Gold Gone? Germany Baffled as Fed Bars Access to Bullion

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Treasury whines about cost of Ron Paul's proposed Fort Knox audit

Fort Knox Wiki Image

W.C. Varones

CNBC:

The Treasury document says it would cost about $15 million to conduct an audit. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that would would take 400 people working for six months, according to the document.

$15 million??? Are you kidding me??? The Fed is printing $104 million a day. That's less than nine minutes of Fed printing. The Federal government spends $3.5 trillion a year. $15 million is less than a minute and a half of government spending. Obama's Porkulus was $800 billion. $15 million is less than 0.002% of Porkulus.

And 400 people working for six months sounds like shovel-ready jobs to me. Wasn't the Obama Administration for stimulus before they were against it?

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Forbes Predicts U.S. Gold Standard Within 5 Years

Paul Dykewicz
Human Events

A return to the gold standard by the United States within the next five years now seems likely, because that move would help the nation solve a variety of economic, fiscal, and monetary ills, Steve Forbes predicted during an exclusive interview this week with HUMAN EVENTS.

“What seems astonishing today could become conventional wisdom in a short period of time,” Forbes said.

Such a move would help to stabilize the value of the dollar, restore confidence among foreign investors in U.S. government bonds, and discourage reckless federal spending, the media mogul and former presidential candidate said. The United States used gold as the basis for valuing the U.S. dollar successfully for roughly 180 years before President Richard Nixon embarked upon an experiment to end the practice in the 1970s that has contributed to a number of woes that the country is suffering from now, Forbes added.

If the gold standard had been in place in recent years, the value of the U.S. dollar would not have weakened as it has and excessive federal spending would have been curbed, Forbes told HUMAN EVENTS. The constantly changing value of the U.S. dollar leads to marketplace uncertainty and consequently spurs speculation in commodity investing as a hedge against inflation.

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The Rule of Gold After The Financial Collapse

SARTRE, Contributing Writer
Activist Post

In a secular world, the operative "Golden Rule" is "He Who Has the Gold Makes the Rules". The condition of the global financial banking system is untenable. The aggregate amount of debt worldwide is anyone’s guess. The introduction of derivatives and counter claims pushes the chain of obligations into the unknown. All that is left is for central banks to create mountains of uninterrupted counterfeit money to roll over and delay the inevitable. The IMF chart of World Currency Reserve is a skyrocket line to oblivion. It does not reflect a healthy stockpile of treasure, but certainly manifests a new debt machine running to infinity. The Bullion Vault explains this reality in the following manner. "Sure, the Fed can create money. But it can't create credit (from the Latin credere, "to trust, have faith"). And it sure as hell can't let America's outstanding debts – both private and public – simply get written off now, neither at home nor abroad. Not after all that crashing and banging in ER from 2007-09. So never mind the record-large cash pile sitting at non-financial corporates. Never mind that their problem is too much debt, not the $1.8 trillion in cash they've already got. Never mind the 50-fold growth since 2007 to $1 trillion in US banks' cash holdings either. Again, debt is their problem – not a lack of money – but it doesn't matter. New money is the only fix Dr. Ben now has to hand (he's all out of interest-rate cuts). So those foreign reserves, US corporates and domestic banks already drowning in money will get flooded with more". Back in 1966 Alan Greenspan wrote inThe Objectivist, Gold and Economic Freedom. "Under a gold standard, the amount of credit that an economy can support is determined by the economy's tangible assets, since every credit instrument is ultimately a claim on some tangible asset. But government bonds are not backed by tangible wealth, only by the government's promise to pay out of future tax revenues, and cannot easily be absorbed by the financial markets". Since the gold standard was abandoned worldwide, the banksters have run wild.  So who owns all the gold? Part of the answer is that the official sector holds much less, than one might think. Wealth Daily concurs with the Dollar Daze list of largest holders of bullion - United States, Germany, International Monetary Fund, Italy, France, SPDR Gold Shares, China, Switzerland, Japan and Netherland, rank as the top ten.  "Central banks and multinational organizations (such as the International Monetary Fund) currently hold just under one-fifth of global above-ground stocks of gold as reserve assets (amounting to around 30,500 tonnes, dispersed across 110 organisations). On average, governments hold around 10% of their official reserves as gold, although the proportion varies country-by-country". So how much gold is there above ground? Total 165,600 metric tons above ground stock 1 metric tonne = 32,150.746 Troy ounces Total 5,324,163,537 Troy ounces Price Quote at $1,424.00 per ounce Total value in U.S. Dollars = 7 Trillion, 581 Billion, 608 Million, 876 Thousand and 688 Hundred Dollars of all gold worldwide. Since the US Mint reports that Fort Knox stores 147.3 million troy ounces, current redemption in U.S. Federal reserve notes would be approximately $366,261,298,432. That is a drop in the bucket against the outstanding Federal obligations, which exceed world GDP. Then there is the question of exactly how much gold remains in government hands or if the bullion is actually good delivery gold. View the video there is no Gold at Fort Knox for an alarming report. Have you ever wondered why the Federal Reserve and their co-conspirer central banks for decades waged a war against gold?The Paper Empire sums up quite nicely. "The Federal Reserve is arguably the most powerful institution in the world as it maintains the sole legal right to counterfeit the world’s reserve currency without limit and without oversight. This allows them to bail out the too big to fail banks, manipulate currencies, support foreign central banks and corporations and allow near endless government spending above and beyond what the government can pay for through direct taxation. A true, enforceable gold standard would put an immediate end to all of that". Now examine the seamy history of IMF gold sales. The next video, The IMF sold Gold plated tungsten bars to India, illustrates why the international banking system needs to be eliminated. TheGold-plated tungsten bars scandal is about to erupt. Imagine the chaos among banking circles when governments become aware of a bait and switch delivery fraud. If all the gold in the world has a current value of less than eight trillion dollars, how much could be bought by the Forbes 2011 Billionaires List, which breaks two records: total number of listees (1,210) and combined wealth ($4.5 trillion). How much do they already own?  What is never disclosed in official statistics of wealth ownership are the names of the true underworld bosses of the global controllers. The shadow manipulators conceal the extent of their money hordes. Most public lists painstakingly omit the master criminals. Their plan is to buy real assets with counterfeit notes obtained through illicit profits from rigged markets and phony financial derivative instruments.   When the banking system finally collapses with mathematical certitude from the burden of compound interest, these same crooks will be prepared to provide a specious substitute. The schemes described in IMF Plotting Gold-Backed SDRs?, make the following point. "The IMF is about as likely to help individual European countries subvert the euro via gold as it is to encourage debtor countries not to honor banking their debts. The IMF is a creature of the power elite, and it will always remain so, in our opinion. But none of this militates against the idea of the IMF backing its OWN currency (SDRs) with gold". Since 1999, the bulk of sales from central banks have been regulated by the Central Bank Gold Agreement/CBGAswhich have stabilised sales from 15 of the world's biggest holders of gold. Significantly, gold sales from official sector sources have been diminishing in recent years. Net central bank sales amounted to just 41 tonnes in 2009. A most revealing fact is that central banks and governments do not possess the bulk of gold supplies. The World Gold Council publishes an astounding pie chart, 83% of above ground stocks are in the hands of industry, investment and jewelry concerns. This overwhelming percentage points to an alternative to the fiat paper debt created banking tyranny.    Only individual ownership of gold, directly in your own possession can preserve any store of value when the next Draconian level of the Totalitarian Collectivism system is imposed after the financial meltdown hits in earnest. How much gold is enough?, offers up this solution.  "When individuals acquire gold in mass, politicians will be forced to address the public debt, and the true extent of the unconscionable confiscatory taxation condition that we all suffer. Limited government can be achieved, but must be based upon a currency that has gold convertibility. There lies the answer, keep enough gold to insist that real money will replace phony Fed notes. Nothing less will restore a store of value or a nation of free citizens". Remember that tyrannical regimes are always arbitrary. Executive Order 6102 was signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates" by U.S. citizens. This kind of blatant violation of the U.S. Constitution is routine. Citizen ownership of gold could very well become illegal again.  However, if it is, you will already know you are a pawn in a fascist state.   The risk banning gold ownership and government confiscation is always real for individuals. However, the prospects of rounding up gold bullion as contraband from banking institutions or the chosen and privileged financial elite, would require a coup d'état. The establishment will sacrifice hundreds of millions of expendable serfs, before it relinquishes the reins of superiority over the humble taxpayer. An underground barter economy will thrive, while it is condemned as a black market. Any attempt to substitute new money with a gold component, must allow for unlimited convertibility for it to be a legitimate monetary system. As long as the same globalists retain political rule, you can bank on the scheme proposed to be another sophisticated attempt to rob and enslave you, all over again. Douglas Herman offers up four possible scenarios, the best of which requires an old currency recall, and replacement with new species money. The other theories feed into the control matrix of the globalists to implement even greater despotic methods of servitude. Intentional civil unrest provides opportunistic excuses to herd the cattle into the pens of slaughter. Just owning private gold will not protect citizens adequately, until the gold hordes of the elite are stripped from their control.  The decisive test remains the same, who has the bullion makes the rules, with one caveat. If you are so foolish to accept the next new-fangled money hoax from the same banksters who brought you their planned global collapse, you deserve to be a slave. Business wealth creators need to lead the charge to abolish the phony debt created money monopoly. Financial Armageddon lays at the feet of humanity. Gold alone will not save you, but it will allow the means for rebuilding a society free of banksters’ tyranny, only, if you have the courage to remove their ilk from all seats of power and government.     Original article archived here  SARTRE is the pen name of James Hall, a reformed, former political operative. This pundit's formal instruction in History, Philosophy and Political Science served as training for activism, on the staff of several politicians and in many campaigns. A believer in authentic Public Service, independent business interests were pursued in the private sector. Speculation in markets, and international business investments, allowed for extensive travel and a world view for commerce.  SARTRE is the publisher of BREAKING ALL THE RULES. Contact batr@batr.org    Recently by SARTRE: The Reemergence of The NeoCons Totalitarian Collectivism  Is Gaddafi An Oil Robber Baron?

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Report: Swiss Bank Refuses to Release Gold

Bloomberg image: Adrian Moser 

Julie Crawshaw
Money News

A client of a major Swiss bank was recently refused access to his physical gold and had to hire attorneys and threaten to expose the bank publicly before finally getting it back in his own hands, according to Jim Rickards of Omnis.

“My inference is that that gold was not there,” Rickards told King World News. “The bank had to scramble, go out and find it somewhere before they could make good delivery.”

Rickards expects the world will eventually go to a gold standard-backed currency.

“To me, the big issue is, is it going to be intelligent or is it going to be ugly?” Rickards says. “Is it going to be something we think about, we have a public debate, hearing in Congress … we give some thought to, and then, over time … we do it in stages” so that markets can adjust.

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Gold Futures Jump to Record $1,429.40 on Demand for Currency Alternative

Adrian Moser - Bloomberg image

Yi Tian and Pham-Duy Nguyen
Bloomberg

Gold futures jumped to a record $1,429.40 an ounce on concern the U.S. will pump more cash into the economy and Europe’s debt woes will spread, boosting the appeal of the metal as an alternative to currencies.

Federal Reserve Chairman Ben S. Bernanke said the central bank may boost Treasury purchases. European officials were split on containing the sovereign-debt crisis. Gold priced in euros and U.K. pounds also rose to records, and silver futures extended a rally to a 30-year high.

“Fundamentals are very much bullish for gold,” said Frank Lesh, a trader at Futurepath Trading in Chicago. “The continuing European debt crisis is on traders’ mind, and that creates the flight-to-safety quality in gold.”

Gold futures for February delivery reached the all-time high in after-hours trading after closing up $9.90, or 0.7 percent, to $1,416.10 at 2:14 p.m. on the Comex in New York. The previous intraday record was $1,424.30 on Nov. 9. The metal was up $18.30, or 1.3 percent, to $1,424.50 at 4:43 p.m., compared with the settlement on Dec. 3.

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When the Fed Goes Bust, Ron Paul for Executor

James Grant
Lew Rockwell

These days, America's federally compliant, too-big-to-fail financial institutions are hard at work on their living wills. The next time disaster strikes, the authors of the Dodd-Frank reform legislation stipulate, banking behemoths must have plans at the ready to dissolve themselves, rather than have the taxpayers pay to wind them up. The Federal Deposit Insurance Corp. was pushing for such an approach to crisis management even before the 848 pages of HR 4173 landed on the nation's coffee table this summer with such a startling thud. Don't worry, Sheila Bair has told the bankers whose deposits her agency insures: It won't take more than 500 hours to throw together an acceptable submission.

But we have been thinking: If the likes of Bank of America, J.P. Morgan and Citigroup have to draw up end-of-days contingency plans, what about the central bank that lit the fuse on the bomb that nearly blew up the economy? Surely, it should have to make preparations for its own dissolution, too. Following is a short-form living will for the Federal Reserve. We submit it pro bono.

Actually, it may hearten Chairwoman Bair to know that it takes nothing like 500 hours to draft a suitable plan. Colleague Evan Lorenz was on the job for no more than 90 minutes, and he seems to have hit the highlights, starting with the identity of the Fed's executor (it's the Republican congressman from Texas).

Why would the Fed ever have to go out of business? Highly leveraged financial institutions forever wobble on the cusp of disaster, and the Federal Reserve Bank of New York, the largest of the Fed's 12 satellite banks, is leveraged 71:1. Maybe its management will zig when it ought to zag, and financial problems will overwhelm the parent.

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Award-winning Investor: The Federal Reserve Will Implode

Robert Wenzel
Economic Policy Journal

Last night at the Mises Institute in Auburn, Alabama, author, investor and global traveller, Jim Rogers, was awarded the prestigious Schlarbaum Prize for the lifetime defense of liberty.

Rogers told attendees to the event that the United States has had two central banks prior to the Federal Reserve and that they both disappeared. He said he fully expected the same thing to happen to the Federal Reserve. He charged that Ben Bernanke as Fed chairman only knows how to print money, and that this money printing policy of the Fed will cause it to collapse from within.

Rogers also called for an audit of Fort Knox and raised questions as to the quantity and quality of the gold there.

He said that the Great Britain was the world power of the 19th century, the United States the power of the 20th century and that China will be the world power of 21st century.

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Will the Dollar Rebound Before Being Dissolved Into Global Currency?

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