Paper Audit of Gold Ain't worth Paper!Submitted by Mark Twain on Fri, 07/08/2011 - 13:10
Paper audits don't shine! Fed and Treasury gold statements are rubbish... No shine at'all!
Adam Rabie, GoldNews.com CEO, Toronto, Canada weighed Federal Reserve and Treasury Department reports of US gold reserves & discrepancies. Discrepancies won!
Rabie concludes the confounded:
"There appear to be many gaps in audit work already done. The remaining issues that stand are that past audit work was not thorough or of a strict enough standard to ensure against possible misstatement. In short, independent auditors are often not directly involved in the physical audits and rather are admittedly working off of numbers provided to them by a potentially biased party. Furthermore, there have been no thorough and complete checks on whether the Treasury's use of their gold stock complies with current legislation, in particular the Gold Reserve Act. In addition, a lack of matching between Federal Reserve and Treasury financial statements calls into question some possibly obvious and odd errors. Moreover, there still lacks any audit on the Treasury's gold held at the Federal Reserve Bank of New York or the working stock of gold. Lastly, the issue of encumbrances remains as a major possibility of abuse of the Treasury's gold stock and will be difficult to settle without an extensive audit of all historical government financial dealings."
"On Auditing the Treasury's Gold" - find it at GoldNews:
Where is our gold?