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Old 11-15-2011, 08:15 AM   #1
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US gold 'tradition' - quality swaps with Bank of England a smoking gun?

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Respectfully, this smoking gun evidence that the U.S. Treasury [via the N.Y. Fed] was involved in gold quality swaps with the Bank of England as early as 1981 does MUCH MORE than raise questions – it PROVIDES ANSWERS:

The referenced gold quality swap was for the expressed purpose of procuring “good delivery bars” of gold bullion. What the good delivery bars were required for at that time is moot. Known [advertised] U.S. gold reserves [8,100 metric tonnes] are supposed to contain 4,500 tonnes of good delivery bars of gold bullion – which the U.S. Treasury has steadfastly maintained has not been altered or otherwise “in play” for decades. The fact that America needed to procure good delivery bars tells us that back in 1981 – the U.S. DID NOT POSSESS ANY GOOD DELIVERY BARS of gold bullion. Additionally, the notion that America needed to mobilize “coin melt” as early as 1981 would carry with it the strong likelihood that the U.S. has “burned through” or squandered their ENTIRE STASH of sovereign gold bullion – and perhaps owns NONE.
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If Mr. Kirby is correct here, we are closer to the brink than I thought. It would also lend more credence to the tungsten filled bars story and the motivation for Chavez to repatriate Venezuela's gold.
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