Saturday, December 30, 2017 2:29:58 PM
(GATA) U.S. gold reserves are not good enough to be tradable, expert tells Russia Today
Submitted by cpowell on 03:01PM ET Saturday, December 30, 2017. Section: Daily Dispatches
U.S. Gold Is of Low Purity and That's Why an Audit of Reserves Will Never Be Allowed, Expert Tells RT
From Russia Today, Moscow
Saturday, December 30, 2017
https://www.rt.com/business/414610--us--low--quality-- gold/
The United States doesn't let anyone see its gold reserves. Even if the Treasury has the number of billions it claims, they are not tradable, warns Singapore's BullionStar precious metals expert Ronan Manly.
The U.S. government claims to hold 8133.5 tonnes of physical gold in its official reserves. Fifty-eight percent is reportedly held in Fort Knox, Kentucky, 20 percent at West Point in New York state, 16 percent is said to be at the U.S. Mint in Denver, and 5 percent is held at the New York Fed
"The entire story around the U.S. gold reserves is opaque and secretive. There has never been a full independent audit of the U.S. gold reserves, and the custodians of the gold, the U.S. Mint and the Federal Reserve of New York, will not let anybody into the vaults to view the gold or to count it," Manly told RT.
However, despite the numerous accusations against the U.S. Treasury that it has much less gold than it claims, there is another reason, according to the expert -- U.S. gold is of bad quality.
"Even the details that have been provided on the supposed U.S. gold holdings show that a majority of the gold bars are low purity and in weights that don't conform to the industry standard 'good delivery' gold bar specifications," Manly says.
"So even if the United States has the amount of gold it claims to have, most of this gold would not be acceptable for trading on the international market, and could be used only in swap transactions with other central banks that wished to swap 'good delivery' gold bars for low-purity and unusual-weight U.S.-held gold bars," he added.
If the claims about lower-than-claimed U.S. gold reserves are true, it would reshuffle the entire global economy, Manly predicts. Though it wouldn't hit the U.S. dollar directly or result in an immediate shift away from using the U.S. dollar for international trade, the consequences will be sizable.
"Firstly, proof of lower U.S. gold reserves than claimed would add pressure for a full independent audit of all U.S. gold reserves. It would also put the spotlight on the gold reserves of other major trading blocs such as the eurozone and China and Russia, and open up a debate as to what is the role of gold in the international monetary system, which is something the U.S. government constantly tries to avoid," the expert says.
"It would also then refocus attention on international holders of U.S. dollars pre-August 1971 when Nixon closed the gold window, because those outstanding dollars held at the time by foreign central banks are still technically convertible into gold at the official gold price of the time," he added.
Moreover, if the U.S. Treasury gold holdings are falsified, it would put additional pressure on other central banks that have gold in the United States.
A proper check of the U.S. gold reserves should include weighing all gold bars, checking assays, and publishing a full weight list in the public domain, Manly says. adding that the audit would have to be conducted by an entirely independent auditor. It will never be allowed by Washington, Manly says.
http://www.lemetropolecafe.com/Le_Menu.cfm
Recent GOLD News
- Notice of Release of Barrick’s First Quarter 2024 Results • GlobeNewswire Inc. • 04/09/2024 11:00:00 AM
- Strategy-Driven Barrick Builds on Value Foundation • GlobeNewswire Inc. • 03/28/2024 09:20:38 PM
- Barrick Hunts New Gold and Copper Prospects in DRC From Kibali Base • GlobeNewswire Inc. • 03/20/2024 02:00:00 PM
- Barrick Opens Academy at Closed Buzwagi Mine • GlobeNewswire Inc. • 03/18/2024 08:00:00 AM
- Barrick to Grow Production and Value on Global Asset Foundation • GlobeNewswire Inc. • 03/15/2024 11:53:01 AM
- Loulo-Gounkoto Delivers Another Value-Creating Performance • GlobeNewswire Inc. • 03/10/2024 10:00:00 AM
- Passing of the Right Honorable Brian Mulroney • GlobeNewswire Inc. • 03/02/2024 01:17:35 AM
- Kibali and DRC Partner to Promote Local Content • GlobeNewswire Inc. • 03/01/2024 02:22:43 PM
- Tanzanian Parliamentary Committee Lauds Barrick’s Work at North Mara • GlobeNewswire Inc. • 02/23/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/14/2024 10:28:08 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/14/2024 08:05:25 PM
- Clear Strategies and Strong Partnerships Set Barrick Up to Outperform, Says Bristow • GlobeNewswire Inc. • 02/14/2024 11:00:00 AM
- Barrick Announces New Share Buyback Program • GlobeNewswire Inc. • 02/14/2024 10:59:00 AM
- Barrick Declares Q4 Dividend • GlobeNewswire Inc. • 02/14/2024 10:58:00 AM
- NGM Strongly Positioned for Growth • GlobeNewswire Inc. • 02/10/2024 01:00:16 AM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/08/2024 03:03:08 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/08/2024 12:46:55 PM
- Geologically Driven Asset Management Delivers Barrick’s Third Successive Year of Reserve Growth at Sustained Quality, While Unlocking Embedded Growth Portfolio • GlobeNewswire Inc. • 02/08/2024 12:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/01/2024 06:04:56 PM
- Africa’s Largest Gold Mine Now Also One of Its Greenest • GlobeNewswire Inc. • 01/29/2024 04:00:00 PM
- Barrick Continues to be a Major Value Creator for Mali • GlobeNewswire Inc. • 01/27/2024 09:00:00 AM
- Barrick’s Lumwana Super Pit Project On Track for First Production in 2028 • GlobeNewswire Inc. • 01/23/2024 03:35:00 PM
- Barrick’s Tanzanian Mines on Tier One Track With Potential for Extending Lives, Growing Production • GlobeNewswire Inc. • 01/21/2024 12:00:00 PM
- New Airport Terminal at Kahama Airstrip to Leave Lasting Legacy at Barrick’s Buzwagi Gold Mine • GlobeNewswire Inc. • 01/21/2024 08:00:00 AM
- Barrick Reports Higher Q4 Gold Production • GlobeNewswire Inc. • 01/16/2024 12:00:00 PM
UC Asset Expected to Report $0.03/share Net Profit for 2023 • UCASU • Apr 11, 2024 10:00 AM
Kona Gold Beverages & Apple Rush Co. Execute Joint Venture & Manufacturing Agreement • APRU • Apr 11, 2024 9:40 AM
VAYK Confirmed Its Eligibility for $1.8 Million Investment through Federal EB5 Program • VAYK • Apr 11, 2024 9:00 AM
ILUS Moves Forward With Its Two Subsidiary Uplists and Equity Dividend • ILUS • Apr 10, 2024 9:36 AM
Quartz Intersects 102m of 2.22 g/t Au and 104 g/t Ag Announces New Discovery at Prodigy on its Maestro Project, British Columbia • QZM • Apr 10, 2024 8:00 AM
Swifty Global Announces Record Annual Results Ahead of National Exchange Reverse Merger • DRCR • Apr 9, 2024 1:55 PM