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Why Is President Trump's Budget Chief Hoarding Gold?

Posted by Brock Bowers on

The leading Congressman bringing together President Donald Trump's federal budget is hoarding gold.

U.S. Rep. Mick Mulvaney is President Trump's pick to lead the Office of Budget.

So, why is he hoarding gold at an unprecedented level?

He keeps significant amounts of precious metals and has a "dim view of the dollar" according to Bloomberg.

Republican Mick Mulvaney, has been an active investor in gold ...often seen as a hedge against collapsing currency."

 Congressman Mulvaney has accused the Federal Reserve of debasing the value of the dollar and held between $50,000 and $100,000 in precious metals as of the end of 2015, disclosure filings show.

In a speech in late 2016, Congressman Mulvaney blasted the Federal Reserve, saying its actions have “effectively devalued the dollar” and “choke[d] off economic growth.”

During a CNBC interview in May, he argued that America’s creditors could be persuaded to accept less than their full payment, arguing, “I would borrow knowing that if the economy crashed you could make a deal.”

But at who's expense?

At the expense of hard working Americans who still store their wealth in our fiat currency?

And, why is the budget chief of the United States Of America diversifying his holdings into precious metals?

As director of the Office of Management and Budget, Mulvaney holds one of the most powerful positions in the American government.

The OMB director is instrumental in shaping the national budget and determining which government agencies are allowed to issue regulations.

His heavy investments into gold is not surprising given past criticism by Mr. Mulvaney of the Federal Reserve.


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