Wonder why Yahoo has been told to publish an article on the Federal Reserve Bank New York’s gold vault? The vault has not been audited since 1953 other than a glimpse behind one of the doors in 1974. Other than that we have no idea what’s in this vault – dust, chemical weapons, chocolate bars, gold or unicorns. We have no idea.
We know that the last credible, examination of Fort Knox’s gold was sixty-one years ago, 1953. Rumors and reports that gold was being bled from Fort Knox to help pay the bills of WWII and the Korean War caused Dwight Eisenhower to reassure America its gold in Fort Knox was still safe. There is no evidence that inspection was a thorough audit (reports said it was a spot check of 5% of the gold), but final reports decided all was in order.
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This time, the government was ready. It would spend a theatrical afternoon showing off some gold without revealing anything. The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. Source – Sound Money Defense League
We did have Secretary of the Treasury, Steve Mnuchin, along with his trophy wife, stop by Ft. Knox last year long enough to tweet out “gold is safe”. Well, we already know “gold is safe”. We, the precious metals community are well aware of gold being fine. How much gold is in the vault is what we want to know. Got any answers? No. Okay.
The latest propaganda piece created to give you the warm and fuzzies about gold being held in your name.
About 80 feet below Wall Street lies about 6,350 tons of gold, made up of about 508,000bars, that are collectively worth hundreds of billions of dollars.
According to ‘Key to the Gold Vault,’ a Federal Reserve Bank of New York (FRBNY) publication, the gold vault in the New York Fed’s basement “is the world’s largest accumulation of gold and belongs to 36 foreign governments, central banks, and official international organizations.”
Those depositors need to make sure their stash is safe.
There’s only one way to get into the vault: a 90-ton steel door that spins in a cylinder motion to open the accessway. When any compartment inside the vault is opened, three people, including one New York Fed auditor, must be present to ensure that the gold is safe.
The main door for the New York Federal Reserve gold vault. (Photo: New York Federal Reserve)
When gold enters the vault, the New York Fed uses an old-school scale to weigh and value the gold bars. The gold is then stored in individually-numbered lockers secured by three locks.
Gold vault holds ‘the world’s largest accumulation of gold’
At the time that the main vault opened in September 1924, “foreign-owned gold on deposit was valued at $26 million.” As of August 2017, that amount has dramatically increased to between $240-260 billion worth of gold. Source – Yahoo Finance
You are, of course, welsome to believe what makes you sleep best at night, but I’m going to hold on to my cynicism about the gold being fine and their being 8,300+ tons of gold being held by the Federal Reserve. Call me a conspiracy theorist if you choose, but given the track record of the federal government, the privately owned Federal Reserve Bank and corporate media it seems a little foolish to believe anything these known liars have to say. If the gold is there then conduct a full audit. The cost is pennies in comparison to what the government spends ON AN HOURLY BASIS. Even if the cost were in the neighborhood what we spent on the Mueller investigation – estimated to be close to $25 million – that would be equal to less than 4 minutes of spending in 2010 Federal Reserve Notes.
Let’s put that number in context. There are 365 days in a year, 24 hours in a day, and 60 minutes in an hour. That adds up to a total of 525,600 minutes. Divide that figure into the $3.6 trillion in FY2010 spending and you find that the federal government spends about $6.85 million per minute. Source – CBS News
Got physical gold in your possession? If not, you have a problem.
