Gold

[JBmurc]

Of course they do, the President's head would roll if they didn't. Can you imagine the consequenses for the most senior government and military officials if it the gold wasn't there?

What military official would assume command of Fort Knox if the gold wasn't there?

It would be the most scandalous, serious, outrageous event in American history.

Then the USD wouldn't be the reserve currency and that isn't going to happen.

your'd think with a 15 trillion plus debt an growing 1trillion +p.a an a Gold price at record highs they'd sell a few ton ?? bernake think's it's a relic
sell it .....but maybe the truth is as much as they wish they still held some real money it well long gone..decades ago now it's all about guarding the truth.

[elZorro]

Of course they do, the President's head would roll if they didn't. Can you imagine the consequenses for the most senior government and military officials if it the gold wasn't there?

What military official would assume command of Fort Knox if the gold wasn't there?

It would be the most scandalous, serious, outrageous event in American history.

Then the USD wouldn't be the reserve currency and that isn't going to happen.

OK Skol, if the gold stockpile is that important, why not give the entire world a burst of optimism for the USD by showing off the vault's contents to a select few, under careful guard? What harm could there be in that? Unless there is something to hide.

[Skol]

OK Skol, if the gold stockpile is that important, why not give the entire world a burst of optimism for the USD by showing off the vault's contents to a select few, under careful guard? What harm could there be in that? Unless there is something to hide.

Probably because they don't need too. There would be a very, very careful check on what goes in and what goes out in addition to an inspection at regular intervals, particularly I would imagine when a new military official assumes command of the facility.

No single person is entrusted with the combination to the depository main vault door, several depository staff must dial in combinations known only to them so I would assume that there would be a practice opening at regular intervals.

The USA would be the butt of jokes the world over, humiliated to the nth degree if all the gold wasn't there.

What about the other gold bullion reserves in the USA, are they audited publicly on a regular basis? Fort Knox is a goldbug favourite because of its mystique and endless conspiracy theories.

You can tour the Philadelphia mint where you can check on the bars yourself.

Even if someone did an audit, goldbug morons would say it was a jack-up, a cover-up to convince the world the gold was there when it wasn't, like the theorists who just can't accept that there was a moon landing.

It might be considered a secret, like Area 51, or what sort of aircraft fly from Edwards Air Force Base at night, they're also government and military facilities paid for by the taxpayer.

The Federal Reserve Bank of NY holds more gold than Fort Knox, why don't you start some conspiracy theories about that?

[Lizard]

http://motls.blogspot.com/2011/06/ro...gold-gone.html

[Lizard]

The value of the Ft Knox gold has not been changed on the public record for years, even though the value of all other gold has been climbing for 10 years now.

I think you will find that is because the US Treasury accounts record it at book value of $42.22/oz and don't mark it to market.
http://www.usmint.gov/about_the_mint...on=fun_facts13

Apparently, this price was set by edict of President Nixon in 1973 and hasn't changed since. Maybe the US should consider making a mark-to-market adjustment and improving their balance sheet by a few hundred billion $'s?

[elZorro]

I think you will find that is because the US Treasury accounts record it at book value of $42.22/oz and don't mark it to market.
http://www.usmint.gov/about_the_mint...on=fun_facts13

Apparently, this price was set by edict of President Nixon in 1973 and hasn't changed since. Maybe the US should consider making a mark-to-market adjustment and improving their balance sheet by a few hundred billion $'s?

Hi Lizard, thanks for the extra info. I'm thinking that a mark-to-market would bring up the obvious issue of having to prove the ownership and the existence of the gold. Or is that your thought also?

The United States Bullion Depository Fort Knox, Kentucky

• Amount of present gold holdings: 147.3 million ounces.
• The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years.
• The gold is held as an asset of the United States at book value of $42.22 per ounce.
• The Depository opened in 1937; the first gold was moved to the depository in January that year.
• Highest gold holdings this century: 649.6 million ounces (December 31, 1941).

[Lizard]

I'm not sure whether mark-to-market would have to entail any extra auditing to prove existence. I doubt it changes anything, but not my area of expertise.

[drillfix]

That is all pretty interesting stuff there Liz.

Although if no auditing of such markup by the US, would that not create a global Transparency issue with world economics and dealings should the US not come forth and interpret what they do is Mislead people LOL (even if it is written or tucked away).

Sounds like a bunch of tail coat, cigar smoking, mustache men trying to do the blind fold act and just waiting for the curtain to be drawn.

[JBmurc]

[QUOTE=Skol;359056]Of course they do, the President's head would roll if they didn't. Can you imagine the consequenses for the most senior government and military officials if it the gold wasn't there?

What military official would assume command of Fort Knox if the gold wasn't there?

It's good to see you believe the fort knox Gold to be so important an asset ,and to now understand Gold is real money if it wasn't it wouldn't matter if their was no gold would it..

[Skol]

[QUOTE=JBmurc;359085]

It's good to see you believe the fort knox Gold to be so important an asset ,and to now understand Gold is real money if it wasn't it wouldn't matter if their was no gold would it..

What I'm getting at is not the gold which is not a huge amount compared with GDP but the matter of trust.

You didn't answer my question about the Federal Reserve Bank of NY which has more gold than Fort Knox.