Ron Pauls hearing on Gold Reserves Audit starting NOW - 2pm (STREAM inside)

[swissaustrian]

Ron Pauls hearing on Gold Reserves Audit starting NOW
I think some of you might want watch it and didn´t know about it until now, so
I´m duplicating the thread from the economics subforum:
http://www.ronpaulforums.com/showthread.php?299700-Committee-Hearing-June-23-2-PM-Investigating-the-Gold-H.R.-1495-(Gold-Reserves-Audit)

Stream here: http://financialserv.edgeboss.net/wmedia-live/financialserv/16489/300_financialserv-qwertyuiop_070131.asx

[JoshLowry]

Representative Clay who seems interested in this audit wondered if the Congressmen should take a tour and look at the actual gold in Fort Knox.

He pondered if that would be good enough for an audit.

[PastaRocket848]

stream not working for anyone else? all i get is a black screen

[JoshLowry]

Some stats I over heard from an inspector.

US has 699k gold bars - 27 lbs per bar currently worth .5 M each

245M fine troy ounces

9300 tons of gold.

Those stats may be a little off.

Looks like some of the inspectors language is pulled from here: http://congressionalresearch.com/RS21204/document.php?study=Gold+Uses+of+U.S.+Official+Hold ings

His conclusion. Yo Ron Paul, if I felt like anything funny was going on, I would have blown the whistle. Everything's all good.

[swissaustrian]

stream not working for anyone else? all i get is a black screen
Try this link http://financialservices.house.gov/Calendar/EventSingle.aspx?EventID=247243
-> connect -> webcast

[newyearsrevolution08]

stream works for me

thank you

he is speaking now

[JoshLowry]

Haha, this is getting good.

Mr Engel: New York Fed Reserve Gold has not been assayed to his knowledge, but has been audited by federal reserve examiners.

The gold has not been assayed, it is not considered audited, there have been observations of it though.

[mhad]

not a mac friendly stream... boo

[swissaustrian]

Haha, he has got them on the IMF

[swissaustrian]

No comes this stupid yellow democrat

[Dr.3D]

Sounds like a lot of paper accounting is in question.

Are they saying the gold is there but we don't know how much of it belongs to the United States?

Is it their claim the gold isn't moved but rather the account is settled by moving paper?
If that is the case, then how does anyone know how much of the gold siting there really belongs to the United States?

I can see why both Ron Paul and the auditors seem to be confused.

[swissaustrian]

"We are very cautious about our deficit" - yellow democratic lady

[afwjam]

not a mac friendly stream... boo

VLC for the win, works well.

[swissaustrian]

headphones help with the sound problems.

[Dr.3D]

Well, to me, most of that was as clear as mud.

[JoshLowry]

Ron Paul calls for $60 Million increase in spending!

[ds21089]

Guess I joined just in time to hear "I will now adjourn the committee"

[Schifference]

The auditors don't even know how much the audit costs.

[Elwar]

Ron Paul calls for $60 Million increase in spending!

I thought it was a max of $15 million for the audit...

Plus, toward the end he was basically indicating that part of the Mint's job is to audit the gold so they should be able to do it on the cheap.

[swissaustrian]

Hopefully Ron pushes them hard to release a written statement on the imf issue!

[JoshLowry]

I thought it was a max of $15 million for the audit...

Plus, toward the end he was basically indicating that part of the Mint's job is to audit the gold so they should be able to do it on the cheap.

I was just helping Politico with their next headline.

[Dr.3D]

Seems like that would be $15 million that was already spent but the job wasn't done. They owe us an audit.

[Schifference]

Seems like the auditors don't really know very much about the gold. They simply audit what the mint gives them. They probably even have a little disclaimer on their paperwork that clearly states that their audit is based on information provided them.

[dannno]

VLC for the win, works well.

VLC media player is great for Mac and Linux.. I would use it if I went back to windows as well.

[mit26chell]

If what Mr Thorson said is accurate, that no gold has ever left the United States, then the IMF is lying about the amount of gold they hold.

[mit26chell]

http://img.photobucket.com/albums/v683/mit26chell/MontrealGazette11-12-1968USToGuardGold.jpg

[mit26chell]

Also interesting that the Fed holds gold certificates (this was mentioned briefly in the last hearing as well) from the Treasury, certificates that used to be redeemable for gold, but are now held on the Fed's balance sheet and are only redeemable in cash, at a fixed rate of $42 per ounce. The total value of these certificates is around $11 billion today. Imagine if the gold was revalued to be reflective of today's price - over $1,500 an ounce! The Fed would be in serious trouble. But, it's all a house of cards either way.

K, I'm done posting in here ;)

[hazek]

http://www.youtube.com/watch?v=Yrko9S0kuX0

Potential SCANDAL:


http://www.youtube.com/watch?v=oeQJZq4I7GY


http://www.youtube.com/watch?v=C9zkx1QzWhE