Treasury’s Audit of the Federal Reserve’s Gold Is Pure Propaganda
2013-02-20 0:00

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

Gunman Storms Dutch TV Station Demanding Airtime
2015-01-30 23:32
Dutch authorities have released few details about the bizarre case of 19-year-old Tarik Zahzah’s attack on the main news studio of television station NOS on Thursday. To get the obvious question out of the way first, the police say there is no evidence that Zahzah, who is half-Egyptian, acted on behalf of organized terrorism. The authorities always say that on the ...
How Alan Dershowitz bullied rape victims to protect a serial child molester
2015-01-30 23:40
Harvard law professor Alan Dershowitz always felt children were fair game for Israeli missiles. Now the question is whether he thinks they are fair game for the sexual exploits of his powerful associates and himself. Dershowitz and the UK’s Prince Andrew were accused in a recent court filing of raping a teenage girl who was forced into sexual slavery by ...
Alchemical Banksters
2015-01-30 22:39
This past week, the world's preeminent vultures, the economic power elite, met in Davos to discuss the maintenance of their global fiat hegemony. Highlights included furthering austerity, noting that the serf class can't have air conditioning and cars, as well as cheering on the death of privacy through the rise of technocracy. The degenerate elite, completely out of touch with ...
Men must prove a woman said ’Yes’ under tough new rape rules
2015-01-30 4:54
New guidance will be issued to all police forces and prosecutors as part of a ’toolkit’ to move rape investigations into the 21st century Men accused of date rape will need to convince police that a woman consented to sex as part of a major change in the way sex offences are investigated. The Director of Public Prosecutions said it was ...
4 beheaded in Saudi Arabia less than a week into King Salman's rule
2015-01-30 3:13
Comment: So when will the the "Human rights" promoting liberal west elite decide invade Saudi Arabia like they did Libya? Members of Magic Movement stage a mock execution scene in protest of Saudi Arabia beheading of eight Bangladeshi workers in October 2011. Four people have been executed in Saudi Arabia less than a week after 79-year-old King Salman assumed power following the ...
More News »