Chart usGOLD   Chart usSILVER  
 
Food for thought
Raise less corn and more hell
Mary Elizabeth Lease  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1294.08-0.58
Silver 19.630.01
Platinum 1404.500.00
Palladium 794.900.90
WORLD MARKETS
DOWJONES 16409-16
NASDAQ 40969
NIKKEI 1451699
ASX 544532
CAC 40 443226
DAX 941092
HUI 220-2
XAU 90-1
CURRENCIES ($)
AUS $ 1.0722
CAN $ 1.1021
Euro 0.7241
GBP (£) 0.5956
Sw Fr 0.8833
YEN 102.4300
RATIOS & INDEXES
Gold / Silver65.92
Gold / Oil12.41
Dowjones / Gold12.68
COMMODITIES
Copper 3.050.02
WTI Oil 104.300.83
Nat. Gas 4.740.21
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Gary North: Auditing the Fed's gold
Published : January 25th, 2012
230 words - Reading time : less than a minute
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet

 

 

 

 

Financial writer Gary North today is heartened that all the candidates for the Republican presidential nomination support auditing the Federal Reserve, and he echoes GATA's observation that the big question about the U.S. gold reserve is not just whether and how much gold is held in the vaults but also whether its ownership is encumbered in any way, as through gold swaps and leasing.

North writes: "If the Fed is fully audited, it is likely that the audit will reveal that the gold is encumbered. Foreign central banks have leased their gold. This is a phrase for 'sold the gold,' since the people who borrowed it at 1% per annum then sold it for money and bought government bonds paying 5% or more. They cannot sell these bonds at face value; the bonds have fallen in value. They cannot afford to buy gold in the open market to return the gold to the central banks. The price is already far above what they sold it for. The central banks dare not demand a return of this gold. The gold is still on their books. The IOUs they received from the borrowers are counted as being as good as gold. The voters do not know that the gold is missing."

North's commentary is headlined "Auditing the Fed's Gold" and it's posted at GoldSeek here:

http://news.goldseek.com/LewRockwell/1327072200.php

And at Lew Rockwell here:

http://lewrockwell.com/north/north1089.html

 

 

Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
Chris Powell
All articles by
Chris Powell
Next article by
Chris Powell
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Chris Powell

Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
Chris Powell ArchiveWebsiteSubscribe to his services
Most recent articles by Chris Powell
4/20/2014
4/20/2014
4/19/2014
4/19/2014
4/18/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer