U.S. Gold, Going or Completely Gone?

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DrKrbyLuv's picture
DrKrbyLuv
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U.S. Gold, Going or Completely Gone?

Excerpts, full article link

The United States Geological Survey [USGS] publishes monthly Mineral Industry Surveys designed to provide a macro-import/export-overview of the U.S. precious metals [gold] industry.  The data in these surveys is supplied to the USGS principally by industry trade groups such as the World Gold Council as well as official sources like the U.S. Census Bureau:

 

I took special note of how 2,920 metric tonnes of "Gold Compounds" had been exported from the U.S. in 2008.  This number seemed BIGGER than BIG –  because the U.S is only alleged to have stockpiles of sovereign gold of 8,100 metric tonnes while annual U.S. mine production of gold is roughly 228 metric tonnes.  This figure of 2,920 metric tonnes is equal to 36 % of all alleged sovereign U.S. gold stocks or more than 14 times annual U.S. gold mine production. So, I was left wondering, "just what is/are ‘gold compounds'? I contacted the USGS and queried a qualified individual [who had working knowledge of this data stream] about the definition of "Gold Compounds".  I was told that, according to the U.S. Census Bureau – who supplies not only the definition but the actual reported numbers, gold compounds were typified by industrial type products containing low percentages/amounts of actual gold content – like gold paint.  I then reasoned with the USGS person, if such were the case, why would U.S. exports have increased in 2008 to nearly 3,000 metric tonnes [when the Global Economy was slowing and the U.S. Dollar was strong] from 2007, when U.S. exports totaled approximately 2,000 metric tonnes [when the U.S. Dollar was weaker and the Global Economy was booming]?  I noted that this was counter-intuitive and made no fundamental economic sense:

Ladies and gentlemen, the foregoing data and discussion with the USGS individual is proof that the United States of America [or criminal elements within its Treasury and/or The Federal Reserve] "HAS" surreptitiously exported physical gold - and continues to do so. It is confirmed. The exports are likely coin melt [or gold compound, if you prefer] from the great gold confiscation back in 1933; or alternatively, this terminology is being used to disguise physical repatriation of foreign gold bullion formerly on deposit with the N.Y. Federal Reserve. Such repatriations are recorded as "exports" in U.S. Trade data. Public acknowledgement of same would scream like a siren call that the global financial community has totally lost faith in American financial stewardship – hence the need to do so on the sly.  This is being done in a vain/desperate/losing battle to satiate "off the charts" global demand for physical gold bullion arising from the profligacy of the American Empire's two previous Administrations and to prop up the failing U.S. Dollar. Over the course of 2007 / 2008 – more than 5,000 metric tonnes of "Gold Compounds" have been exported from the United States of America representing more than 62 % of reported sovereign U.S. gold reserves

U.S. Trade Data Is Bogus

The value of these bullion exports significantly "skew" the doctored U.S. Trade numbers [coincidentally, also prepared by the U.S. Census Bureau] in an attempt to convey a picture that the U.S. financial position is improving.The reality is this, when gold exports are backed-out, the U.S. Trade picture is decidedly worse. The United States of America claims to possess a little more than 8,100 metric tonnes of sovereign gold stored principally at Fort Knox, Kentucky, West Point, N.Y., the Denver Mint and The New York Fed.  The sovereign U.S. gold reserve has not been independently audited since the 1950's during the Eisenhower Administration.  GATA's freedom of information requests are all about ensuring that the 8,100 metric tonnes of U.S. sovereign gold is still owned by the U.S. In April, 2008 the Federal Reserve responded to GATA's request, releasing hundreds of pages of worthless information with significant portions redacted.  They also claimed that they were withholding hundreds of additional pages of documents. The status of the withheld documents is currently under appeal. These stonewalling tactics – withholding details - are eerily similar to those employed by Messer's Bernanke, Paulson and Geithner refusing to divulge frank details as to "who" the beneficial recipients were of TARP and TALF funds. No credible audit of the Sovereign U.S. Gold Reserve will EVER be allowed – because the gold is simply not there. Hope you have some.

Larry 

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mcafeejs
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Re: U.S. Gold, Going or Completely Gone?

Larry, this is significant if it is corroborated.  Has it been?  Glenn Beck & John Stossel would love to do a story on something like this I think. 

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Re: U.S. Gold, Going or Completely Gone?

 (marking thread so I can keep up w/it)

DrKrbyLuv's picture
DrKrbyLuv
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Re: U.S. Gold, Going or Completely Gone?

mcafeejs - I haven't seen any corroboration yet.  The story is also posted at Financial Sense University and Rob Kirby's website may help with more info.

I probably should have noted that the original USGS .pdf reports are linked to the two charts in my original post.  Let me post the links here to be clear:

USGS 2008 Report .pdf

USGS 2007 Report .pdf

There is still room open for interpretation and context, hopefully someone else may be able to add more info.

Larry

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GATA explains how the 'Cartel' suppresses the Price of Gold

William Murphy of GATA explains how the 'Cartel' suppresses the Price of Gold

<snip>

Daily Bell: How convinced are you that the monetary elite manipulates the price of gold? How did you come to that conclusion?

Bill Murphy: The Gold Anti-Trust Action Committee's basic assertion for the past 10+ years is that there is a Gold Cartel out there suppressing the gold price. It consists of the US Government, including the Fed and Treasury, various other central banks, and bullion banks like Goldman Sachs and JP Morgan Chase. Bullion banks such as Goldman and Morgan became The Gold Cartel's hit men, trading the gold market from the short side and bombing the market in coordinated anti-trust fashion at the beck and call of our government, making a great deal of money in the process. It seems to have all started with Robert Rubin:

Before he was CEO of Goldman Sachs and then US Treasury Secretary, Robert Rubin worked as the top dog in London for Goldman Sachs. One of his duties was to oversee their gold trading operations. We know this because the CEO of Kirkland Lake Gold, Brian Hinchcliffe, whose firm is a staunch GATA supporter, worked in London back then for Goldman Sachs and reported directly to Robert Rubin.

This was many years ago (late 80's) and interest rates in the US were very high, say from 8 to 12%. Rubin had Goldman Sachs borrow gold from the central banks to fund their basic operations, doing so at about a 1 % interest rate. Then they sold the physical gold in the marketplace, using the proceeds as they so desired. This was like FREE money, as long as the price of gold did not rise to any sustained degree for any length of time.

Soon other major financial institutions realized what Goldman Sachs was doing and copied them. Rubin continued these operations as the overall Goldman Sachs CEO in New York and then took it to a new level as US Treasury Secretary. That is how the gold price suppression became the lynchpin of his widely acclaimed "Strong Dollar Policy." GATA's Reg Howe caught onto this notion by finding a paper titled, "Gibson's Paradox and The Gold Standard," co-authored by Lawrence Summers in 1988. Summers, a professor at Harvard at the time, succeeded Rubin as US Treasury Secretary. The bottom line of Summer's analysis is that "gold prices in a free market should move inversely to real interest rates." Control gold and it will help to control interest rates.

From GATA's standpoint it is a serious bummer that Summers is now the Director of the White House's National Economic Council for President Obama. Our energetic new President has the architect of America's economic demise as his key advisor.

I met with Bart Chilton, an outstanding and receptive commissioner with the CFTC, on December 19, 2008 and laid out GATA's evidence of the gold market manipulation. There were three others at our meeting from the CFTC, including their senior counsel. Bart took copious notes and I suggested he take what GATA had to say to the Obama people ... emphasizing the gold price suppression scheme would blow up before President Obama's watch was over due to dwindling available central bank gold to suppress the price. Better to let the gold price trade freely now and blame what occurred on the Bush Administration, rather than let the scheme go on and eat the problem on his administration's watch down the road.

Daily Bell: How about silver?

Bill Murphy: No question about it ... MANIPULATED! JP Morgan Chase is by far the major silver short and its position is way too concentrated for a free market. Silver needed to be manipulated along with gold in order to keep attention away from the price suppression scheme. Ted Butler, well known in the precious metals internet world, knows as much about the silver market as anyone, and has brilliantly articulated just how much silver has been manipulated ... and by whom.

Daily Bell: What motivates those who do this in your estimation?

Bill Murphy: The motives of "the cabal" are to give support to the dollar, keep US interest rates lower than they should be, and to tone down the widely watched US barometer of US financial market health, that being the gold price. After all, whenever the price of gold soars, it congers up talk of too much inflation, a sinking dollar, or a crisis of some sort ... all negative for Wall Street and the incumbent administration. That's exactly the sort of commentary you will be reading about in the weeks and months ahead as the price of gold soars.

<snip>

Full Article Here

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Juvysen
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Re: U.S. Gold, Going or Completely Gone?
SagerXX wrote:

 (marking thread so I can keep up w/it)

how does that work?

MarkM's picture
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Re: U.S. Gold, Going or Completely Gone?
Juvysen wrote:
SagerXX wrote:

 (marking thread so I can keep up w/it)

how does that work?

Click "subscribe" at the bottom of the original post.  Check "subscribe to this page".

To follow your "subscribed topics", go to the top toolbar under My Account and My Content Subscriptions.

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Re: U.S. Gold, Going or Completely Gone?

Here are a couple of my sources added to the mix.

http://www.financialsense.com/editorials/swenlin/2009/0529.html

http://www.financialsense.com/fsu/editorials/stinson/2009/0529.html

 

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mcafeejs
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Re: U.S. Gold, Going or Completely Gone?

requested snopes verify if it is true.  Sent article to [email protected], [email protected], & [email protected]

------------------email--------------------------------------

The article suggests there is no gold in Fort Knox referencing US geological service data.  If true this would make for some tremendous investigative reporting and kick along the FOIA request to which the article alludes.   Thank you for what you do.

http://www.financialsense.com/fsu/editorials/kirby/2009/0529.html

USGS 2008 Report .pdf

USGS 2007 Report .pdf

/////////////////////////////////////

From

http://www.peakprosperity.com/forum/us-gold-going-or-completely-gone/19889

-------------------------------------------------------------------

wait and see

DrKrbyLuv's picture
DrKrbyLuv
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Re: U.S. Gold, Going or Completely Gone?

Excerpts from Full Article

Did U.S. Export Over 175 Million Ounces of Gold?

The United States Geological Survey (USGS) publishes monthly Mineral Industry Surveys with one series that focuses on gold production, imports and exports. These reports include information from the U.S. Census Bureau on the quantities of refined gold bullion and gold compounds exported from the US.

The latest monthly report is from February 2009, which includes data for 2008 and early 2009. The February 2008 report is the oldest of these reports available at the USGS Web site (www.usgs.gov), which includes data for all of 2007. For prior years, there are annual reports that do not lay out the data in the same format.

U.S. net exports (gross exports minus imports) of refined gold were about 10.8 million ounces in 2008 and 11.2 million ounces in 2007.

The intriguing statistics contained in these two annual totals is the net exports of gold compounds. For 2008, there were net exports of 2,818 tons (90.6 million ounces) of gold compounds. In 2007, the net exports were 1,988 tons (63.9 million ounces).

Rob Kirby of Kirbyanalytics in Toronto contacted a USGS employee knowledgeable in the preparation of these reports. This employee told Kirby that the USGS had contacted the U.S. Census Bureau to confirm the accuracy and details of gold compounds exported.

This amount of gold exceeds what is held by all private parties in the U.S. combined. When the U.S. government called in gold in 1933, it then melted down the coins without refining. As a result, such bars from the coin melt would have a purity of around 90 percent gold. These would not qualify for description as refined gold, but could fit the definition of compound gold.

In the past few years, several gold traders have commented that a surprising number of coin melt gold bars were being delivered in London and Zurich markets, bars which almost certainly came from the U.S. Treasury vaults.

It is possible that some of these gold exports could be the repatriation of foreign central bank gold that had been stored with the New York Federal Reserve. Such transfers would be classified as "exports" for purposes of this report. The other possibility is that it could be gold formerly held by the only central bank in the world that had that much gold - the United States.

Wherever this gold came from, it is bad news for the U.S. government. If foreign central banks are pulling their gold reserves out of storage in the U.S., that signals lost faith in U.S. financial strength, which the U.S. government would not want the general public to learn about. If the U.S. government has actually been exporting its own gold, while still trying to pretend that the quantity in its vaults is unchanged, confirmation of such exports would clobber faith in both the U.S. government and the dollar.

The U.S. government has not had a genuine audit of its gold holdings in decades. In recent years, it has changed the description of gold holdings in reports so that now it is only described as "custodial gold" rather than gold reserves.

The so-called experts such as the World Gold Council, GFMS, and CPM Group do not include the appearance of all these gold supplies in their reports on global gold supplies and demand, which makes their analyses grossly inaccurate.

The U.S. government has a huge interest in hoping that the general public will not notice or care where all this gold came from. On the other side, for their personal financial protection, Americans urgently need to know the source of all this gold.

Kirby released his report last Friday. I expect that it will foster a clamor for disclosure. If the U.S. government resists providing the information, people will assume the worst - that the U.S. government has a lot less gold than it claims. It would be difficult for the government to lie about the source of this gold and get away with it - too many analysts will be double checking the information. Alternatively, the U.S. government could honestly admit where the gold came from, which I am confident will show much lower gold holdings than reported. No matter how the U.S. government responds, I anticipate that this matter will spark a sharp increase in the price of gold.

Larry

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