DoChenRollingBearing
Yellow Jacket
A few days ago, our very own PMBug (somewhere) wrote that it is important to know where the gold is and not just follow the prices.
So, where is all that gold? This question would be directed mostly at our Department of the Treasury and the Fed. I did see (but do not have the link, sorry) something put out by the Treasury saying that it had this many oz at Ft. Knox, that many in Denver and some at West Point. They also had a smaller amount sitting there in the NY Fed's vault. The Treasury piece also said they audit the gold each year.
If they audit the gold each year, why don't they let some journalists and/or other interested parties come along and see it?
Concerns like security should be easily taken care of. Also, if they would let a "trusted auditor" independently choose some bars for assay, that would make some of us doubters feel better that the gold is where they say it is...
Yes, there still might be questions of ownership (etc.), but if they let some independents in to check out the gold (would NOT COST MUCH), that would help tame all of our suspicions.
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Same question re other nations, although I could see that security might be more of a problem in, say, Italy or Peru (I read an article in a Peruvian newspaper a year or two ago wondering where PERU's gold was).
Same question re the NY Fed. I did see (online somewhere, Google it!) a pretty brochure re the NY Fed and its vault. Yes, there were pictures.
Same with the ETFs like GLD, etc. Sub-custodians? ferchrissakes...
So, where is all that gold? This question would be directed mostly at our Department of the Treasury and the Fed. I did see (but do not have the link, sorry) something put out by the Treasury saying that it had this many oz at Ft. Knox, that many in Denver and some at West Point. They also had a smaller amount sitting there in the NY Fed's vault. The Treasury piece also said they audit the gold each year.
If they audit the gold each year, why don't they let some journalists and/or other interested parties come along and see it?
Concerns like security should be easily taken care of. Also, if they would let a "trusted auditor" independently choose some bars for assay, that would make some of us doubters feel better that the gold is where they say it is...
Yes, there still might be questions of ownership (etc.), but if they let some independents in to check out the gold (would NOT COST MUCH), that would help tame all of our suspicions.
---
Same question re other nations, although I could see that security might be more of a problem in, say, Italy or Peru (I read an article in a Peruvian newspaper a year or two ago wondering where PERU's gold was).
Same question re the NY Fed. I did see (online somewhere, Google it!) a pretty brochure re the NY Fed and its vault. Yes, there were pictures.
Same with the ETFs like GLD, etc. Sub-custodians? ferchrissakes...
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