Ron Paul Owns Millions in Gold Interests

More

For decades, Rep. Ron Paul (R-Texas) has warned that our fiat currency will collapse around us, leaving everyone in economic shambles. Gold, he says, is the surest path back to sound money.

In a CNBC interview earlier this month (during which host Joe Kernen misidentified Paul as not being a gold investor), Paul extolled the virtues of gold investment as protection against the continuing ripples of the global financial crash. "I think what we're dealing with is the end of the dollar reserve standard," Paul said. "This is probably a bigger problem than the world has ever faced before."

But, fittingly, Paul has invested in gold -- heavily. He owns millions in gold mining interests, Barron's Jim McTague recently reported, calling Paul's portfolio a successful bet against the U.S. economy:

In his most recent financial disclosure, which covers the year 2010, Paul had $1.6 million to $3.5 million in gold- mining stocks. He also has a stake in three bear-market funds--and has for many years.

In all, Ron Paul's portfolio amounts to a super bearish bet against the U.S. economy. If the country had defaulted on its debt earlier this month, he likely would have made a bundle. The congressman voted against House Speaker John Boehner's plan to lift the nation's $14.3 trillion spending cap. ...

Screen shot 2011-08-25 at 4.52.58 PM.png

When a politician has a financial stake in one of his pet causes, it always seems a bit fishy on its face. But what are we to expect? If Paul is right about the global economy, Ayn Rand would probably say he deserves to get rich.

Jump to comments
Presented by

Chris Good is a political reporter for ABC News. He was previously an associate editor at The Atlantic and a reporter for The Hill.

Get Today's Top Stories in Your Inbox (preview)

Why Did I Study Physics?

In this hand-drawn animation, a college graduate explains why she chose her major—and what it taught her about herself.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Why Did I Study Physics?

Using hand-drawn cartoons to explain an academic passion

Video

What If Emoji Lived Among Us?

A whimsical ad imagines what life would be like if emoji were real.

Video

Living Alone on a Sailboat

"If you think I'm a dirtbag, then you don't understand the lifestyle."

Video

How Is Social Media Changing Journalism?

How new platforms are transforming radio, TV, print, and digital

Video

The Place Where Silent Movies Sing

How an antique, wind-powered pipe organ brings films to life

Feature

The Future of Iced Coffee

Are artisan businesses like Blue Bottle doomed to fail when they go mainstream?

Writers

Up
Down

More in Politics

Just In