Treasury’s Audit of the Federal Reserve’s Gold Is Pure Propaganda
2013 02 20

By Lee Rogers | BlacklistedNews


The U.S. Treasury just released a new report claiming to have performed an audit of U.S. gold held by the Federal Reserve. To be blunt, the report is a complete joke. The report says that the Treasury’s Office of Inspector General performed an audit of the U.S. Treasury’s schedule of U.S. gold reserves held by the Federal Reserve. In other words the report states that they performed an audit of a paper trail and not the actual gold itself. What good is this so-called audit if all they did was check some numbers listed on a schedule? There is little doubt that this report is part of a deliberate disinformation campaign to mislead people into believing that a real audit of U.S. gold reserves was performed.

This is a direct quote from the Treasury’s report stating that they audited a schedule.

We have audited the accompanying Department of the Treasury’s Schedule of United States Gold Reserves Held by Federal Reserve Banks as of September 30, 2012 (the Schedule). This report presents our unqualified opinion on this Schedule.

In fact the entire section dedicated to describing the scope of the audit only mentions auditing and confirming that the numbers in the schedule are correct. There is nothing in the report that talks about a physical audit of the gold itself so even calling this an audit is generous at best.

As expected their opinion on the schedule claims that nothing is wrong and that the general public should assume that everything is fine with the gold reserves. Here’s the full opinion from the Treasury Inspector General as stated in the report.

In our opinion, the accompanying Schedule presents fairly, in all material respects, the balance of the Department of the Treasury’s United States Gold Reserves Held by Federal Reserve Banks as of September 30, 2012, in conformity with U.S. generally accepted accounting principles.

What’s really strange about this is that there are reports from the Los Angeles Times and other news outlets quoting some mystery representative from the Treasury’s Office of Inspector General who says that they spent time counting and testing the purity of the gold bars held by the Fed. The mystery representative even goes on to claim that three of the gold bars they tested were of higher purity than they originally thought. Specifically, the Los Angeles Times report says that weeks were spent counting and testing the gold. If they spent all of this time doing this than why is there no reference to these activities listed in the report? One would think that it would be important to mention these things if a real accounting of the gold took place. Most likely however, these statements from this unnamed source are either grossly exaggerated or outright lies.

The vast majority of U.S. gold is not held by the Fed but elsewhere in places like Fort Knox and Denver. So even if we assume that this was a legitimate audit, the Treasury’s report fails to account for most of the gold reserves. What good is this report if it only examined a small fraction of the aggregate total of gold?

[...]

Read the full article at: blacklistednews.com



Related Articles
Dollar Collapse: Where is Germany’s Gold?
Germany Repatriating Gold from the New York Federal Reserve
Gold bars that can be used as emergency payment
Uh Oh: Germany Wants to SEE its US Gold


Latest News from our Front Page

UK hospital accused of selling body parts for booze
2014 07 31
A leading cancer hospital is to be investigated following allegations that one of its staff members exchanged human body samples for whisky and cash. The calls to investigate Christies NHS foundation trust came after the accusation was made by an anonymous whistleblower, prompting British MP Rosie Cooper to contact the watchdog, the Human Tissue Authority (HTA), the Manchester Evening News reports. British ...
15 dead, over 220 injured as multiple gas explosions hit Taiwan city
2014 07 31
Several blasts have ripped through Kaohsiung, a city in south-western Taiwan, killing 15, injuring over 220 and overturning the cars in the street, the Fire Agency said. The cause is thought to be gas leaks in the sewage system. The number of those injured is expected to rise, the Fire Department said. Many were also taken to schools across the city ...
TYPOGRAPHICAL ERROR on front page of alleged U.S. criteria for terrorist list
2014 07 31
We highlighted the recent report from Glenn Greenwald’s site, The Intercept, about the United States administration’s ’Terror Watch List’, and how "a 166-page document issued last year by the National Counterterrorism Center, spells out the government’s secret rules for putting individuals on its main terrorist database". Read: BLACKLISTED: The Secret Government Rulebook For Labeling You a Terrorist A reader with a sharp ...
Why is the State so obsessed by, and careless with, deadly pathogens?
2014 07 31
Earlier this month, we ran a report on the CDC anthrax blunder. As if that weren’t bad enough, there have been additional exposures since we posted that report. This time, it involved the shipment of live, highly contagious, and deadly H5N1 avian influenza samples. As previously reported, as many as 841 scientists and staff members at a US Centers for Disease ...
‘Catastrophic’: Hedge fund billionaire Paul Singer warns of EMP
2014 07 31
Imminent: ‘Only a matter of time’ until entire electric grid destroyed by natural or man-made event… Billionaire hedge fund manager Paul Singer is warning investors – and more broadly, lawmakers and leaders – about the potential destructive power of an electromagnetic pulse, or EMP, which could be triggered by solar events or artificially, via blasts in the atmosphere. According to Singer, research ...
More News »