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
"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.
Mines and Money Asia Tuesday-Friday, April 3-6, 2017 Hong Kong Convention and Exhibition Centre https://asia.minesandmoney.com/
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I have a nice profit and still like Gran, with their 1.7 P/E or so Gran can 4 bag in 2018 as gold is perking going over 1300 and mining stocks in general starting a rally. geodan thank you good info :-))
Note .... The gold bull market in the 1970s and 1980s happened even as the Fed tested record-high interest rates. The yield on the 30-year Treasury bond rallied sharply during the late 1970s, eventually topping 15% in 1981. Gold rallied from about $100 per ounce in 1976 to over $850 per ounce in 1980.
Gold finished the day, the week, the month and the year solidly in positive territory.
On the day, it was up $8.12 or .6% On the week, it was up $28.35 or 1.02 % On the month, it was up $28.16 or 1.02% And. . . last but not least, on the year it was up $152.00 or 13.2%.
Closing price: $1302.90
Silver also finished the day, the week, the month and the year in positive territory, but not quite as spectacularly as did gold.
On the day, it was up 7¢ or .4% On the week, it was up 55¢ or 3.4% On the month, it was up 54¢ or 3.2% And. . . on the year, it was up $152.00 or 6.4%.
Closing price: $16.92
For gold, it was the best year since 2011, the second straight year of posting gains and one that evolved despite a strong stock market, the constant threat of rising interest rates and, rightly or wrongly, an optimistic start to the Trump administration in terms of business and finance.
Quote of the Day “Large speculators have made a record shift in their positioning for the last two weeks. In the latest week, they reduced their net longs by 66,000 contracts after a reduction of ~51,000 contracts the previous week. This group of traders is usually considered trend-followers. The extreme positing by this group may provide a clue to a changing trend.
In contrast to speculators, commercial traders and bullion banks have reduced their net short positions in gold. This group of traders is usually referred to as smart (bankster) money. When this category hits the bottom in short interest, prices usually rise.
It has been hailed as an indicator that gold prices could have an advantage as we enter 2018.” – Annie Gilroy, Market Realist
10 charts that show why gold is undervalued right now - Frank Holmes - U.S. Global Investors | about 19 hours ago |
I have a nice profit and still like Gran, with their 1.7 P/E or so Gran can 4 bag in 2018 as gold is perking going over 1300 and mining stocks in general starting a rally. geodan thank you good info :-))
Note .... The gold bull market in the 1970s and 1980s happened even as the Fed tested record-high interest rates. The yield on the 30-year Treasury bond rallied sharply during the late 1970s, eventually topping 15% in 1981. Gold rallied from about $100 per ounce in 1976 to over $850 per ounce in 1980.
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