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Federal Government Gold Policies

The federal government continues to hold 8,600 tons of national gold reserves. Selling significant portions of gold reserves could result in a huge financial payoff to taxpayers and prevent future environmental disasters. Holding gold reserves keeps a vast supply of gold off the market, promotes the mining of new gold, causing environmental damage from large-scale, toxic mining. U.S. gold reserves have declined in value from $215 billion to $73 billion since 1980, a loss of $142 billion. Central banks and international institutions hold more than 33,000 tons of gold and these reserves could satisfy the 4,000 tons per year annual gold demand of which 85% is used for jewelry-hardly a need. The opinion of investors and economists shows that gold is just another commodity and questions the wisdom of U.S. policies that gives massive subsidies to gold mining through land give-aways (1872 mining law), royalty deals and tax breaks. The gold mining industry benefits from what may be the most profound corporate welfare for any industry. ~

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