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Wednesday, February 20, 2013
This story has been
evolving for a long time. Essentially there is excellent reason to
conjecture that the gold in Fort Knox in particular has been
outright looted by the substitution of a large number of gold bars
with tungsten adulterated bars. I can assure you that this can be
made to work and it can even be set up to pass appropriate tests with
a compliant assayer who knows where to drill. Google this blog to
pick up the earlier posts putting this all together.
Knowing this, and
knowing that the Chinese are wise and by implication so are the other
central banks, it has not been too difficult to understand their
present movements and that of the Fed. In a way it resembles high
Here we have a well
publicized exercise in formally assaying gold held outside the US
reserve while omitting to name the actual owners or that it is
outside Fed management anyway. It almost gives the illusion that it
is business as usual and all very positive. We must confirm every
In the event, it is
worth recalling that the USA is a significant gold producer in its
own right and reserves are way less meaningful.
This story has not become hot enough to force an actual audit of Fort Knox yet.
Get Ready for Some
Major Disinformation about America's Gold
An audit of the gold
held at the New York Federal Reserve has been completed and the
disinformation campaign has started. Notice how LaTi reports the
The U.S. government’s
gold in New York is safe in a vault underneath Manhattan, and some of
the precious metal there is purer than previously thought.
The problem with this
is that the gold held at the New York Federal Reserve is not "The
U.S. government’s gold." It is gold held, for the most part,
by the Federal Reserve for foreign countries.
LaTi goes on:
That’s according to
a first-ever audit conducted last year by the Treasury Department of
U.S. gold on deposit at Federal Reserve banks in New York and
This is curious
because it is the government conducting the audit. That's like
having Bernie Madoff's brother auditing Bernie's customer accounts.
Why wasn't an independent auditing firm brought in? And since the
gold is held for countries like Germany, why didn't Germany and
others who have gold on account get to pick the auditor?
LaTi disinformation, which misdirects from the above important
As part of the audit,
the Treasury tested a sample of the government’s 34,021 gold bars
in the New York Fed’s vault five stories below Manhattan’s
financial district, according to the inspector general’s office.
Auditors drilled tiny holes into the bars to remove samples that were
tested for fineness in a process called assaying.
In three of the 367
tests, the gold was more pure than Treasury records indicated,
according to the Treasury's inspector general. As a result, the
government notched up the value of its gold holdings by approximately
27 fine troy ounces – or about $43,500, based on gold’s market
Then LaTi tells us
The audit of the Fed
gold came after 2012 presidential contender and former U.S. Rep. Ron
Paul (R-Texas) questioned the central bank's gold holdings. While he
was in Congress, Paul questioned whether the New York Fed had loaned
or otherwise encumbered U.S. gold in financial arrangements, and he
advanced a bill that would have required a full assay and audit of
the country’s gold reserves.
But Dr. Paul was most
concerned about "the country’s gold reserves," which is
different from what is held at the Fed. The country's gold reserves
are held mostly at Fort Knox, which no one is allowed to see, much
Then we have
two more paragraphs of disinformation:
The New York Fed holds
99.98% of the U.S.-owned gold bars and coins in the custody of the
Federal Reserve. The rest of the gold is on display at Fed banks in
cities such as Richmond, Kansas City and San Francisco.
As of Sept. 30, when
the market price of gold was $1,776 an ounce, the Fed banks held
$23.9 billion in U.S. gold. (Gold has since declined in value, and on
Monday the precious metal was hovering around $1,610 an ounce.)
Unlike Fort Knox, the
NY Fed gives tours of its vaults, so Americans can see the gold of
other countries, but not US gold.
Bottom line: This
audit was designed to confuse. Expect more stories about how the
Treasury conducted and audit of US gold. Not true. Fort Knox gold,
where America's gold supposedly sits, is off limits to all
and has never been audited.
Again, the gold held
at the New York Fed is mostly gold held for foreign countries. It
does not belong to the Federal Reserve or the United States
government. LaTi after misdirecting throughout the full story, ends
with the limited truth:
The vast majority of
the country’s gold reserves is held elsewhere, in Fort Knox, West
Point and Denver.
Of course, the full
truth is this gold has never been audited and unlike the NY Fed,
which provides tours, there are no tours of the Fort Knox gold.
Bottom Line: The audit
of the NY Fed gold will be used to deceive and give the
impression that the gold supposedly held for American's has been