Posted on 03/29/2009 8:03:26 PM PDT by Atlas Sneezed
...
For several prominent investors and at least one senior US congressman it is not the security of the facility in Kentucky that is a cause of concern: it is the matter of how much gold remains stored there - and who owns it.
They are worried that no independent auditors appear to have had access to the reported $137 billion (£96 billion) stockpile of brick-shaped gold bars in Fort Knox since the era of President Eisenhower. After the risky trading activities at supposedly safe institutions such as AIG they want to be reassured that the gold reserves are still the exclusive property of the US and have not been used to fund risky transactions. ...
“It has been several decades since the gold in Fort Knox was independently audited or properly accounted for,” said Ron Paul, the Texas Congressman and former Republican presidential candidate, in an e-mail interview with The Times. “The American people deserve to know the truth.”
Mr Paul has so far attracted 21 co-sponsors for a Bill to conduct an independent audit of the Federal Reserve System - including its claims to Fort Knox gold...
... Many gold investors suspect that the US has periodically attempted to flood the market with Fort Knox gold to keep prices low and the dollar high - perhaps through international swap agreements with other central banks - but facts remain scarce and the US Treasury denies that any such meddling has gone on for at least the past decade. ...
(Excerpt) Read more at timesonline.co.uk ...
“What does it matter if the Gold is there or not?”
Seriously? You don’t think it matters just because ‘we owe’ China so much money? I guess with your kind of logic we should not care whether we hold any deeds to property because thanks to Obama,in 6 years we will owe China more money than all of the property in the United States is worth as well...lol.
I see your point, but unless we have already shipped that gold to China..it is still OURS!!
Possession is 9/10’s of the LAW!!
ROTFLOL!!
LOL
Ron Paul is a turd and this is just plain stupid from the showboat.
Not mentioned is “gold leasing” where a large gold owner “leases” their supply to someone else for a set sum to be paid every month. I am not sure what happens in the event of default or if it all just an accounting maneuver.
“They did the same thing back in the early Seventies. Some congresscritters complained, they got to go in, and sure enough...”
They were only permitted, after much stalling by Knox,
to see one carefully vetted and opened vault. They did not ask to look at any other vaults, or have a random check of the entire place. The whole trip was simply a photo-shoot; which was what made me more suspicious than anything else...
You do remember the golden rule, don't you? He who has the gold, rules.
I’ve wondered the same thing since the Silver Certificates went away and got supplanted by the Federal Reserve Note during Nixon’s term.
FUGLY !
I suggested earlier we just trade them New York for our outstanding debt and call it good.. Apparently most of the residents desire to live under Communism anyway.
I saw a TV show on that last audit of Fort Knox, and the only time a TV crew had been allowed on premises.
As I recall, the amount of gold transferred there after the government confiscation of private gold, was 6 billion dollars. If there's supposed to be $137 billion there, that's absolutely nothing, compared to the annual budget of the USA. There might as well be nothing stored there, when you consider that the annual deficit dwarfs that amount.
Mark
Which is the whole point.
Meanwhile, I don't hear any politicians offering thanks to Maynard Keynes.
“There’s not enough gold in Fort Knox to cover a fraction of the National Debt even if it remained.”
No doubt, but there should still be a full accounting of it all.
--meaning that the accounting that my taxes have already paid for is not "full" enough to suit you and Ron Paul.
My guess is that y'all will never be satisfied no matter how many accountants and photographers my taxes could cover. I vote no.
I thought it was all radioactively contaminated when some evil genius set off a dirty nuke in the vault so he could corner the gold market...
For the record, I don’t have a clue about what Ron Paul has said on the issue other than what I just read in this article. I have never really even thought much about the gold in Fort Knox until now...lol. Just an opinion on the merits of a full accounting of what is there.
For all we know, William Jefferson is hiding some of it in his freezer as we speak...lol!
[-laughs and winces at the same time-]
Come to think of it, there's an audit I'd be willing to fund...
I have no problem with that....
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