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Your analysis please...........

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  • Steve27Steve27 Posts: 13,274 ✭✭✭
    I never got to the punchline due what IMO is misinformation up front. First China is buying gold, but not on the open market. The reason for this is they don't want to make the price go higher. Then the statement "...and the U.S. has refused to let anyone count the gold and verify quality since Eisenhower was in the White House, indicating that the U.S. substantially overstates the amount of gold it owns...." is a myth perpetrated by conspiracy theorists.

    Results of Fort Knox gold audit LINK
    "It's far easier to fight for principles, than to live up to them." Adlai Stevenson
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    China is buying at the source. All mines of any type. We just happen to notice the gold mines more.

    I firmly believe these moves are more to control prices.

    They have a LONG history of "controlling" people, places, & things. JMOimage
    Avid collector of GSA's.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    China has made an agreement with one Alaskan mine to have their ore shipped to China for processing. I would imagine they will end up buying it as well.

    Then the statement "...and the U.S. has refused to let anyone count the gold and verify quality since Eisenhower was in the White House, indicating that the U.S. substantially overstates the amount of gold it owns...." is a myth perpetrated by conspiracy theorists.

    I have a hard time with the govt inspecting the govt, esp. when the GAO and Treasury get involved. But let's say this audit system works. Do they also audit the lease and sale books (both sets) to determine how much gold in the inventory is still actually owned by the US? What does it matter if it's still all accounted for if we no longer officially own it? I'm with Ron Paul on this one that until a full independent audit is completed, there's been no real audit since the 1950's. Is an annual "audit" also done on the other 45% of US gold stocks kept outside of Fort Knox?

    This was from an article about Ron Paul requesting an independent audit:

    A spokesman for the US Treasury told The Times that US gold holdings are audited every year by the Department of Treasury's Office of Inspector General. He confirmed that although independent auditors oversee the process they are not given access to the Fort Knox vault.

    This is very similar to the way GLD is audited. The independent auditors don't go and count the gold, they take at face value the reports of the custodians and ensure the math works out.

    roadrunner

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • 1jester1jester Posts: 8,637 ✭✭✭


    << <i>I never got to the punchline due what IMO is misinformation up front. First China is buying gold, but not on the open market. The reason for this is they don't want to make the price go higher. Then the statement "...and the U.S. has refused to let anyone count the gold and verify quality since Eisenhower was in the White House, indicating that the U.S. substantially overstates the amount of gold it owns...." is a myth perpetrated by conspiracy theorists.

    Results of Fort Knox gold audit LINK >>



    I think it's curious how the statement reads, "1. As of September 30, 1998, the Office of Inspector General(OIG) had observed and audited 97 percent of the total gold fine troy ounce inventory held by the United States Mint's (Mint's) Fort Knox facility."

    Which doesn't specify exactly when this process of observation and auditing actually took place. "As of" means up to and including that date. But it doesn't preclude the possibility that the last full audit was carried out in Ike's time, does it?

    And why won't they allow an independent auditor (or two) go through everything?

    imageimageimage
    .....GOD
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  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    The Gold in Ft Knox is there, whether we still own it, I don't know. From what I understand, there is more Gold stored at the Fed Reserve in NYC, than in Ft Knox, and again, who owns it? Not the US for sure.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • PatchesPatches Posts: 1,700 ✭✭✭


    << <i>The Gold in Ft Knox is there, whether we still own it, I don't know. From what I understand, there is more Gold stored at the Fed Reserve in NYC, than in Ft Knox, and again, who owns it? Not the US for sure. >>



    Has the gold been returned to the NYC Fed? I saw they stole it in Die Hard 3...
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    Nice post and link, Steve.

    "The Gold in Ft Knox is there, whether we still own it, I don't know."
    Ah, there's the rub.
  • cohodkcohodk Posts: 19,105 ✭✭✭✭✭


    << <i>

    << <i>The Gold in Ft Knox is there, whether we still own it, I don't know. From what I understand, there is more Gold stored at the Fed Reserve in NYC, than in Ft Knox, and again, who owns it? Not the US for sure. >>



    Has the gold been returned to the NYC Fed? I saw they stole it in Die Hard 3... >>




    ROFL!!!
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

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