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50 years after 'show audit,' status of U.S. gold reserve remains in doubt
10:32p ET Monday, September 23, 2024
Dear Friend of GATA and Gold:
The Sound Money Defense League's policy assistant, Matthew Cortez, notes that today is the 50th anniversary of the U.S. Treasury Department's public relations stunt at Fort Knox in Kentucky, wherein a few gold bars in one of the bullion depository's 15 vault compartments were shown to members of Congress and some journalists.
This did nothing to verify that the rest of the U.S. government's 8,133 tonnes of gold reserves were still in the government's possession. Nor did the stunt do anything to ascertain whether any of the U.S. gold reserve was encumbered by leases or swaps with foreign central banks or bullion banks.
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Suspicion remains in order, since the secret March 1999 staff report to the board of the International Monetary Fund, obtained by GATA in 2012, confirmed that the IMF, the official compiler of international gold reserves, allows member central banks to avoid distinguishing gold in the vault from gold being leased or swap -- precisely to help conceal official intervention in the gold market:
https://www.gata.org/node/12016
That is, the bigger question about the U.S. gold reserve may be not whether there is still metal in Fort Knox but rather how many entities have a claim to it -- whether it is, to put it politely, oversubscribed.
Cortez's reminder is headlined "50-Year Anniversary of the Notorious 'Show Audit' of Fort Knox Gold" and it's posted at Money Metals Exchange's internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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