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« Obama Admits On Camera: 'I Am A Big Spending Socialist...' | Main | WATCH: Assassination Attempt On Bulgarian Leader - Caught On Tape »
Sunday
Jan202013

SIGN IT! - White House Petition To Audit U.S. Gold Supply

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UPDATE - Petition now has over 6,000 signatures.

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Of course, until we audit the Fed, all claims of fortressed gold are just heresay.

"The closest thing to a real audit was last performed in 1953, but even that one had major problems. First, there were no independent outside parties involved, and second, only 5% of the gold was tested for purity."

For the nearly 60 years since then, the reserves have been held under tight control by a group of men closely connected to the Wall St. banks. Zero oversight by the American people or their elected representatives has been permitted.  Last year, as part of their coverage of Ron Paul’s inquiry into the gold reserves, CNBC was denied the opportunity to even film any of the gold in Fort Knox. They were told that it was a “closed facility.”  One staff member even said that he was not aware of any member of congress having toured the facility since 1974.

According to a treasury document, a full audit of the gold would take 30 minutes per bar for a total of 350,000 man hours, or 400 men working for 6 months. Total cost would be $15 million.  Sounds like a bargain.

That is stimulus spending we can agree with.

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Status Report of U.S. Treasury-Owned Gold

Eric M. Thorson, inspector general of the Department of Treasury, is the first outsider to be granted full access to the U.S. Bullion Depository and he is responsible for keeping track of the U.S. Mint's deep storage gold and silver reserves.  Thorson insists the gold reserves exist and in exactly the amounts reported.

Department of the Treasury Financial Management Service November 30, 2012.

Deep Storage: Deep-Storage gold is the portion of the U.S. government-owned Gold Bullion Reserve that the U.S. Mint secures in sealed vaults, which are examined annually by the Department of Treasury's Office of the Inspector General. Deep-Storage gold comprises the vast majority of the Reserve and consists primarily of gold bars. This portion was formerly called "Bullion Reserve" or "Custodial Gold Bullion Reserve."

Working Stock: Working-Stock gold is the portion of the U.S. government-owned Gold Bullion Reserve that the U.S. Mint uses as the raw material for minting congressionally authorized coins. Working-Stock gold comprises only about one percent of the Reserve and consists of bars, blanks, unsold coins, and condemned coins. This portion was formerly listed as individual coins and blanks or called "PEF Gold."

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Driving past the Fort Knox Bullion Depository in Kentucky:

Fort Knox is visible at the 1:10 mark.

Sources: Link, link, and link

 

 

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Reader Comments (11)

Is There Any Gold In Fort Knox?

http://etfdailynews.com/2013/01/07/is-there-any-gold-in-fort-knox-gld-slv-iau-sgol-ugl/

If you scroll down it has a good summary of the gold audit history and conspiracy theories.
Jan 10, 2013 at 4:32 PM | Registered CommenterDailyBail
Uncle Sam audits its stash of gold at the New York Fed

The gold audit is a first for the institution and includes drilling into several hundred ingots. It could put the conspiracy theories to rest.

http://articles.latimes.com/2012/aug/02/business/la-fi-gold-bars-20120803

This audit was done this Fall but I can find no record of the results being released yet, even though they were supposed to be released by the end of 2012.
Jan 10, 2013 at 4:34 PM | Registered CommenterDailyBail
Bundesbank Says NY Fed to Help Meet Gold Audit Request

http://www.bloomberg.com/news/2012-10-25/new-york-fed-to-help-bundesbank-meet-gold-audit-requirements.html

This story is from late October. Not sure how this request turned out.
Jan 10, 2013 at 4:38 PM | Registered CommenterDailyBail
Fort Knox facts

➤Army base covering 109,000 acres in northern Kentucky

➤Bullion depository opened in 1937

➤Currently holds a supposed 147.3 million ounces of gold

➤Depository built with 16,000 cubic feet of granite, 4,200 cubic yards of concrete, and 1,420 tons of steel
Jan 10, 2013 at 5:07 PM | Registered CommenterDailyBail
IN TODAY'S CLIMATE OF AMBIVALENCE AND DECEIT,, I WOULDN'T HOLD MY BREATH

ABOUT ANY GOLD IN FORT KNOX..
Jan 10, 2013 at 10:57 PM | Unregistered CommenterIrony Monger
I wonder why Bloomberg finds it necessary to present falsified gold price data to its viewers...

http://www.silverdoctors.com/bloomberg-caught-falsifying-gold-chart-to-discourage-investment-in-gold/
Jan 11, 2013 at 2:26 PM | Unregistered CommenterCheyenne
If you believe in FDR's Second Bill of Rights, please sign my Petition!

https://petitions.whitehouse.gov/petition/implement-second-bill-rights/pdbBfN8p

or learn more at

https://www.facebook.com/ImplementASecondBillOfRights

Thanks!
Jan 20, 2013 at 8:59 PM | Unregistered CommenterPeter
This story inspired me to create my own petition:

We petition the obama administration to:

Begin minting 90% silver dimes, quarters, halves and dollars.

http://petitions.whitehouse.gov/petition/begin-minting-90-silver-dimes-quarters-halves-and-dollars/S7M1bsCF?utm_source=wh.gov&utm_medium=shorturl&utm_campaign=shorturl
Jan 21, 2013 at 12:56 AM | Unregistered CommenterJoshua Bair
First question one must ask, "Do I trust the government?" Secondly, why would I trust a government audit if I answered no to question 1? Does anyone have any proof what so ever of the government EVER telling us the truth about any of their doings, especially regarding government finances?
Jan 21, 2013 at 4:53 AM | Unregistered Commenterchiller
We are invading Mali along with the French to steal gold in order to pay Germany back the gold they are asking for. Didn't we also commit a similar war crime in Libya. Where's all the gold we got out of that war crime? If anything that's the people's gold not the banks. Where is all this gold we are currently stealing from countries we invade?
Jan 21, 2013 at 3:06 PM | Unregistered CommenterDavol
Libya still has their gold.
Jan 23, 2013 at 1:41 AM | Registered CommenterDailyBail

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