Posted on 07/18/2014 6:35:46 PM PDT by SkyPilot
Paul Craig Roberts: The entire U.S. gold hoard is now gone
Former U.S. Treasury official Dr. Paul Craig Roberts told King World News the entire United States gold hoard, including gold supposedly held at the Fed for other countries, is now gone. This is very bad news for Germany and other countries which have trusted the Fed to safely store their gold. Excerpts from the interview:
Eric King: Dr. Roberts, I know you’ve seen the report on Bloomberg about Germany supposedly being happy with storing their gold at the New York Fed. It seemed to be a propaganda piece. What was your take when you saw that?
Paul Craig Roberts: Clearly what that means is that the United States doesn’t have the gold and cannot deliver it – and has forced Germany to come to terms with that, and to stop asking for it since it can’t be delivered … And so they [the U.S.] have told their puppet state [Germany] to shut up and come up with a different statement that they are content to leave [their gold] with the Fed. Perhaps they had to bribe them or give them other advantage. But, essentially, they have stopped any German agitation for the return of their gold because it can’t be returned.
King: What are the implications of that for other countries that have gold stored at the Fed? Because it’s outrageous they are not returning Germany’s gold.
Roberts: The implications are nobody will get it back. People in the gold market have suspected that the Fed used up all of the U.S. gold trying to suppress the price of gold over the years. And then after they ran out of U.S. gold, they started using all the gold left with the Federal Reserve on trust.
(Excerpt) Read more at wnd.com ...
“The Fed was forced to sell it,”
No, the Fed chose to sell it.
Shocking!
***Experts: America’s gold is gone***
They were saying the same thing back in the 1970s.
Goldline is a California based company that promises it’s customers a distinction between “private” and “government” gold. I can’t say for certainty whether it is “real”, because I don’t think any of the past scenarios we compare the future crisis will be applicable. The next implosion will be Global. The panic will be unimaginable. The “rules” every thought they were playing by might not be there.
http://www.huffingtonpost.com/2013/01/16/german-gold-reserves-new-york-repatriated_n_2487098.html
BERLIN — Germany’s central bank will repatriate some of its massive gold reserves stored in vaults in the United States and in France, a business daily reported Tuesday.
The Bundesbank’s overall reserves of 3,400 tons are worth about $200 billion at current market rates.
The central bank now plans to bring back to Germany some of the 1,500 tons of gold stored in the vaults of the Federal Reserve in New York, and all of the 450 tons currently stashed with the Bank of France in Paris, according to Handelsblatt.
The central bank declined to comment on the report but on Wednesday will present a new plan to manage the gold reserves of 270,000 gold bars, the world’s second-largest stockpile trailing only the U.S. reserves.
Most of Germany’s reserves have been stored abroad since the Cold War over fears of a Soviet invasion.
But the central bank came under pressure last year when Germany’s independent Federal Auditors’ Office last year concluded it failed to properly oversee its gold reserves. The auditor suggested the central bank should carry out regular inspections of the gold held abroad to verify its book value or change the reserves’ management.
The auditors’ report stunned Germany, where the Bundesbank routinely tops polls of the nation’s most trusted institutions. The central bank was taken aback and maintained it didn’t see the need for more scrutiny in overseeing the reserves, saying “there is no doubt about the integrity of the foreign storage sites.”
But the debate on the gold reserves, most of which are held by foreign authorities, caused some inevitable conspiracy theories questioning their very existence. Several politicians then jumped on the issue and called for some of the reserves to be repatriated.
Since the postwar days, when Germany worried about a possible land war with the Soviet bloc, most of the reserves have been kept in the vaults abroad. Just under half of them are now stored in New York, a little more than 10 percent each in London and Paris, with the remaining third kept in vaults at the Bundesbank’s headquarters in Frankfurt.
huh!!!!????
, ***and China and other nations have been on a MASSIVE gold buying spree the last 5 years. ***
I remember the early 1970s when FRANCE was buying all the US gold it could at $32.00 an ounce.
So they loaded the bullion into trucks and onto a cargo ship? I’m clueless here.
“What would this man to do *US*, who he genuinely LOATHES..?”
He’s doing it.
Reopen the mines, pump out the water, send in criminals to work the ore.
I have no problem with prison labor in the mines.
Well I think we all suspected this when Germany asked for their gold back last year and we told them we could not get it to them for 7 years. I don’t think anybody has been allowed in Ft Knox since the 70’s to do an audit or even look around.
If you have gold hang onto it because when the govt can no longer depress the price its going to go through the roof.
Let's think about this for a minute. There would have to be hundreds of average people involved. The guards at Fort Knox. The truck drivers. The dock workers. Yet none of them have come forward. Not even one has decided to come clean.
Conclusion: The gold is still at Fort Knox.
Probably so. Gold would probably return to being worth backing currency with if most of civilization collapsed and we had to start all over. In such a situation the full faith and credit of pretty much no nation would be worth much, so currency would need to be backed up by something other than promises again.
But in this day in age, the goldbugs just don't get that we are not ever going to go back to the gold standard short of a total collapse, prepper wonderland type situation.
If you believed these goldbugs (many of whom are conspiracy theorists) then gold rich countries like South Africa, China and Australia should be mining like crazy because he who has the most gold wins the game. Unfortunately, the global economy simply doesn't work that way. Not at all.
Some gold is a good commodity to have in one's portfolio, but I think most treat it as a short term bet against paper currencies.
None.
It's far more likely he's DEEP into bullion and needs a revival.
Debt deflation is a far more likely scenario.
At the end of the day I’d gladly give you a bar of gold for 100 barrels of oil.
“...The central bank now plans to bring back to Germany some of the 1,500 tons of gold stored in the vaults of the Federal Reserve in New York, and all of the 450 tons currently stashed with the Bank of France in Paris, according to Handelsblatt....”
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You do realize that this article was from January 2013. At that time they did have plans and tried to start the repatriation process. But that process quickly failed and they were only able to get a several tons repatriated and later announced they were happy with keeping their gold in the US.
The question is WHAT IS THE REASON for the inability of the Federal Reserve to release their “customers’” gold stocks to them. It is likely because of a combination of SOME of the gold no longer PHYSICALLY being there and SOME OF THE GOLD still physically there but now “sold” to other owners. I’m sure Germany now regrets sending a single bar out of their country.
Contrary to the movie, Goldfinger's plan worked?
I meant to say that MUCH of the physical gold there likely has multiple “owners” each thinking it is theirs. Any government who trusts the US federal reserve and the NY banks is stupid and/or gullible.
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