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Wednesday, February 20, 2013

Gold: U.S. Audit of New York Fed isn't U.S. Gold

The alleged audit of gold in the Federal Reserve Bank of New York is a hoax, based upon the fact that the gold held in the Federal Reserve Bank of New York isn't held on behalf of the U.S., but mostly on behalf of foreign governments.

U.S. gold reserves are reportedly held at Fort Knox, which has never been audited. So the question becomes, why did the U.S. go through this meaningless exercise? The answer is to confuse the general public as to the real gold reserves held by the U.S. and to take pressure off of the Fed and the government.

Those critics of the Fed will now probably believe there has been a full audit of gold held by the U.S., when in fact only gold held in New York was audited, with the real alleged U.S. gold reserves held in Fort Knox receiving no attention; it isn't even allowed to be seen.

The other issue is this is an audit by the government. There should have been an independent auditing firm brought in.

Finally, the audit didn't include any claims that are made against the gold, which is another way of saying there wasn't a full audit done at all.

All of this speaks to the fact this was all done for the purpose of public consumption, which now will largely believe the gold reserves of the U.S. have been audited, while the real gold in New York was gold held by other countries.

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