"No one can audit Fort Knox."
Posted on 07/12/2020 9:55:26 AM PDT by delta7
56a ET Sunday, July 12, 2020
Dear Friend of GATA and Gold:
Surreptitious intervention in the gold market by the U.S. government is the target of legislation introduced in the House of Representatives by Rep. Alex X. Mooney, R-West Virginia.
In a letter to House colleagues seeking support for his Gold Reserve Transparency Act, H.R. 2559, Mooney writes: "Because there are concerns the U.S. Treasury may have sold, swapped, leased, or otherwise placed encumbrances upon some of America's gold, H.R. 2559 also requires a full accounting of any and all sales, purchases, disbursements, or receipts; a full accounting of any and all encumbrances, including due to lease, swap, or similar transactions in existence or entered into in the past 15 years; and an analysis of the sufficiency of the measures taken to ensure the physical security of such reserves."
... Dispatch continues below ...
(Excerpt) Read more at gata.org ...
Shouldn’t take long.
About time.
Audit the private company known as the Federal Reserve, too.
It will never get out of the House unless we elect a majority of genuine Republican Conservatives to the House.
To make sense of things, there still would be the rest of the world’s gold to audit.
The US Gold reserves has not been audited since 1953.Many financial greats say we have little left, much has been leased out, traded, swapped...leaving our reserves gutted. Russia and China has made huge, historical gold purchases in the efforts to soon back their currency in gold.
Backing in gold ( percentage of their currencies- not to be confused with the old Gold standard) will create a rush out of the USD and into something tangible....do note the USD index is currently falling and down to 95, ( a decade ago it was 120) which means it takes more dollars to buy goods. Do realize, gold had made a 500,000 PERCENT increase priced in Venezuela’s Bolivar currency, in just three years. We are not Venezuela, but in the past 5 years all the world’s currencies have crashed against gold. See here, you will be shocked to see the charts.
https://bullion-rates.com
Fingers on one hand should get it done.
It probably will look like the Social Security “trust fund”:
Hm...you telling me that we have to do an audit to determine this? More ineptitude by the Federal government.
Never going to happen.
The truth about the missing gold will be guarded as tenaciously as the truth about the Kenyanesian Usurpation.
“ We are not Venezuela,” ... yet. But the people who celebrate Venezuela are working feverishly to make it happen here.
I don’t subscribe to the tin foil hat conspiracy theories pushed by the usual suspects. But none of our gold reserves have been physically audited in years, maybe decades. And to the best of knowledge there has not been a full audit since it was originally locked up. This is overdue.
In God I trust. Everybody else should get audited from time to time.
No, Russia, China hold that info as a national security matter. The point is no one knows how much the US actually holds, and the Fed and Treasury have NOT approved a full audit since 1953. Something stinks, perhaps why the US Comex gold market just had a “ unable to deliver “ ( physical contracts) a few months ago.Fact: They had to go to the London market to satisfy the “ in my hand” physical demand in March / April. Once ( not if) the US Comex has a full blown “ unable to deliver” moment, the legendary great investors forecast pricing will hit anywhere from $5,000 oz to $12,000 oz virtually overnight. ( that figure is priced in US Dollars)...Currency houses have already forecast a large weakening in the USD due to all that keeps getting printed. Anyway, the very first step is to audit our national Gold reserves.
"No one can audit Fort Knox."
Done during the Clinton and Obama years likely
Gold rose above $US1800 troy oz lately
I don’t disagree with you, but my thought was that Russia, China, and the EU are also capable and potentially motivated to manipulate gold prices at various times.
Yes, a few years ago China claims to have in their possession a few Federal Gold Reserve bars that were gold plated tungsten ( tungsten has the same specific gravity as gol)... The serial numbered bars traced back to one of Clinton’s China deals....China was not happy about it....a full audit is defined as drilling every other bar and analyzing the shavings, and comparing serial numbers of the 1953 audit with what currently is in “ storage vaults”....
“Shouldn’t take long”, I love it.
Fact is if you pull up past GATA inquiries to the Reserve, no solid answer is ever given, but much about “ deep storage” which the Reserve said could be “ proven reserves, in the ground, yet to be mined”!
Excerpt of concerns: note their term “ deep storage”...
“2559 calls for the first audit of United States gold reserves since the Eisenhower administration. It’s surprising that we’ve permitted this total lack of oversight.
H.R. 2559 directs the Comptroller of the United States to conduct a “full assay, inventory, and audit of all gold reserves including any gold in ‘deep storage,’ of the United States at the place or places where such reserves are kept.”
Furthermore, because there are concerns the U.S. Treasury may have sold, swapped, leased, or otherwise placed encumbrances upon some of America’s gold, H.R. 2559 also requires a full accounting of any and all sales, purchases, disbursements, or receipts; a full accounting of any and all encumbrances, including due to lease, swap, or similar transactions presently in existence or entered into in the past 15 years; and an analysis of the sufficiency of the measures taken to ensure the physical security of such reserves.”
Never going to happen.
Why only the last 15 years? Should be the last 120 years. Start at 1900.
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