"The Fed Owns NO U.S. GOLD" says Sen Corker!!!

[Matt Collins]

After his recent series of town hall meetings in TN getting pummeled by us about the Fed, he has decided to attempt to placate and pacify us a bit on the issue. At one town hall meeting I specifically asked him about whether or not he would allow for an audit of all the gold held by the Federal Government.


Here is what his office mailed me this week.....

___________________________________________

He included this report:
Audit of US Mint Deep Storage Gold And Silver Reserves
http://www.treasury.gov/about/organi...s/oig11004.pdf




And a print-off of this page:
Status Report of U.S. Treasury-Owned Gold
http://fms.treas.gov/gold/current.html

[Jordan]

Did you really think it was news that the Fed doesn't own gold?

[devil21]

Did you really think it was news that the Fed doesn't own gold?

Yeah, the Fed is nothing but a paper money printing press. The question is how much gold does the US Treasury (like Ft Knox) have and can it be audited/verified independently. I don't particularly trust the Treasury to tell me what the Treasury has. Every publicly held corporation has to be audited by an outside firm. Why should the Treasury be any different?

[Matt Collins]

I just find it interesting that he would say what was said.

[acptulsa]

You'd think Corker would have heard at some point that possession is nine tenths of the law.

[Jordan]

Yeah, the Fed is nothing but a paper money printing press. The question is how much gold does the US Treasury (like Ft Knox) have and can it be audited/verified independently. I don't particularly trust the Treasury to tell me what the Treasury has. Every publicly held corporation has to be audited by an outside firm. Why should the Treasury be any different?

I'm willing to believe how much gold the Treasury has. 261 million ounces isn't worth lying about. That's like three months of our current deficit.

[Matt Collins]

bump

[Zippyjuan]

Yes, four years later, the Fed still does not own any gold. They do store gold for the US Treasury and some foreign governments though.

[DFF]

^ LOL

[Ronin Truth]

Yes, four years later, the Fed still does not own any gold. They do store gold for the US Treasury and some foreign governments though.

Yep, they only store it, unless the real owners want it back. What makes the basement of the NY Fed so special and secure?

[thoughtomator]

Yep, they only store it, unless the real owners want it back. What makes the basement of the NY Fed so special and secure?

That would be the tunnel it has to the JPM gold vault across the street. (Wish I were kidding.)

[RJB]

There's probably more gold in just about any local coin store than there is in Fort Knox.

[devil21]

That would be the tunnel it has to the JPM gold vault across the street. (Wish I were kidding.)

The one that caught fire a couple years ago and ooops, destroyed all the paperwork about who owns what?

[tangent4ronpaul]

This might explain why they said it would take about 7 years to return all of German gold...

At the same time, I know a guy who's dad works for the FED and got to get in that vault a few years ago. He said it was PACKED - and I believe him.

-t

[devil21]

This might explain why they said it would take about 7 years to return all of German gold...

At the same time, I know a guy who's dad works for the FED and got to get in that vault a few years ago. He said it was PACKED - and I believe him.

-t

Packed with tungsten, probably.

[NoOneButPaul]

Did you really think it was news that the Fed doesn't own gold?

Well the US claims to have 8000tons+ which is more than twice Germany who is #2 at 3000 (and who oddly enough couldn't get their gold back from us) so if the US actually has no gold YES it's a big deal. I understand the whole semantics BS between the Treasury and Fed but get real we're talking about the US Gold Reserves. What the $#@! is going on with them? The people have the absolute right to know the answer to this because the price of gold is arguably the most important price point in the world.

The first question people need to ask themselves if why ANYONE would be against a Gold Audit.

The Swiss are voting on 11-30 to re-back their currency by gold at 20% which could be a revolutionary event in all markets if it happens - the latest polls show the YES vote up 6%.

[DFF]

If the YES vote wins the Franc will be the finest currency in the world.

[Zippyjuan]

This might explain why they said it would take about 7 years to return all of German gold...

At the same time, I know a guy who's dad works for the FED and got to get in that vault a few years ago. He said it was PACKED - and I believe him.

-t

The insurance company covering the gold transfers has limited how much they will insure per trip and how often trips can occur.

http://www.ibtimes.com/german-gold-m...slowly-1563651

Germany requested a phased delivery over seven years, with each shipment kept small and with no more than one ton in any single delivery, he told IBTimes. “Insurers will cover only deliveries by air, and will not insure shipments of more than one ton at a time,” he said, citing publicly available sources.

They are allowing one shipment every two weeks which comes to 26 tonnes a year.

[Zippyjuan]

Well the US claims to have 8000tons+ which is more than twice Germany who is #2 at 3000 (and who oddly enough couldn't get their gold back from us) so if the US actually has no gold YES it's a big deal. I understand the whole semantics BS between the Treasury and Fed but get real we're talking about the US Gold Reserves. What the $#@! is going on with them? The people have the absolute right to know the answer to this because the price of gold is arguably the most important price point in the world.

The first question people need to ask themselves if why ANYONE would be against a Gold Audit.

The Swiss are voting on 11-30 to re-back their currency by gold at 20% which could be a revolutionary event in all markets if it happens - the latest polls show the YES vote up 6%.

Seems it was an "online poll" and not a scientifically conducted ones so the results can't be considered too serious.

http://www.forbes.com/sites/kitconew...ld-referendum/

A slim majority of Swiss citizens said they would vote yes to force the Swiss National Bank to increase and hold on to their gold reserves, according to the country’s first opinion poll.

On Tuesday, 20 Minuten, Switzerland’s biggest daily newspaper, released the results of its online survey. According to the poll, which was conducted on Oct. 15 and had more than 13,000 respondents, 45% to 39% said they would support the “Save Our Gold” initiative. However, according to media reports, the survey also showed a high number of undecided voters.

At the end of November, Swiss citizens will go to the polls to vote on three areas: whether or not the Swiss National Bank should increase its gold reserves to 20%, that the central bank should stop selling its precious metals and that all its gold should be held within the country.

Although Switzerland’s first opinion poll regarding the Nov. 30 referendum was positive, some analysts are hesitant to declare a clear victory for the “yes” side.

“The online polling methods – it was not a pre-selected panel – may introduce biases into the results, but the large sample size and mapping to representative demographics by political scientists at University College London and University of Zürich suggest that the poll cannot be dismissed,” wrote analysts at Barclays in a research note published late Tuesday.

Barclays added that even if the referendum does win the popular vote, the initiative still has to be passed by the majority of 26 Swiss Cantons – the different regions in Switzerland. The analysts said because of the government’s and central bank’s opposition to the gold initiative, it is unlikely to break this “insurmountable barrier.”

Ron Paul won a lot of online polls too.

The vote isn't to "back their currency by gold" but to increase their gold reserves. They would have to triple what they currently have at a cost to taxpayers of up to $90 billion at current prices. There are actually three separate questions. First would require gold to be 20% of their reserves (currently about seven percent). The second would ask for all gold to be kept inside the country. The third would ban the selling of any of their gold. Voters can pass all or none of them. Historically, fifteen percent of voter initiatives in the country have passed.

[devil21]

Hmmm....the Swiss looking to boost gold reserves....also the home of the BIS. That's something to watch so thanks for the info NoOneButPaul and ZippityDoDah.

[Madison320]

The vote isn't to "back their currency by gold" but to increase their gold reserves.

WTF? Two days ago you didn't understand the difference between a currency having actual "backing" and being faith based. What happened? Did you have an epiphany? You are so full of $#@!! Here is our exchange from a few days ago where you said the dollar was "backed" by the US economy:

Zippy: "Everything- the entire US economy. It is backed by what you can exchange it for. You don't have to take it to the bank and trade it for some piece of metal. Its value is what people are willing to give it. If you agree to pay a certain amount for something, you have agreed to the value of the dollar for that transaction. If you agree to a certain wage at work, you are agreeing to the value of the dollars you are given in exchange for your labor."


Madison: "I've heard this bogus argument before that the dollar is backed by the US economy. No it's not. You can't go to the bank and redeem your dollars for a certain % of the economy, "Here's 20 dollars, I'd like 3 shares of the US economy, please""

Zippy: "You don't have to go to the bank to do it. You can trade dollars for a piece of the economy everywhere. Every time you buy something with dollars you are purchasing a piece of the economy. Or if you want a literal share, you can exchange them for stocks or bonds. Why should you be limited to only exchanging money at a bank for something?"

http://www.ronpaulforums.com/showthr...lready-audited

[devil21]

We should bump every RPF thread about the Fed and/or Gold and watch Zippyjuan explode.

[Zippyjuan]

OK.