There are lies damned lies and Central Bank Gold statistics. Total official global gold holdings are reported to be 33,000 tonnes. That is 19% of all the gold ever produced in the world. But how can anyone ever believe any of these figures. Because no central bank ever has a public audit of all its gold holdings. Since the gold belongs to the people, they have the right to know if the gold actually exists, especially since the gold reserves are backing the currency.
WHY IS THE US GOLD NOT AUDITED?
But no, the truth about these gold reserves are veiled in total secrecy. And why we may ask. Why are the people as well as the creditors of a country not told the true financial position? What do these central banks have to hide? Let’s take the US. The US is allegedly holding 8,100 tonnes of gold, stored in Fort Knox, Denver and New York. The last official audit was 64 years ago in 1953 when Eisenhower was president. Since then, the US Government claims that the US gold has been audited over a period from 1974 to 2008. But no proper figures have ever been published.
FORT KNOX – WHERE IS THE GOLD?
The first question to ask is of course how an audit can ever take 34 years!!!! Only a government organisation can take 1/3 of a century to audit their assets. I know of no company in the world that can take 34 years to report their assets to the shareholders. The stakeholders of the US gold are the US people and they certainly have the right to know if the country really holds $332 billion worth of gold. Steve Mnuchin, the US Treasury Secretary, spent an afternoon in Fort Knox last week. After having seen a few percent of the total gold held there, he confirmed that it was SAFE! Well, that’s good to know but he obviously hasn’t got a clue how much is there.
Secondly, an audit carried out over 34 years cannot possibly be accurate. The movement in gold over that period would totally nullify the accuracy of the audit.
Thirdly an audit should be carried out by independent auditors. This audit was done by a Government Committee for Gold and the Treasury. The exact method of the audit has not been revealed but according to some sources, the methods were highly suspect.
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