Relevant:
- Paul plans to question Treasury on gold reserve at June 23 hearing
- China may increase gold reserves beyond 'Fort Knox' level – Hale
- Jim Rickards: Texas to Hoard Gold & Create "Fort Knox" of Texas!
- Fort Knox U.S. Gold Reserves to be Independently Audited and Assayed? Congressman Ron Paul Pressures U.S. Treasury
- Writing's On The Wall: Texas "Repatriates" $1 Billion In Gold From NY Fed
2009-03-29 — timesonline.co.uk
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.â€
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 - but an organisation named the Gold Anti-Trust Action Committee (GATA) is taking a different approach.
It has hired the Virginia law firm William J.Olson, PC, to test President Obama's promise to bring “an unprecedented level of openness†to the Government and next month it will file several Freedom of Information requests for a full disclosure of US gold ownership and trading activities.
“We're taking the President at his word,†said Chris Powell, of GATA. “If you go online you can find out how to build a nuclear weapon but you won't find any detailed records on central gold reserves.â€
While this is good to do, followers of gold and Fed activity should be aware that just because some gold might be physically present in Ft. Knox, does not mean the Federal government still actually owns it. Much of the gold has likely been "swapped" out, which does not necessarily mean physically moved, as GATA has been uncovering for years. Gold is usually accounted for as "gold or gold swaps" in IMF and Fed-ese. Which means -- gold, or maybe no gold.
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Comments:
BarbedWireSmile at 17:54 2009-03-30 said:
This article is such an extreme example of slanted journalism that it's almost funny - as if it were written as a satire of bias. What in the hell do the UFO conspiracy theories listed at the end have to do with an audit of the Federal Reserve's gold holdings? This is a great example of why we will never have a viable 3rd party candidate, let alone one who bucks their own party line. I am struck speechless by this article. The UFO add-ons at the end are truly beyond comprehension. The times should be ashamed of themselves. Outrageous. Permalinkddtuttle at 00:54 2009-03-31 said:
Modern economists think Au is a barbaric relic, and probably think the central banks should've dumped all of it decades ago. They believe they can manage the economy just fine using paper instruments. [no comment required] The Fed carries its gold reserves at $42 oz, but they get a lot more than that when they sell it. GATA has done the world a favor by tracking the way central banks keep the price of gold from taking off and threatening fiat currency's primacy. They might be a bunch of gold bugs, but they cannot be characterized as being on the same level as UFO conspiracies. Ron Paul is good guy but a bit of a wing nut when he gets off the economy, and isn't 100% on that either. No candidate can buck the forces at the top no matter what party he or she comes from. Permalinkadd a comment | go to forum thread
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