ft knox gold

MoneyLA

this is making its way around the Internet

cash 4 gold

DoubleEagle59

Is there really any gold left in Ft. Knox?

There hasn't been an official audit of the gold reserves since the 1950's.

MPLunatic

roadrunner

Well I guess that ensures everyone that Fort Knox has at least $85 in gold on inventory.

If anyone believes that some or all of the 264,000,000 gold ounces (8100+ tons) has not been sold or leased out over the years, there is a bridge in Brooklyn and a $20MILL bank windfall in Nigeria that I can sell you very cheap.

roadrunner

Wingsrule

You got that email, too! Damn, I thought it would be all mine.

MoneyLA

For those of you who keep track of things.... I thought there was more gold at the Federal Reserve in NYC than at Ft. Knox??

Norseman88

<< <i>For those of you who keep track of things.... I thought there was more gold at the Federal Reserve in NYC than at Ft. Knox?? >>



If they had one shiny new UHR gold piece in NYC they would probably have more gold than fort Knox.

mhammerman

"If they had one shiny new UHR gold piece in NYC ..."

Well, I know they got one in Texas, it came yesterday...interesting issue.

57loaded

RR can the leases be cancelled by the lessor or are there conditions?

if so it would it would be a huge bull signal, right?

Bear

the 85 dollars in gold supply

contained at Fort Knox,

is actually owned by France.

Gemineye

.....Someone told those guys at Fort Knox that all those millions and millions of Sackies were made of gold.....!!!!

TrustNo1

there were tons of gold in Chase Manhattan's basement, 6 floors down, right across the street from the FRB

Smittys

With 10 trillion dollars of debt, who cares if there's a few hundred billion worth of gold in fort knox anyway

roadrunner

If it doesn't matter what's stored in either location, why not just come out in the open and show us what's really there? The silence is deafening as it has been since the last official 100% physical audit in the 1950's. Yes, more of the gold is now stored in the NY FED bank.

RR can the leases be cancelled by the lessor or are there conditions? if so it would it would be a huge bull signal, right?

I'm not versed on the lease conditions. But I would think that the CB's or bullion banks that sold the gold in the first place would want it back someday, wasn't that the original idea behind the lease? It worked great as long as the pog was kept low by the carry trade between the US/Japan. But now with gold 4X higher the deal really stinks for the borrowers who would have to buy it on the open market (from whom??) to pay it back. It was loaned at ridiculously cheap levels of around 1% starting back at $250-$350 gold. Wouldn't you rather have the gold back ounce for ounce than cancelling the lease and settling for the crappy 1% you get while losing tons to inflation over those years? The thing is, the leasees of that gold probably won't be able to get it back ever, at any price. They would rather first default just like the derivative's bet losers. Or they can pay up in depreciated fiat. As a bullion bank, I'd want my gold back someday.

Much the way gold hedged miners like Barrick (ie $9 BILL in gold hedges based on approx $350 gold) went short, someday it has to be paid back. Most of the miners have been slowly buying back their hedges and taking the hit before gold gets way out of hand. Barrick with $9 BILL and another miner with $6B are the 2 biggest hedgers left. But in either case it's less than 10% of the value of their projected deposits. Yes, it's bullish for gold when those guys have to go out and buy gold at $950 in order to sell it back to their counter-party at $350 on bets made 5 to 10 years ago. It will also be bullish for any leasees who have to go out and buy gold at $950 to pay back on their leases. They would rather just keep extending the contracts and put off the day of reckoning. That's when gold gets another kick in the pants up.

roadrunner

Bear

One million dollars per ounce gold

and we can back all of our money.

No problem at all.