Trump may ask Steve Mnuchin, who was treasury secretary in the course of the first Trump administration. Mnuchin, a number of members of Congress after which Kentucky Governor Matt Bevin visited the vault in 2017.
Different Motives
The president has mentioned an inspection of Fort Knox can be to confirm that every one gold continues to be there. Nevertheless, there is perhaps different motives for such a go to.
Trump’s ballot numbers are trending down from an all-time private excessive achieved in late January. At the moment most monitoring polls confirmed his favorability score just under 50 %. The newest (February 23 – 25) Economist/YouGov ballot reveals that 47 % of respondents view him favorably. On the similar time, 50 % view him unfavorably.
Look just a little farther down within the Economist/YouGov ballot and you will see that Elon Musk is even much less standard than Trump. He’s considered positively by 43% of respondents whereas 50% disapprove.
Bombasts from Trump are sometimes a way of seizing the political narrative to distract us from extra severe issues. It’s kind of like attempting to distract a cat by dangling a shiny object. And, there isn’t a extra shiny object than gold.
Gold And Cash
Some individuals might imagine that our forex is tied to the gold commonplace. That’s the financial system by which the worth of forex is linked to a hard and fast worth for gold. Nevertheless, it’s not. As well as, the gold commonplace was solely employed by america for transient durations till 1971. At the moment the federal government ended the flexibility to transform {dollars} into gold.
If we have been allowed to transform money for gold, we must transfer shortly. That’s as a result of, if all People wished to commerce their cash in checking and financial savings accounts for gold, the treasury would run out of gold after solely 3.5 % was redeemed, in line with Bullion Vault.
The worth of cash isn’t, and has not been, primarily based on gold reserves for a very long time. Cash has worth as a result of we consider it has worth. What actually backs cash is the “full religion and credit score” of the federal government that points it. That’s the reason the U. S. greenback is the financial commonplace different currencies are valued towards – worldwide.
Nothing helps a nationwide forex, such because the U. S. greenback, like nationwide stability. That appears to be an issue for an administration that threatens tariffs towards our prime three buying and selling companions, insults and alienates our allies, embraces dictators resembling Vladimir Putin, and thinks authorities effectivity means haphazardly eliminating jobs and applications which have served our long-range curiosity for many years.
Why Simply Fort Knox
If Trump and Musk have been actually involved in regards to the nation’s gold reserves, why are they limiting their adventures to Ft. Knox?
Solely about half of the gold reserve, 147.3 million ounces, are saved at Fort Knox, in line with the U. S. Mint. The remaining is held in services across the nation from West Level to Denver.
Then once more, if Trump and/or Musk went to all of the reserves directly, we might not be capable of make sequels for “Mara-Lardo: Trump and the Vault of Gold”.
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