GOLD

[peat]

There was no mention of a recent audit. They extensively interviewed a guy who was hired (tapped on the shoulder) to be their auditor but he was made redundant in 88 also with no obvious reason.
So that idea was not debunked at all.
At some stage in the 70's politicians kicked up a stink and that was the last time the public i.e a few politicians and journalists were allowed in to see the gold.
If anything the programme aroused a lot of suspicion due to the impenetrable secrecy but emphasized how safe the gold was due to it being right next to a huge military camp, indeed it spent the last 1/3rd of the programme examining the history of the tank and the amazing training environment in the adjacent Camp Knox. It was impressive too.

But that doesnt make me believe the gold is safe

[miner]

Was talking to a yank the other month who said they chopped all the trees down (some hundreds of years old) around fort knox so as no one could sneak up on there gold.

Usual onto it yanks as no doubt the bad guy plotting to nick there gold was going to sneak up on them one tree at a time.

[peat]

yes thats right miner... they mentioned that. they now have four virtual walls monitored by sophisticated computer systems which virtualised the display onto one screen so one person can watch it.
Everything was real high tech.
However with that approach if you could hack the computer system you could convince the guard(s) that everything was safe

[miner]

Dauh good one peat now everyone knows our cunning plan.

[Aussie]

Hi peat, did they say when the stockpile was last counted? . . . )

According to GATA it has not been audited since the Eisenhower Administration.

[JBmurc]

The International Monetary Fund said on Monday it sold 200 tonnes of gold to the Reserve Bank of India for a total of $US6.7 billion ($7.4 billion) as part of the global institution's plans to increase its lending resources.

The sale is part of an agreement struck in September among IMF member countries to sell 403.3 tonnes of the fund's gold stocks to diversify its sources of income and to increase low-cost lending to poor countries.

"I strongly welcome this transaction with the Reserve Bank of India," the IMF's managing director, Dominique Strauss-Kahn, said in a statement.

"This transaction is an important step toward achieving the objectives of the IMF's limited gold sales program, which are to help put the fund's finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries"

A senior IMF official, speaking on condition of anonymity, told a conference call the gold sales were conducted daily over a two-week period from October 19-30, to "give some protection to short-term fluctuations in the market."

The official said India's central bank paid on average about $US1045 an ounce for the gold and the transaction would be paid in hard currency and not in IMF Special Drawing Rights, the IMF's internal unit of account.

Spot gold prices have rallied since September as dollar weakness has helped to spur consecutive weeks of gains. Gold hit a record high last month of $US1070.40. On Monday, gold rose above $US1060 an ounce as the US dollar fell against the euro.

The IMF official declined to say whether other central banks have expressed interest in buying the remaining 203.3 tonnes of gold on tap for sale. He said if no other central banks came forward, the IMF would proceed as planned to sell the gold in the market.

Reuters

[peat]

nice timing Bank of India - tho I suppose its a bit difficult to flick 6 and half million oz's

[ScrappyO]

nice timing Bank of India - tho I suppose its a bit difficult to flick 6 and half million oz's

Would that be actual physical gold. If so wouldn't want to be the ones transporting it.

[Nevl]

Would that be actual physical gold. If so wouldn't want to be the ones transporting it.

Haha the great thing about gold is it never moves once its dug up. Crazy industry really. They dig up the gold pour it into blocks and then bury it again in subterrean bank vaults. A better case of wasted effort i cannot imagine. In fact its probaly a smart thing not to sell mined gold but to sell the gold before its mined. Same diff really. Ross has maybe 1mill ounces left so we should just sell it without digging it up. That would save moving the town and we could still get the money.

[peat]

I would think it would be physical possession , but I dont know that for sure. Anyone??

If I was buying anything for 6 billion I think I would want to see it and touch it and maybe even drill a few bars to see they're not tungsten , then store it somewhere I trusted , rather than rely on someone else to give me a certificate saying they would keep it safe for me .