The federal government has quietly been completing an audit of U.S. gold stored at the New York Fed. The effort included drilling small holes in the bars to test their purity.
The Treasury Department has refused to disclose what the audit has revealed so far, saying the results will be announced by year's end.Of note, tourists are regularly allowed to visit the Fed vault, which holds gold for foreign governments. However, no one is allowed to see the gold belonging to the United States, supposedly held at Fort Knox. Further, although an "audit" of the Fort Knox gold is regularly undertaken it is not clear what this "audit" entails and whether the fineness of the gold is even tested, like the test going on now at the Fed vault.
Bottom line: The gold held for foreigners is maintained with much more transparency and with better quality audits than U.S. gold held by the Treasury.
Makes you wonder, doesn't it?
The US version of the Trial of the Pyx. http://en.wikipedia.org/wiki/Trial_of_the_Pyx
ReplyDeleteEnron auditing Enron.
ReplyDeleteTurbo Timmy is soooooooooo trustworthy and ethical.
President George Bush Jr had laid off the guards at Fort Knox until he remembered that there was supposed to be gold held at Fort Knox and he rehired them. That says it all, doesn't it.
ReplyDeleteThe proverbial elephant in the room is not if the gold is there, but how many times the assholes sold it! You can bet your testiculos that's not being audited else lots of 1%ers would be doing the Perp walk.
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