Feds auditing N.Y. gold supply to debunk conspiracies

The original article was posted in the L.A. Times yestarday, but the headline is from this source. On July 25, the House approved legislation sponsored by Congressman Ron Paul to audit the Federal Reserve.

Although the Senate hasn't determined whether or not to approve the passage of the Bill or let alone the President signing it into law, this appears to be an independent inquiry by the Treasury Department, which has been quietly completing an audit of U.S. gold at the New York Fed which begs the question can the hen count her own eggs and give an accurate account.

Chris Powell the secretary / treasurer of GATA has been in legal dispute with the Fed for sometime and continues to try and disclose the nature and operational methods the Central Banks use to suppress the price of gold. In an article posted today he offers this response, analysis and related information GATA has been seeking through freedom of information requests concerning the (pdf: market manipulation and rigging of gold prices,) in it's January 1995 Federal Open Market Committee meeting where market rigging was discussed.

I wouldn't trust this data as far as I could physically throw it.. in other words when data gets released, if it paints the fed as utter angels I'm calling bull..
/tin foil hat off

Originally posted by Daedal
The original article was posted in the L.A. Times yestarday, but the headline is from this source. On July 25, the House approved legislation sponsored by Congressman Ron Paul to audit the Federal Reserve.

Although the Senate hasn't determined whether or not to approve the passage of the Bill or let alone the President signing it into law, this appears to be an independent inquiry by the Treasury Department, which has been quietly completing an audit of U.S. gold at the New York Fed.

edit on 3-8-2012 by Daedal because: Edit

I don't see this as a real audit until all of those paper futures contracts have been added up and taken into account...

Those might be gold bars but they also might be magnesium...

I don't think this audit will find anything because like Enron they will have the paperwork adjusted to fit the audit.... The elephant in the room is all of the paper silver and gold that is out there and it doesn't even exist in the market or in the ground....

Haven't other countries been having problems with tungsten cores in their gold bars coming from the U.S.?

Fed: Quit avoiding the question. Stop auditing the worthless gold the money isn't based on, and start auditing the imaginary system the money really is based on.

Then you're welcome to scramble and see if there's enough gold actually there to switch back.

reply to post by jlm912


yes, here is a link

www.prospectingjournal.com...

What would even be the point of all this?

Wouldn't this be the same thing as having the Mafia do an audit on organized crime?

Wait, I forgot, the general population actually BELIEVES what the government tells them.

reply to post by fnpmitchreturns


Funny how they imply that the perpetrator was caught, yet name no names.

"'Realistically', this is probably an isolated event. Don't worry about gold prices." I wonder how much of an investigation went into that conclusion.


reply to post by CrikeyMagnet


I'm pretty sure this was the Treasury's doing and not the Fed's. From what I understand, the NY Fed only hold other countries' gold, not the U.S. supply. I could be wrong.

ETA: Scratch that last part; Reread the OP and saw "U.S. gold" being audited. I was indeed wrong.