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Where’s the gold? NY Fed undergoes first-ever audit(!)

A massive trove of gold kept under lock and key five stories below Manhattan at the New York Federal Reserve has been undergoing its first audit in history. It could put conspiracy theories - for example, that the gold is a sham - to sleep for good.

According to the official record, the US government keeps billions of dollars in gold stored beneath the New York Fed's Italian Renaissance fortress around the block from Wall Street.

But conspiracy theorists claim that the gold stock may have been stolen years back in a dramatic caper, that it's been used for backdoor deals with foreign governments, or even that it's been removed and replaced with gold-painted metal bars.

And as many know, the stash has caught the attention of some politicians, most notably Texas Representative Ron Paul.

For years, Paul has called for an independent audit of not only the New York Fed, but of the Federal Reserve Bank as a whole.

But the government hasn't been eager to grant his wish.

In 1981, when Paul served on the Gold Commission – a panel formed by Congress to look into expanding gold's role in the US financial system – he argued for full gold audits to be carried out on an annual basis.

He has proposed legislation for an exhaustive review of all the gold kept on US soil, which includes bullion owned by various foreign governments in addition to America's.

"If the gold is there and everything is in order, they should welcome an audit," Paul said, as quoted by The Los Angeles Times.

Now, things seem to be moving in Paul's direction, at least at the New York Fed – which is by leaps and bounds the largest by assets, and most influential of America's 12 reserve banks.

The US government has been quietly carrying out an audit of all the American-owned gold at the New York Fed. The process involves drilling small holes in about ten per cent, or roughly 350, of the bars to make sure they're pure.

Continue: http://rt.com/usa/news/ny-fed-audit-gold-839/




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Gee only...Billions of dollars in Gold...

We're Trillions of dollars in Debt.

Its easy to fake an audit if you're the one who controls the auditing process, or hires the auditors. They did the same thing in the 1974 Congressional audit of Fort Knox Gold.

partial scan of the 1974 LAT article on missing Fort Knox Gold.
http://www.rumormillnews.com/pix4/pic38281.jpg

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"Take hold of the future or the future will take hold of you." -- Patrick Dixon

Have to wonder how they will really choose which bars go

into the 10% being tested. This audit is a start, but, it doesn't make me feel any better about the gold reserves in this country. Wouldn't surprise me if the 90% that aren't being tested are really bars of tungsten (has the same weight as gold) plated with gold.

1% of the supposed US owned gold @ NY Fed inspected.

A more complete report was published far & wide today. See below.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

If 10%

of what they have there is only 350 bars, we are in a world of chit....

"If ever time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin."
Samuel Adams

1% audit news far & wide today. Lies, damn lies & statistics.

Not much of an audit. Minor physical inspection of 350 bars.

The US Treasury is physically inspecting 350 bars... That is about 1% if the US Government owned bars on record as deposited at the NY Fed.

"Inside, a massive scale is ringed by 122 blue cages that hold about 530,000 gold bars -- 34,021 of which belong to Uncle Sam. The auditing team counted the U.S. stash, selecting more than 350 bars from which to extract samples for assaying."

This news is highly suspect. What they report makes little sense. Historical accounts vary widely. The reports confuse even Goldfinger history. He had no plan to steal Fort Knox gold; he planned to make it highly radioactive so none could possess it.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Ok, so they are supposed to

Ok, so they are supposed to have more than about 3500 total gold bars?

To climb the mountain, you must believe you can.

OK

12 reserve banks. the U.S. is supposed to have 8000 Tons of gold in reserve so yes i would think there should be more than 3500 bars at that location....

"If ever time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin."
Samuel Adams

This is a step forward

but useless useless all federal depositories are audited simultaneously.

November 6th 2012 I voted for Dr.Ron Paul
"We must remember, elections are short-term efforts. Revolutions are long-term projects." ~ Ron Paul