Good idea - if the United States still has any gold. There IS, after all, a little ongoing concern as to why the Federal Reserve has been so opposed to having its gold "holdings" audited since . . . the 1950s.
What about leasing gold to raise dollars?
September 15, 2011, 11:54 AM
blogs.marketwatch.com
European banks have been lending out gold to raise U.S. dollars, according to a report from the Financial Times Thursday.
The move has sent gold leasing rates, the implied one-month interest rate for lending gold in the market in exchange for dollars, to record lows of almost -0.5%, FT said, citing Thomson Reuters data. The large volume of lending was likely one reason gold prices have struggled to achieve upward momentum despite the euro-zone crisis, the report said.
On the supply side, bank interest in shorting gold to raise dollars is apparently strong, said Marc Chandler, global head of currency strategy at Brown Brothers Harriman, in a note. “On the demand side, the bullion banks are reportedly reluctant to take gold for dollars,” he said.
But it’s not clear why they’re reluctant, especially after Thomson Reuters GFMS officials on Wednesday forecast that gold would top $2,000 an ounce by the end of the year.
Full story: http://blogs.marketwatch.com/thetell/2011/09/15/what-about-leasing-gold-to-raise-dollars/
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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