At $35 an ounce, the nation's gold would only be worth a little over 9 billion. At $1515 an ounce, it's worth over 396 billion, assuming we still have it.

The National debt per the U.S. National Debt Clock a minute or so ago was over $14,280,609,325,000. To pay this off with our 261,500,000 ounces of Gold would require a gold price of $54,610 per ounce.

Cockeral1 explained it better than I can.

Our Gold currently could pay off less than 3% of our National debt per the U.S. National Debt Clock, And as Cockeral1 explained, this is just a fraction of our true debt....

Soon. our government officials will have to extend the debt ceiling, or shut down the government. Reuters recently reported that the Treasury has told lawmakers a roughly $2 trillion rise in the legal limit on federal debt would be needed to ensure the government can keep borrowing through the 2012 presidential election, sources with knowledge of the discussions said.

A $2 trillion dollar increase would be over 5 times the value of our Nation's gold at today's prices.