Posted on 02/18/2025 4:39:37 AM PST by bert
Treasury Department releases monthly reports that detail its gold reserves
Musk on Saturday wrote a post on X questioning whether U.S. gold reserves are reviewed each year, to which Sen. Rand Paul, R-Ky., replied, "Nope. Let's do it."
"Who is confirming that gold wasn't stolen from Fort Knox? Maybe it's there, maybe it's not. That gold is owned by the American public! We want to know if it's still there," Musk wrote on Monday. The post came in response to Sen. Mike Lee, R-Utah, claiming he has been repeatedly denied access to Fort Knox.
He later posted about "Looking for the gold at Fort Knox" with a South Park meme saying, "Annnnd it's gone." Musk also responded to Alex Jones on X to say, "It would be cool to do a live video walkthrough of Fort Knox!"
Amid conspiracy theories about missing gold, the federal government periodically releases reports detailing its reserves of gold bullion and gold coins at its various repositories around the country. Those monthly reports include whether the gold is held in deep storage or in working stock that's available to the U.S. Mint for the purpose of minting congressionally authorized coins.
It includes the weight of the gold reserves in troy ounces along with its book value in dollars. The book value isn't the market value of the gold but instead refers to the total number of troy ounces multiplied by a value established by law ($42.222) that was established in 1973.
The market value of gold is about $2,900 per troy ounce as of Feb. 17, which is roughly 68 times the book value as prescribed under the 1973 law.
WHAT HAS DOGE CUT SO FAR?
The Treasury Department's most recently released update was published on Jan. 31 and noted the following:
Fort Knox - Treasury reported more than 147.3 million troy ounces of gold bullion held in deep storage at the bullion depository in Kentucky, which has a book value of over $6.2 billion.
West Point Mint - Treasury reported over 54 million troy ounces of gold bullion in deep storage at the depository in West Point, New York, with a book value over $2.2 billion.
Denver Mint - The report indicates over 43.8 million troy ounces of gold bullion are held in deep storage at the depository in Colorado, with a book value of more than $1.8 billion.
Gold bars The treasury holds gold reserves, some of which are used by the U.S. Mint to create coins. (iStock)
DOGE ASKS PUBLIC FOR 'INSIGHTS' ON POTENTIAL WASTE AT SEC
Mint Working Stock - Across all treasury facilities, the report noted over 2.7 million troy ounces of gold held as working stock for the U.S. Mint to create gold coins. The reserves held as working stock had a book value of $117.5 million.
Federal Reserve Bullion - Treasury's report listed two line items for gold held by the Federal Reserve at its New York vault – one item listed over 13.3 million troy ounces with a book value of $564.8 million, while the other listed over 73,400 troy ounces with a book value of about $3.1 million.
Federal Reserve Display Coins - The report also listed two line items for gold coins held for display at Federal Reserve banks. One of the line items listed 1,993 troy ounces with a book value of $84,162, while the other had 377 troy ounces and a book value of $15,936.
Just as an aside.
The value of 4780 tons of gold is $542 billion.
If that 4780 tonnes of gold was really tungsten, it would have a value of $200 million.
Why did London ship hundreds of billions in gold to NYC recently?
How much is an ounce of tungsten? Asking for a friend.
Got it. Thanks.
Musical chairs. When the audit is over and the 4780 tons has supposedly been confirmed, they will send the gold back so British auditors can confirm that they still have their own gold.
An ounce is an ounce. However, the standard gold brick is 400 troy ounces, which is 27.4lbs. For tungsten to be made to the size of the standard gold brick, it would weigh 27.33lbs.
“those who complain the loudest about budget cuts make it easier to follow the money” L.Star
There is a method of bookkeeping at Ft. Knox, in which the gold never leaves the vaults, but is merely shifted around from one country’s designated pile to another country’s designated pile, but never removed outside.
Sometimes the title to the gold gets a little complicated, with several conflicting claims to the same stack.
I can only say, “yeah” to that.
Today, it will be US’s gold. Tomorrow, it will be Europe’s gold. Thrusday it will be Africa’s gold. All depending on where the audit is being done.
If the gold is gone how did they get it out of there?
? Good question. How much money is in your bank? If everyone wanted THEIR money from said bank today, would the bank be able to come up with it?
If the government assures us the gold is all present and accounted for, that’s the best reason for doubting it …….
If the U.S. Treasury reports X number of ounces/pounds of gold, then I guess it better be there or someone is hauled into court & PRoNTO! Isn’t that part of the law?
I will suggest that in reality, no one actually knows more than what is posted on the ledgers
But, but it’s our good faith and credit. Isn’t that good enough?
It’s the same as other countries. They’re all fractional reserve currencies with unaccounted for assets backing their inflating currencies.
The value of 4780 tons of gold is $542 billion. If that 4780 tonnes of gold
ton=2000lb
tonne=2240lb
Any old accountants out there remember the salad oil swindle that we learned about in auditing class getting ready for the cpa exam?
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