A real audit of the Ft. Knox gold may finally be coming
tincup
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It appears DOGE may have some interest.... as well as Rand Paul. Last so called 'audit' was in 1974, when only 1 vault was opened to a show and tell of politicians and the press; and was basically a photo op session. None of the bars being passed around for the cameras were matched to a serial number, assayed or tested for purity, or even verified as US holdings - as foreign countries have previously stored their gold at Fort Knox as well.
The suggestion was made on X to do an audit. Elon Musk replied " Surely it’s reviewed at least every year? ", to which someone replied.... " By whom? The same people you're auditing now? " ! Could get interesting.
----- kj
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Long overdue. This may get very interesting. Daily mail has big article on it as well.
Communists, doge nazis, conspiracy therorists. Yeah things will get real interesting. Yawn........, Chuck Darwin was right. Buh-buy. THKS!!
Blitz, hopefully, if a real audit is actually performed, it results in a big 'yawn'. Imagine the chaos that could result in the market, if those who think they own gold, may not have unencumbered title to it.
" Chuck Darwin was right. Buh-buy. THKS!! " ---What was Chuck Darwin right about, that you are referring to? Please enlighten us.
Audit results withstanding.... I'm fairly certain I'll be good till my short time in this universe is up, Hopefully the rest of the chaos crew has realized the same? RGDS!
When they find all the gold is there, then what?
Buy more.
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" When they find all the gold is there, then what? "
If the gold is all there, and serial numbers match, and is a complete audit, and paper trails match for actual owners, and there is at least some assurance that purity is verified.... then absolutely no problem!! No worries!! That is what true audits are for!! (or perhaps I am missing something in your question).
BTW... seems to be some news trickling out there that there might be some consideration to possible gold revaluation, from the current $42.00 an ounce that US reserves are valued at on the books. (it's been speculated as one of the possible reasons that a large amount of gold as flowed from England to the U.S. recently).
I do not know the feasibility or merits or value of doing so. But it would seem to me, if that was going to take place, probably would need an audit to determine actual reserves?
One thing for sure... we are in historic times.
And I have to say, each day recently seems to be bringing news , more and more announcements / indications of large scale fraud in the U.S.. Are we really thinking that somehow, the gold in Ft. Knox is / has been immune to any of this?
If an audit finds everything to be good & proper, it will truly be another "man bites dog" moment.
I knew it would happen.
Same vault as last time, new people, wait till it happens.....
Every Gold bar and coin was found to have a chocolate center.... Can it really be ?????
Sounds like yet another nothingburger. The sun will come up tomorrow. RGDS!
P.S. Maybe we can swap all our gold for the South Afrikaan guys doge coins? lol SMH!
Can AI do the audit.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
For some reason I would not trust the “self-appointed Auditors” to not steal everything they touched. Or else ship everything to Moscow for safekeeping.
and if it's all there and nothing has been added or taken out? do we repeat every year?
yes?
how many years in a row do you allow them to be assayed and will there be a record for the gold lost every year due to assaying?
the mint annual reports show "deep storage" holdings. a simple check from one year to another year would show any changes, but I think those would be miniscule. did they include the 33 DE's after the court result?
the mint keeps on hand "working stock" for coining. that is borrowed from the holdings but is replaced as they use it.
(note the deep storage number is not evenly divisible by 100)
A waste of time and money.
What would happen if the audit shows that some of the gold is missing?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
You have nothing to worry about. When the auditors are done, the Treasury Police will probably strip search them and do a body cavity search to make sure that no gold bars are being smuggled out.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Yes, missing that the foundation of many narratives is based on the premise of opacity and fraud. What happens to those narratives?
Another article on possible upcoming gold revaluation.... some excerpts:
" Late last month, Trump signed an executive order initiating steps toward establishing a U.S. Sovereign Wealth Fund. During the signing, Bessent remarked, “We’re going to monetize the asset side of the U.S. balance sheet.” The statement raised eyebrows. What U.S. asset could realistically be monetized to fund such a vehicle? Gold quickly emerged as the logical answer....
The proposed sequence operates as follows:
Gold Revaluation: The U.S. Treasury marks its gold holdings to a significantly higher market-based price aligning the value of gold reserves with modern financial realities.
Windfall Monetization: Using this higher valuation, the government borrows against gold at zero or near-zero interest rates. Importantly, this is not a sale of gold; it is leveraging the asset as collateral.
Debt Retirement: Proceeds from this borrowing fund the SWF, which operates as a sinking fund. The SWF systematically purchases U.S. Treasury bonds in the open market, retiring debt that carries interest rates of 4–5% using funds borrowed against gold at 0%.
Not All at Once: This would have to be done over time. An allowance could be given from the TGA to the SWF at regualr inrtervals
This process aligns gold and bonds in a manner that appeals to both traditionalists and modern financial practitioners. It restores gold as a reserve asset of substantive value while providing relief from the ballooning national debt burden. "
So let's say the revaluation does take place. Any ideas what would happen to the market price of gold? And what about silver?
Perhaps the potential revaluation... is part of the reason so much gold is coming from Great Britain into the vaults in the US?
Supposedly more gold is stored with the Fed Reserve Bank in NYC. But that is because they store external parties' gold. I believe Ft Knox is 100% US gold.
A more important national treasure, our tax dollars, is in more need of an audit than the Fort. Appears these now occurring audits are exposing massive waste and unaccountability of tax dollars. Protecting our tax dollars will benefit the dollar.
Honest question, what audits are occurring now?
D O G E is opening the books of numerous wasteful agencies. Good for the dollar. Strong dollar buys more gold.
Regardless of whether or not you think what they are doing is good or bad, it is not an audit. They are not auditors...
I thought the opposite was true. Per XAU/USD Investing: The US Dollar Index (DXY) and gold prices share a negative correlation.
which means a stronger dollar buys more gold.
Yes depending on your viewpoint. Our current holdings of gold value go down. A stronger dollar mean less foreigners (India & China) buy less gold decreasing demand. Also as a hedge, folks want the USD and not gold so again less demand for gold. Yes we can buy more today & tomorrow, but lose on current holdings. I'd rather gold prices go up.
There stated objective is to "dismantle excessive government bureaucracy, reduce unnecessary regulations, cut wasteful expenditures, and restructure federal agencies." Don't you think auditing is required to meet the objective?
The folly of man.
LOL, their real objective is to line Elon's pockets.
How much has he received from tax and carbon credits? How about begging the US govt for loans?
He's gotta get his $300 million campaign contribution back somehow.
We are weak, and becoming weaker. Poor ole America.
They'll probably confiscate all gold since the 1933 Double Eagle precedent rules.
He's not ASKED for anything, just that Tesla be treated the same as everybody else.
Compare what Tesla has gotten to the Ethanol and RIN boondoggles. Oh yeah, the tens of billions pissed away in this EPA scam...or the $36 billion given to bailout the DNC, er, Teamsters Pension Plan.
Funny, I never got my Roth IRA bailed out....
They WANT you to believe that.
Not all the time. This is a fallacy spread by some.
Lots of reasons for the U.S. dollar to remain strong and gold to move up.
LOL, he hasn't asked for anything...
https://www.the-independent.com/news/world/americas/us-politics/elon-musk-spacex-air-traffic-control-b2700192.html
What did he ask for?
Per your link "“Tomorrow, members of @elonmusk’s SpaceX team will be visiting the Air Traffic Control System Command Center in VA to get a firsthand look at the current system, learn what air traffic controllers like and dislike about their current tools, and envision how we can make a new, better, modern and safer system.”
Sounds to me like the Department Of Government Efficiency is doing its job. You should welcome an overhaul of where your tax dollars go. Or you can be old school and continue to contribute to the waste.
OMG like, where's the gold? THKS!
LOL, why didn't you quote the part about SpaceX already having billions in government contracts? Now they stand to make billions more by overhauling the FAA's systems, etc.
Listen, I am against waste, fraud, and abuse, but if you think Elon's motives are altruistic you are being naive. He didn't invest 250 million without expecting to make a return on his investment. We need a government overhaul, but not by someone that is currently suckling at the government teet.
what if tungsten rods have been inserted. drill them all!
Do you expect your congress who has grabbed the biggest teet to do the overhaul? LOL
SpaceX isn't overhauling the FAA, DOGE is. I can't wait till they get to Defense.
Edited: because apparently you edited your post at the exact moment I was trying to respond, so now my response makes no sense.
I'm convinced that, between major overhaul of standard products, the defense contractors are thrown a bone to help sustain life. it's the only way i can see a product like the v-22 osprey being sold and bought. also, lesser design seem to be chosen and I think that is also contract money pass-around so, for example, lockheed gets a much needed contract to keep them alive
there also needs to be penalties for design issues found after the fact, and cost overruns need to be eaten by the bidder
obligatory: back to fort knox - seems like the bad idea of assaying them every year would need to happen before the serial/inventory records comparison. you need to put that chance to steal before the bar count
Good point. Every time you melt and assay a quantity of gold you lose a fraction of a percentage of it. If the Treasury had re-assayed all of the gold every year as the paranoids dream of for 90 years they could have lost maybe 1-3% of the approximately $433 Billion that the holdings were worth at today’s close.
And someone tell me why it matters how much gold is in Ft. Knox?
it is valuable and we don't want to lose any?