“I assume the gold is still there,” Mnuchin told an audience in Louisville, Kentucky some 40 miles north of the biggest U.S. Bullion Depository (except of course for the foreign gold stash at the NY Fed). “It would really be quite a movie if we walked in and there was no gold.” It’s unclear if Mnuchin was envisioning a comedy or a drama.
After the visit, Mnuchin who was the first US Treasury Secretary to visit Fort Knox in nearly 70 years, “playfully” reassured Americans the treasure was still secure.
“Glad gold is safe!” he wrote in a post on Twitter.
In a wide-ranging look at the history and present of the barbarous relic, CBC’s Ann-Marie MacDonald has gathered many perspectives (pro and con) on gold. The following documentary moves from historical shipwrecks to Nazi ‘death gold’ and England’s war chest to recent years where widespread economic uncertainty has given the yellow metal a “new lustre in the world of high finance.” Valued for its permanence, beauty and scarcity, people will lie, cheat, steal and kill in the name of gold; and the clip provides color on many of the market manipulations of the last few years. As MacDonald says, whether it’s a few gold coins or gold bars stored in one of the many vaults around the world, many investors are taking a shine to gold. But there’s not a lot of it. It is said that, even melted down, there would not be enough to fill an Olympic swimming pool. Some claim that much of the gold held by the Bank of Canada, the Bank of England, the Federal Reserve and Fort Knox is gone – that for every 100 ounces of gold traded, there exists only one ounce of real, physical gold. So, where is the gold – and who really owns it?
“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” said U.S. Rep. Ron Paul of the Federal Reserve.
Editor’s Note: Catch Dr. Ron Paul at the upcoming Kitco Metals eConference September 12-13, 2010. A not-to-be missed event featuring Marc Faber, James Dines and other industry heavyweights. The eConference is free with Pre- Registration www.kitcoeconf.com.
Texas (Kitco News) — U.S. Rep. Ron Paul , R-Tex., plans to introduce a new bill next year that will allow for an audit of US gold reserves, he told Kitco News in an exclusive interview.
Paul dropped the news in the interview, indicating that the bill still does not have an official name yet but will be unveiled at the start of the new U.S. Congress.
“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said of the Federal Reserve.
This is not the first time the congressman has made his pitch. “In the early 1980s when I was on the gold commission, I asked them to recommend to the Congress that they audit the gold reserves – we had 17 members of the commission and 15 voted not to the audit,” said Paul. “I think there was only one decent audit done 50 years ago,” he said.
Though Paul did not say whether there is any truth to claims that there is no gold in Fort Knox or the New York Federal Reserve, he said, “I think it is a possibility.”
“If we ever get around to deciding we should use gold in relationship to our currency we ought to know how much is there,” said Paul. “Our Federal Reserve admits to nothing and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit?” he said.
With fake tungsten gold bars we are maybe talking about the ‘Premier League’ of criminals, if this is true.
The IMF sold Gold plated tungsten bars to India ?!?!?!
It’s one thing to counterfeit a twenty or hundred dollar bill. The amount of financial damage is usually limited to a specific region and only affects dozens of people and thousands of dollars. Secret Service agents quickly notify the banks on how to recognize these phony bills and retail outlets usually have procedures in place (such as special pens to test the paper) to stop their proliferation.
But what about gold? This is the most sacred of all commodities because it is thought to be the most trusted, reliable and valuable means of saving wealth.
A recent discovery — in October of 2009 — has been suppressed by the main stream media but has been circulating among the “big money” brokers and financial kingpins and is just now being revealed to the public. It involves the gold in Fort Knox — the US Treasury gold — that is the equity of our national wealth. In short, millions (with an “m”) of gold bars are fake!
Who did this? Apparently our own government.
In October of 2009 the Chinese received a shipment of gold bars. Gold is regularly exchanges between countries to pay debts and to settle the so-called balance of trade. Most gold is exchanged and stored in vaults under the supervision of a special organization based in London, the London Bullion Market Association (or LBMA). When the shipment was received, the Chinese government asked that special tests be performed to guarantee the purity and weight of the gold bars. In this test, four small holed are drilled into the gold bars and the metal is then analyzed.
Officials were shocked to learn that the bars were fake. They contained cores of tungsten with only a outer coating of real gold. What’s more, these gold bars, containing serial numbers for tracking, originated in the US and had been stored in Fort Knox for years. There were reportedly between 5,600 to 5,700 bars, weighing 400 oz. each, in the shipment!>