Gold Price By Ounce

Could the US government sell its gold reserves to reduce the debt by $400B?

I estimate that the US government owns about $100- $400 Billion of gold in held in New York and Fort Knox.
It is no longer used to back the currency, and has no practical purpose being held in the vaults.
If it were to be sold off could the government use the money to pay down some debt?
I imagine that if it were sold off, the price of gold would plummet (maybe from $1000/ounce to $300/ounce), but the rest of the people fleeing from gold would put their money to more productive uses (rather than hoarding metal in a vault).
Why have this not been proposed or done?
One other effect this would have that is worth commenting on is that it would probably reduce the market price for gold, which would cause some people to see their gold, and then potentially put their money to more productive use. This secondary effect could be significant, even if the effect on the Fed balance sheet is minimal (trading gold assets for paper based (fiat) assets).

Why do it? The price of gold is going up; the value of the dollar is going down. It appears that the present administration intends to inflate its way out of debt — just keep devaluing the dollar, so that the debt can be paid with dollars that are worth far less than the dollars that were borrowed. If this is the plan, it makes no sense to sell the gold. Right now, the gold would only reduce the national debt by less than 5%. If the dollar devaluation continues, the price of gold will rise at least as fast as the debt. If we are going to sell the gold, it should be done after the dollar has completely crashed.

Mike Maloney – Gold Price At $15.000 Per Ounce soon!

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