Rep. Ron Paul: It is Possible US Doesn't Have Gold Reserves , page 1

macedoniaonline.eu...

Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold.

Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank.

The libertarian lawmaker told Kitco News, a website tracking news about precious metals, that an audit was necessary to determine how much the U.S. maintains in gold reserves in case the government were to use gold to back the dollar.

“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said.

“Our Federal Reserve admits to nothing, and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit?

We should audit the gold reserves I never even thought of that before. What else should we audit? I mean there must be a lot of different things that need to be audited, any ideas?

I already know we should Audit the Fed.

Originally posted by Misoir
We should audit the gold reserves I never even thought of that before. What else should we audit? I mean there must be a lot of different things that need to be audited, any ideas?

what the ???


um ... there might be a position available for you here:
www.irs.gov...

do you want to work for the IRS?

S & F (buddy ),
et

[edit on 3-9-2010 by Esoteric Teacher]

reply to post by Esoteric Teacher

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Screw the IRS!

We should keep check of our government books just as any company is required too.

Originally posted by Misoir
macedoniaonline.eu...

Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold.

Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank.

The libertarian lawmaker told Kitco News, a website tracking news about precious metals, that an audit was necessary to determine how much the U.S. maintains in gold reserves in case the government were to use gold to back the dollar.

“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said.

“Our Federal Reserve admits to nothing, and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit?

We should audit the gold reserves I never even thought of that before. What else should we audit? I mean there must be a lot of different things that need to be audited, any ideas?

I already know we should Audit the Fed.

This is too easy... all the gold has been moved to underground bunkers. (prophesy? or one who knows?) no more on this....but the gold is not there and TPTB know it. so do I....

Our Federal Reserve admits to nothing, and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit? - Ron Paul

As much as I share Rep Paul's anti-Federal Reserve sentiment, I'm not sure why he's directly targeting the fed over the Gold audit issue. Custodianship of the US Gold reserves is a responsibility of the US Mint, which operates under the authority of the US Treasury Dept.

Originally posted by Blackmarketeer
You'd think this would be done on a regular basis just for internal auditing purposes, big companies always conduct internal audits just to see where they stand financially.

Astute observation Blackmarketeer. Below you'll find a link to the latest annual audit of the US Mint as conducted by KPMG, one of the "Big Four" independent auditing firms. When KPMG first assumed this responsibility from the previous auditor back in 2005, they stated their intention to physically audit all "Deep Storage" Gold. That means every ounce of Gold held in custody on behalf of the people of the United States at both the Ft. Knox, and West Point depositories. We can rest assured that the mint's balance sheet/internal financial statements are being audited on an annual basis, but there's still no indication, or confirmation that the promised, independent physical accounting was ever conducted.

Call me a cynic, but I say...fat chance!

KPMG is simply conducting paper audits, while disclaiming any responsibility for potential deficiencies, significant deficiencies, or material weaknesses in the US Mint's own internal controls.

Even if a physical audit is ultimately conducted, how much of our existing Gold reserve is encumbered through outstanding pledges, swaps, and other nefarious price suppressing schemes ? Given that the cartel has been active for decades, a better question might be; How much of our Gold reserve isn't encumbered ? Important information that inquiring minds definitely want to know.

Link

reply to post by Misoir

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Originally posted by Misoir
reply to post by Esoteric Teacher

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Screw the IRS!

i would ask you if you are stingy with your money, but your username does have some possible connotations.

perhaps we should audit the irs?

i was trying to interject some level of humor with that last post.
i whole heartedly agree. unfortunately i just do not believe people want to know what their tax money is being spent on. if they did want to know, or if they did want to know bad enough, they would collectively demand to know. which i think is happening

-et

[edit on 4-9-2010 by Esoteric Teacher]

reply to post by OBE1

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excellent reply OBE1, very informative.

KPMG is simply conducting paper audits, while disclaiming any responsibility for potential deficiencies, significant deficiencies, or material weaknesses in the US Mint's own internal controls.

In other words, covering their a$$.

Originally posted by Blackmarketeer
In other words, covering their a$$.

Page 78:

The objective of our audit was not to express an opinion on the effectiveness of the US Mint's internal control over financial reporting. Accordingly we do not express an opinion on the US Mint's internal control over financial reporting.

Our consideration of internal control over financial reporting was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in the internal controls over financial reporting that might be deficiencies, significant deficiencies, or material weaknesses. - KPMG LLP

Serendipity smiled. After posting last night I tuned in to C2C radio and listened to "monetary historian" Andrew Gause discuss this very topic with host Ian Prunnet.

Mr. Gause expressed his concern over a supposed discrepancy in US Gold reserves accounting. According to Gause the US reports national Gold reserves totaling 260MM ounces...but his suspicions rise as he notes there are only 143MM ounces being held in the bullion depository at Ft. Knox. He and Prunnit go on to speculate that the missing 117MM ounces may have been shuffled-off to vaults located in the US Federal Reserve building in NYC.


Dear Mr. Gause

First, your inventory numbers are close, but they need a little updating...and second, Fort Knox isn't the only US Bullion Depository.

If you check the Status Report of U.S. Treasury-Owned Gold...available online...you will find your "missing" Gold. It's being held in "deep storage" at the US Bullion Depository in West Point NY, and at the US Mint in Denver CO....not at the US Fed.

Gold held in custodial accounts at the Fed is not the property of the US gubmn't. The majority belongs to foreign central banks, foreign sovereigns, and large financial institutions, e.g., Germany's Bundesbank stores the majority of it's national Gold reserve at the NY Fed.

Status Report of U.S. Treasury-Owned Gold
August 31, 2010

Mint-Held Gold - Deep Storage

Denver, CO - 43,853,707.279 (0z)

Fort Knox, KY 147,341,858.382 (0z)

West Point, NY - 54,067,331.379 (0z)

Subtotal - Deep Storage Gold - 245,262,897.040 (0z)

*

Total - Federal Reserve Bank-Held Gold - 13,452,783.620 (0z).

Total - Treasury-Owned Gold - 261,498,899.316 (0z)

Full Report

Audit the US Gold Reserves, not the Fed custodial accounts.

As much as I loathe the Federal Reserve System, it would be a waste of time and taxpayer dollars to conduct a physical audit the Fed's Gold holdings. Whether or not the Fed (operating in collusion with it's agent bullion banks and the US Treasury Dept), is responsible for the placement of multiple claims against US Gold reserves, part and parcel of an ongoing, very opaque price management scheme...well, that's a whole other issue, but a very important one...an issue that demands official scrutiny and a long overdue, transparent public investigation.

Originally posted by bluestar.ranch

Originally posted by Misoir
macedoniaonline.eu...

Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold.

Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank.

The libertarian lawmaker told Kitco News, a website tracking news about precious metals, that an audit was necessary to determine how much the U.S. maintains in gold reserves in case the government were to use gold to back the dollar.

“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said.

“Our Federal Reserve admits to nothing, and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit?

We should audit the gold reserves I never even thought of that before. What else should we audit? I mean there must be a lot of different things that need to be audited, any ideas?

I already know we should Audit the Fed.

This is too easy... all the gold has been moved to underground bunkers. (prophesy? or one who knows?) no more on this....but the gold is not there and TPTB know it. so do I....

Have you all not read or known about the real reason for 9/11?...
The real reason for the $6 billion of gold stored under the Twin Towers;
only 1 truck got caught in the tunnels as the towers fell. All others got
away safely. Where do you think this gold is now?????????

reply to post by FortAnthem

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I think it's high time to ask the difficult questions. If this actually ends up proving the gold is gone then the floodgates will open.

I'd rather suffer through pain and then live a better life than continue this oppressive and dreary system.

Who knows what else will come out in the open if the gold is found to be 'sold' by some invisible actors?

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