Wednesday, 20 February 2013

How much Gold? Ruh-roh!..................from Rico

The US Treasury has just released the results of an audit (internal, private) of their Gold holdings stored at the NY Fed. The US (which is supposed to hold the majority of its Gold reserves at the NY Fed) holds a total of 32,021 good delivery bars there according to this audit. Using a calculator...ooops.....the Treasury has inadvertantly admitted that instead of the 'official' 8,133.5 tons reported as Gold reserves, the actual physical Gold stored with the NY Fed is only 466.57 tons. - Sure, reportedly Treasury also holds Gold at Fort Knox, and if multiple prior reports that half the US Gold was held at the NY Fed are true, then +4,000 tons and 466 tons don't equate. Is this why it will take seven years to repatriate the 300 tons of Germany's Gold from the NY Fed? Odd, but leasing, swaps, and rehypothecation of the Gold stored at the NY Fed was not addressed by the audit which can be found at http://www.treasury.gov

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