Is There Really Gold in Fort Knox?
FEBRUARY 24, 2011
Periodically, throughout history, whenever a fiat currency fails (as every fiat currency throughout history has), gold undergoes a revaluation to account for all the excess currency in circulation. If that were to happen today, the price of gold would go to at least $100,000 an ounce, and possibly as high as $200,000. That is, if there really is as much gold as there’s supposed to be in Fort Knox. But as this video blog with Michael Maloney and silver investment expert David Morgan reveals, that’s a mighty big if…
Over the past several years, gold market expert James Turk has written extensively about central bank interference and other irregularities in the gold market, including an article called Grist for the Mill which questions whether the Fort Knox gold is really there.
“A few little subtleties have come up,” David explains. “One of the subtleties that has come up was that President Bush was going to save money for the taxpayer and do away with the guarding of Fort Knox. Then he said, ‘Wait a minute, we can’t do that; there’s supposed to be some gold in there, right?’…
“There’s never been a real, physical audit since the ’50s, and it’s my understanding—and I have not read any notarized statement—but it’s my understanding that, even on that audit, a couple of high-powered politicians went in, they went into one area of the vault, and they brought out a couple of bars and put them into the senators’ hands. The senators said, ‘Yeah, that’s real gold,’ and probably it was. But that’s not an audit. That’s a dog-and-pony show.”
Michael points out another irregularity revealed in United States financial statements: The U.S. Treasury has loaned $11 billion worth of its gold to the Fed, secured against gold notes. In other words, the Fed has $11 billion worth of gold, and the Treasury holds $11 billion worth of paper gold notes, leaving something like $500 million worth of gold in the Treasury. And the Federal Reserve, by law, cannot be audited.
“I always had the thought that, if it ever came to the general public understanding that there is no gold in Fort Knox, or that the gold that’s there isn’t owned by the U.S., it’s owned by the Fed, that would be a trigger point,” David continues.
And that, Michael agrees, is the purpose of WealthCycles.com and the video blogs—to make the truth available to the public, via the powerful tool of Internet.
What do you think? How much, if any, gold is left in Fort Knox?
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