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Whens the last time the FED showed 'US' the gold in Ft Knox?

Please forgive my ignorance, was talking with a friend today and didnt have an answer for him. Whens the last time the FED opened up the vault door?

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  • Steve27Steve27 Posts: 13,266 ✭✭✭
    I believe US gold holdings are inventoried every year and a report is issued LINK. It appears that there are 147,341,858.382 troy ounces of gold at Fort Knox.
    "It's far easier to fight for principles, than to live up to them." Adlai Stevenson
  • jmski52jmski52 Posts: 22,289 ✭✭✭✭✭
    I've personally never seen any of the gold that "we" collectively own, and I'm not all that enthralled with the integrity of those who have control of it.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    I believe the last independant audit was taken in the late 50's during Ike's tenture at the helm.

    Basically the Dept of Treasury's standard retort since when asked to see the gold is," Why? Everybody knows it's there."

    US gold holdings are audited every year by the Department of Treasury's Office of Inspector General. They will confirmed that although independent auditors oversee the process they are not given access to the Fort Knox vault.

    Ok

    MJ

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • CaptHenwayCaptHenway Posts: 31,470 ✭✭✭✭✭


    << <i>Please forgive my ignorance, was talking with a friend today and didnt have an answer for him. Whens the last time the FED opened up the vault door? >>



    I don't think the FED owns it. It belongs to the Treasury.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    The gold might technically belong to the FED since they own the US gold certificates. Whoever gets (or got) their hands on it first, owns (owned) it. image
    We gave the banksters everything else....so why not the gold?

    I believe some congressman and/or senators were allowed to "see" the gold over the past 2 or 3 decades. But that only means they saw "something" that looked,
    felt, or was heavy like gold. The front row may not be indicative of the hidden rows.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • I saw a newsreel video of the only time they let the public in to see the gold in the vaults. I think it was in the 60's or 70's. They opened one room and let people handle a few of the bars. I think the vault had a seal stating how much was inside and when it was sealed. The room had stacks up to the ceiling. They did not count it, just weighed one of the bars on a scale outside the room. image

    I didn't see them weighing any bars so that must of been edited out. I like the printed sign over the door that states how much is inside. I guess it never changes otherwise they would have to make a new sign.
    Here is the video:
    Fort Knox vault video.
  • CiccioCiccio Posts: 1,405
    Cool video, I will watch it in all its lenght tonight at home.

    Here is the article by David L. Ganz with some pictures.

    Gold where all there when Fort Knox opened the doors
  • The 2 pictures of the vaults in that story show 2 different rooms. The first room has shelves and the second doesn't. I wonder if they are both in Ft. Knox?
  • yellowkidyellowkid Posts: 5,486
    My faith in government is certainly not what it once was, but I think it is there. I don't think the naysayers would believe any audit, tour, or other means to show it exists.

    Government steals by manipulating the figures, they have no need for physical theft.
  • I mean an audit would be nice if conducted from a truly independent party... But, in over 90 years, the FED has NEVER been publicly audited. So why should we expect anything truthful regarding this?

    For the Treasury, under someone who cant even figure out Turbo Tax, to conduct an audit of this importance, I find no comfort here.

    I'm talking about whens the last time the American public was really given a true viewing of OUR holdings?

    So far, I haven't seen or read or heard anything here or elsewhere that leads me to 'trust' what we're being told.

  • InYHWHWeTrustInYHWHWeTrust Posts: 1,448 ✭✭✭
    CaptMorgan,

    Here is an awesome thread that you will find most interesting, especially page 2,3 where RR and CaptHenway have an excellent discussion/debate on the logistics of auditing the gold in Fort Knox. I learned a tonne!

    RR will do the Audit of Ft Knox for $1M

    Well worth your time imho.



    Do your best to avoid circular arguments, as it will help you reason better, because better reasoning is often a result of avoiding circular arguments.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    With all the inflation these past few months I'd have to raise my price to $1.1 million, especially considering the costs to feed my auditing crew. image

    But I promise a fair and impartial audit. If there are skeltons I'll find them. When I was Comms officer back on USS Andrew Jackson I was the Top Secret Material Control Officer.
    That material had to be inventoried every time crews changed each 110-120 days. I was shaking in my boots as every page of every manual, and every piece of controlled material
    had to be accounted for. Receiving no jail time and avoiding a court martial was the "reward" for doing a good job. I always had nightmares that one of those "pesky" launch authenticator packets (similar to a sealed baseball card) might come up missing. I love audits. image

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Several internet sites have stated the policy of gold buying.... China, India etc. I can not think of a post lately (several years) stating the US gold buying policy. Government is broke, so I quess thery are not a buyer? But we can sure spend!
  • no gold in god you trust
    dont send sheep to kill a wolf...
  • CoinCoinsCoinCoins Posts: 698 ✭✭✭


    << <i>I've personally never seen any of the gold that "we" collectively own, and I'm not all that enthralled with the integrity of those who have control of it. >>



    image
  • I saw a video once that stated Fort Knox holds gold for other governments as well as ours. even if they count it we will never know how much is ours?


    image
  • MsMorrisineMsMorrisine Posts: 32,083 ✭✭✭✭✭


    << <i>

    << <i>Please forgive my ignorance, was talking with a friend today and didnt have an answer for him. Whens the last time the FED opened up the vault door? >>



    I don't think the FED owns it. It belongs to the Treasury. >>




    correct.


    The FED Reserve holds gold certificates:
    Gold is valued at the statutory price of $42.2222 per fine troy ounce. The number of fine troy ounces was 261,498,900 as of September 30, 2010, and 2009. The market value of gold on the London Fixing was $1,307 and $996 per fine troy ounce as of September 30, 2010, and 2009, respectively. Gold totaling $11.1 billion as of September 30, 2010, and 2009, was pledged as collateral for gold certificates issued and authorized to the FRBs by the Secretary of the Treasury. Gold certificates were valued at $11.0 billion as of September 30, 2010, and 2009, which are included in Note 19—Other Liabilities. Treasury may redeem the gold certificates at any time.


    International Monetary Liabilities and Gold Certificates

    The Exchange Stabilization Fund (ESF) was created to contribute to exchange rate stability and counter disorderly conditions in the foreign exchange market. The Secretary of the Treasury is authorized to deal in gold, foreign exchange, securities, and instruments of credit, under the exclusive control of the Secretary of the Treasury subject to the approval of the President. The dealings of the ESF are to be consistent with U.S. obligations to the International Monetary Fund.

    Gold Certificates are issued in nondefinitive or book-entry form to the Federal Reserve banks. The Government’s liability incurred by issuing the Gold Certificates, as reported on the Balance Sheet, is limited to the gold being held by the Department of the Treasury at the legal standard value established by law. Upon issuance of Gold Certificates to the Federal Reserve banks, the proceeds from the certificates are deposited into the operating cash of the U.S. Government. All of the Department of the Treasury’s certificates issued are payable to the Federal Reserve banks.




    The gold in Fort Knox backs the Federal Reserve Notes to the tune of its value: $11.1Billion. So, some gold via gold certificates backs our currency, but not nearly enough.

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