Posted on 09/30/2024 7:22:40 AM PDT by delta7
Inflation is pernicious and widespread – silently siphoning the purchasing power of the U.S. Federal Reserve note “dollar” from the savings of the American people year after year.
Meanwhile, central banks all over the globe – from Saudi Arabia to China to Egypt and beyond – are buying gold at breakneck pace. Some global banks, including the BRICS nations (Brazil, Russia, India, China, South Africa), are even considering a non-dollar alternative to the Federal Reserve note for global trade settlement.
As geopolitical uncertainty increases, precious metals have gained renewed attention; savers, savvy investors, businesses, and even state treasurers are taking more steps toward protecting their savings from inflationary pressures by purchasing gold and other precious metals.
US Bullion Depository The U.S. Bullion Depository According to recent reports, the United States gold reserves presently total 8,133 metric tons, much of it stored in the United States Bullion Depository situated within Fort Knox, Kentucky. This vault, and the gold stored inside it, have long been a symbol of America’s monetary might and global status.
However, despite these claims, U.S. gold reserves haven’t received a credible inspection since 1974, shortly after America’s breach of the Bretton Woods agreement raised concerns about America’s gold holdings. In fact, audits conducted prior to 1974 were not credible either.
Today is the 50-year anniversary of this public relations stunt. The nagging question remains: Is all of America’s gold still there?
History of the United States Bullion Depository
Constructed in 1936 to support Executive Order 6102, a Roosevelt-imposed mandate on Americans to turn over their gold in exchange for unbacked paper money, the United States Bullion Depository, commonly referred to as Fort Knox, was introduced as the nation’s primary gold vault.
Located in Kentucky, the U.S. Bullion Depository is situated at the interior of the continent, intentionally far from any coastlines, to ensure the gold is safe in the case of any assaults or invasions.
New Money Metals Design Silver Bar - 1 Ounce .999 Pure Money Metals Design Silver Bar - 1 Ounce .999 Pure Price & Buy Equipped with a 21-inch vault door and 1,420 tons of steel, the security features of Fort Knox were specifically designed for storage of millions of ounces of gold (mostly in bar form, often created from melted coins) that had been extracted from U.S. citizens and institutions by President Roosevelt’s infamous order, and the massive amounts of gold that were imported into the U.S. to isolate it from war-torn Europe.
While the vault was touted to be impenetrable, Americans began to wonder about the gold supposedly held inside the depository’s secure chambers.
Theories circulated about the state, condition, and ownership of the metals, but one particular theory was from a Washington attorney in an interview with The National Tattler, claiming that 20 billion dollars’ worth of gold had suddenly gone missing from the depository. These rumors quickly spread to Congress.
Americans remained skeptical of the depository, speculating that the gold reserve had been depleted, used to pay debts, or shipped elsewhere over the years.
The “Show Audit” of Fort Knox Gold in 1974 Created More Questions
To ease these concerns, on September 23, 1974, the U.S. Treasury opened just one of its 15 Fort Knox vault compartments to politicians and reporters to view the gold and confirm its existence.
Hot 1 oz Gold Bar (Brand our Choice) 1 oz Gold Bar (Brand our Choice) Price & Buy For about two hours multiple film and camera crews and smiling politicians filed into a hallway for the chance to hold a gold bar and peek into a room full of gold stacked up to the ceiling.
On their way out, each visitor had to pass by a metal inspector to ensure that none of the gold bars were being snuck out in the process.
Notably, throughout the visit, none of the bars being passed around were matched to a serial number, assayed or tested for purity, or even verified as part of United States’ holdings. (Foreign countries have at times stored gold there as well.)
It seems the made-for-TV spectacle in 1974 was more of a pep-rally than any credible proof of what the amount of U.S. gold purported to be in those vaults.
Decades later, speculation continues. As the Federal Reserve note continues to falter and central banks all over the world continue to stockpile gold, Americans deserve to know the truth about America’s gold holdings.
In 2021, Congressman Alex Mooney (WV - R) introduced legislation to audit America’s gold holdings. The bill called for a full assay, inventory, and audit of all US gold holdings, along with a full accounting of all gold transactions in which the U.S. has engaged. (No action was been taken on this bill, but it may be reintroduced next year.) More…..
This should have made the news.
Gold up 45 percent YOY
Silver up 51 percent YOY
https://goldprice.org/
This is a fascinating little mystery — is the gold really there? And in recent years foreign nations have quietly been requesting that the gold we’re holding for them — for safekeeping — be returned.
Gold pulling back from historic highs today.
Paper gold being sold driving price down, paving the way for more CB purchases. All the while more contracts being converted to physical.
World prepping for War.
What are the potential consequences if the gold is not still really there, in the quantities purported to be? That is, if it was made transparently public that we had little or none?
The BRICS nations are reportedly looking to create a new world reserve currency based on gold to replace the dollar. Even if the US gold reserves are real (and there is great doubt) there are rumors they were sold off years ago and/or alloyed with other metals so they are not pure gold. Even if they are pure gold the 8000 tons we have are only worth about $700 billion dollars (a very small fraction of our national debt). We are essentially bankrupt.
Check Menendez’s suit pockets.
I thought the Fed repository in NYC held more gold...
That’s what Die Hard 3 said.
The USA could issue debt, to be bought by the Federal Reserve - and buy gold with it.
“I thought the Fed repository in NYC held more gold...”
Not after Die Hard With a Vengeance.
It's the private non-federal FED that issues debt, which the USA borrows at interest, then the USA could buy gold with it.
The USA could issue debt, to be bought by the Federal Reserve - and buy gold with it.
———-
Trumps rumored Treasury pick is a big gold bug,honest, Constitutional money…BUT the cost will be? Gold has seen a 40 percent plus increase YOY, and rising…the World’s Central Banks have been buying historically for almost two years now ( since the World Bank and BIS made Gold a Tier One asset). They definitely are preparing, most likely tge Brics Unit backed by Gold.
The more probable outcome, stepping up our gold mining and then possibly nationalizing them. Like oil, we have it, but prohibited by the Green Deal to mine it.
That said, getting it out of the ground in known deposits takes much time, and the average exploration/ discovery/ mined is about 3-5 years.
The very first thing Trump must do is have a full assay audit of our Gold holdings. If ( when ) it is discovered we don’t have what we say, expect a full blown USD collapse.
What are the potential consequences if the gold is not still really there, in the quantities purported to be? That is, if it was made transparently public that we had little or none?
————-
Total USD collapse, a currency crisis event…..think Argentina, Venezuela,….heck even Tanzania ( the 5 trillion $ notes) has been on the road to recovery by buying massive amounts of gold ( but not convertible)….
That said, I doubt we have what they say, however we do have a reserve, quantity unknown…do realize MANY mining sources, and financial experts state China has now reached 40,000 metric tons!!!
The World Gold Council says much less, but they are liars OR they don’t realizes China has bought mines all across Africa and South America ( I saw one in Colombia) years ago…. ship the gold dore to China for processing, unrecorded, unlisted, off the Comex and LBMA.
They are not proposing- they are doing. Trials been on going between Russia, Saudi and China. I am well versed on the Brics M Bridge Gold and commodities based “ Unit”.
The Brics Summit Oct 22-24 will reveal much- the west will say little about it.
Listen to Trumps speech in Wis, he mentioned the USD IS losing its status, he knows, hopefully he knows what to do….AND NO, 100 percent tariffs on non dollar trade is stupidity…..massive Gold mining ( even if nationalized) will be the only option to remain a viable currency.
The most it could be valued at is close to a trillion.
That mattered once.
It 35 trillion debts, not as much.
For all the USD pumpers- do realize the USD is in long term decline….125 decade ago, now below 100…..Moody’s is set to announce ANOTHER downgrade ( second one) on US Treasuries….we are entering a debt spiral.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.