Koos Jansen
BullionStar Blogs
Koos Jansen
Posted on 27 Mar 2014 by

A First Glance At US Official Gold Reserves Audits

I probably missed this story because I didn’t have a blog when this came out in 2011, but apparently the official gold reserves of the United States are being audited every year. I thought the last audit was done in 1974, based on information from the mainstream and alternative media; darn media! Though I haven’t been the only one who has ever been misinformed on this subject.

Ron Paul, who was a well informed member of the US House of Representatives in 2011, proposed new legislation at the time to have yearly audits of the US official gold reserves: The Gold Reserve Transparency Act (not enacted). Only during the preparation of the congressional hearing Dr Paul became aware there had been yearly audits in recent decades. Strangely the biggest proponent of a gold standard in US politics didn’t have access to this information prior to the investigation. From Paul’s opening statement at the hearing June 23, 2011:

In a way, it seems as though someone decided to lock up the gold, put the key in a desk somewhere, and walk off without telling anyone anything. Only during the preparation for this hearing was my office informed that the Mint has in fact conducted assays of statistically representative samples of gold bars, and we were provided with a sample assay report.   

…This information should be published and available to the American people. This gold belongs to the people, especially since much of it was forcibly taken from them in the 1930s, and the Government owes it to the people to provide them with the details of these holdings. We would greatly benefit from a full, accurate inventory audit and assay with detailed explanations of who owns the gold and who is responsible for ownership, custody, and auditing. 

After digging through a few documents (source 1, source 2, source 3) regarding the US official gold reserves and audits that have been done from 1974 till present, I decided to write a post purely based on data published by the US government. This post will be part one of a series.

All Official Gold Reserves Stored On US Soil 

In total the US official gold reserves account for 8134 metric tonnes, this gold is owned by the US Treasury. It was handed over to the Treasury by the Federal Reserve in 1934, which in return received gold certificates. Currently these certificates on the balance sheet of the Federal Reserve are still valued at $42.22 – this statutory value was set in 1973. In my view the price of gold on the Fed’s balance sheet was never revalued to mark to market to deny gold’s true value and mask the weakness of the dollar in order to sustain the US dollar hegemony. Note, technically the gold certificates can’t be redeemed for gold, only for dollars.

Currently the US Mint is the custodian for 95 % of the Treasury’s gold, this is stored in 42 vault compartments at three different locations in the US. 4583 metric tonnes is stored at Fort Knox, Kentucky, 1364 metric tonnes at Denver, Colorado, and 1682 at West Point, New York. Additionally the US Mint holds roughly 70 metric tonnes in blank coins and working stock.

Click here for an overview of all US official gold reserves, here for a bars list in PDF or xls held at Fort Knox, Denver and West Point. (click here for the excel sheet from my Google Drive)

The Federal Reserve Bank of New York is the custodian of the remaining 5 % of the Treasury’s gold. 418 metric tonnes rest at the bedrock underneath 33 Liberty street, New York. Build in the early 1920’s this vault has 122 compartments that have a combined maximum capacity of over 12,000 metric tonnes. Excluding the 418 metric tonnes of the US Treasury, at this moment 6196 metric tonnes are being stored at the NY Fed for 36 sovereign nations and the IMF. According to my findings it’s not known how much every single nation has deposited – except for Germany, 1520 metric tonnes, and The Netherlands, 300 metric tonnes.

In the sreen shot below we can see the Federal Reserve values not only its own gold holdings at $42.22, but also the gold it stores for foreign nations. One could say this is done for the simplicity of accounting, I would say it supports the US dollar hegemony paradigm.

New York Federal Reserve foreign gold

Some central banks disclose the floating value of gold on their balance sheet, this acknowledges the true value of gold and the anchor, or sun,  it represents in the monetary system; the value of fiat currencies can rise and fall relative to gold. This is a screen shot of the balance sheet of the ECB, their gold is valued mark to market:

ECB balance sheet gold

How much gold from the IMF is stored at the NY Fed is also unknown. I tried to ask the IMF, but this institution appears to be impossible to penetrate regarding gold inquiries. They don’t handle any inquiries over the phone, the only entrance is an email address that repeatedly returned me the usual:

Given security concerns, the information you request is not available for public consumption.

We hope for your understanding.

Best regards,

Office of Public Affairs

Communications Department

International Monetary Fund

http://www.imf.org

E-Mail: publicaffairs@imf.org

The WGC, surprisingly, was also unable to help.

At this moment the only information I have is from a statement in writing (page 64) by Eric Thorson, US Inspector General, in 2011:

The U.S. gold contributions to the IMF are not included in the U.S. gold reserves reported by the Mint or Treasury. From 1947 through 1970, the U.S. paid its initial quota subscription and subsequent increases to that quota subscription to the IMF in four separate contributions. Those contributions were in the form of gold and were each valued at the time the payments were made. Overall, the U.S. contributed 47.9 million ounces [1490 metric tonnes] of gold, to the IMF.

…It should be noted that once the gold contribution to the IMF was made, it became the property of the IMF. In return, the U.S. received a claim on the IMF equal to the amount of its gold payment. To reiterate, this amount is not included in the U.S. gold reserves. It is our understanding that the gold contributed by the U.S., as well as gold contributed by other countries to the IMF is commingled.

We have been told that the IMF holds its gold in the following Central Banks: the Federal Reserve Bank of New York, the Bank of England, the Bank of France, and the Central Bank of India.

If the IMF’s gold is stored at central banks I can’t understand the safety concerns they mentioned. Which of these central bank’s vault is not safe?

Audits Of The US Official Gold Reserves

On September 23, 1974, members of Congress were invited to inspect the US official gold reserves stored at Fort Knox. Following the Congressional inspection, which involved removal of the seals and opening selected vault compartments, an audit was conducted in September and October 1974. The General Accounting Office (GAO), in cooperation with auditors from the Mint, Bureau of Government Financial Operations (BGFO), US Customs Service, and the Treasury Department’s Office of Audit conducted an audit of 21 % of the gold bars stored at Fort Knox. Assay tests were taken. In the report of the audit, the GAO recommended for continuing audits of the gold in custody of the Mint.

During the Congressional inspection the press was also allowed to enter Fort Knox and take pictures, which could have been the reason this audit kept buzzin around in the media for many decades as the last audit.

There have been several audits after 1974. On June 3, 1975 the Secretary of the Treasury ordered a committee, consisting of the Bureau of Government Financial Operations (BGFO), the Mint and the Federal Reserve Bank of New York, to conduct Continuing Audits of all United States Government-owned Gold. The order was designed to audit 10 % of the Treasury’s gold per annum.

Audits Of The US Official Gold Reserves At The Mint

As mentioned before the US Mint is the custodian of all the US Government-owned gold not stored at the Federal Reserve Bank of New York. In 1975 the staffs from the BGFO and the Mint were appointed to audit the gold stored at the Mint. During this process the gold bars were physically moved from one vault compartment to another. The melt numbers and the number of bars in each melt were verified with an inventory list (one melt averages about 20 bars cast from one crucible of molten gold). One in fifty melts was randomly selected for weighing and assaying.

US gold reserves 1944 - 1981.png

US official gold reserves 1981

This was done from 1975 to 1986, placing all inventoried vault compartments that it observed and tested under Official Joint SeaI. In 1986, 97 percent of the gold stored at the Mint had been audited.

Statement Eric Thorson from the Office Inspector General (IG) in 2011:

In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. Government-owned gold for which Treasury is accountable. Pursuant to that order, the Committee for Continuing Audit of the U.S. Government-owned Gold performed annual audits of Treasury’s gold reserves from 1975 to 1986, placing all inventoried gold that it observed and tested under an official joint seal.    

…The committee was made up of staff from Treasury, the Mint, and the Federal Reserve Bank of New York. The annual audits by the committee ended in 1986 after 97 percent of the Government- owned gold held by the Mint had been audited and placed under official joint seal.

From 1986 to 1992, the Mint continued on it’s own to perform annual audits in accordance with its own policies over those compartments that had not been placed under Official Joint Seal by the committee.

In 1993 the Office Inspector General Department of the Treasury (IG) took over and began conducting the annual audits of the Mint’s gold, including the Mint’s financial statements. For the first time an independent private contractor, KPMG, was hired to verify all statements. Additionally KPMG accompanied the IG on a number of observations in the vaults. To my understanding the IG has only assayed the final 3 % of gold held at the Mint that wasn’t placed under Joint Seal before 1986 under supervision of KPMG. Assay test that are published were conducted by the private firm Ledoux & Company (2004) and a US army branch White Sands Missile Range (2005-2008). Furthermore the yearly audits consisted of checking the Joint Seals that were placed on 97 % of the Mint’s gold before 1986.

By 2008 all gold held at the Mint, 7715 metric tonnes, was placed under Official Joint Seal. I haven’t found anything about the IG ever breaking old Joint Seals (pre 1986) to re-audit and assay gold in those compartments under the supervision of KPMG.

In 2010 the IG decided to renew all Joint Seals of the 42 vault compartments of the US Mint in the presence of an auditor of the IG itself and staff from the Mint. KPMG did not attend this procedure although KPMG had been contracted to supervise the audits since 2005. I find this remarkable as KPMG’s job was mainly to check the Official Joint Seals every year. Why didn’t they attend when these seals were broken and renewed in 2010?

From a statement (page 48) by Eric Thorson (IG) in 2011:

As discussed earlier, by the end of fiscal year 2008, all of the deep storage gold reserves in the Mint’s custody had been 100 percent inventoried and audited. During our fiscal year 2010 and 2009 audits of the deep storage gold, our audit procedures consisted primarily of inspecting the Official Joint Seals on the previously inventoried compartments to determine whether they had been altered or compromised in any way. We found no exceptions.

More recently the Mint decided to replace all of the previously placed Official Joint Seals with new seals. The new seals are more durable, having a double security barrier seal that can only be removed by two cuts with a strong cable cutter.

The Mint replaced all of the previously placed Official Joint Seals with new ones during fiscal year 2010. The seal replacement process consisted of two steps: (1) inspection of all previously placed Official Joint Seals on all the compartments containing deep storage gold to determine whether they had been altered or compromised in any way, and (2) placement of a new Official Joint Seal. The seal inspection and replacement process was carried out for all 42 deep storage gold compartments, in the presence of a Treasury OIG auditor, by a Mint headquarter staff person, representing the Mint Director, and a Mint storage facility staff person, representing the facility’s Plant Manager. For each Official Joint Seal removed, the Mint headquarters representative, the Mint storage facility representative, and the observing Treasury OIG auditor signed an inspection report; the same parties also signed the new Official Joint Seal that replaced the one removed.

Audits Of The US Official Gold Reserves At Federal Reserve Bank Of New York

US Treasury’s gold held at the NY Fed was audited periodically from 1975 to 1985 only by examiners of the Board of Governors of the Federal Reserve System. No independent private firm was contracted. The audit procedures followed were different from those at the Mint, as there were no assay samples taken to verify the purity of the gold. In 1985 the NY Fed ceased its audits completely.

It wasn’t until Ron Paul proposed The Gold Transparency Act in 2011 when he pressured Inspector General (IG) Eric Thorson to do an audit of the Treasury’s gold at the NY Fed. The hearing of Thorson, that was part of the investigation for the proposed legislation, revealed some remarkable facts.

Dr Paul confronted Thorson with the 31 U.S. Code § 5302 law (1982) on the Exchange Stabilization Fund (ESF) that states:

Subject to approval by the President, the fund [ESF] is under the exclusive control of the Secretary of the Treasury… Decisions of the Secretary are final and may not be reviewed by another officer or employee of the Government.

…The Secretary or an agency designated by the Secretary, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities the Secretary considers necessary.

Thorson responded that gold stored at the Mint can’t be used for such dealings, but he declined to mention that the gold at the NY Fed perhaps can. (Page 55)

Thorson also stated in 2011 (Page 55):

It should be noted that we are currently working with the Department and the FRB-NY to inventory and audit the Treasury gold that is on deposit with the FRB-NY. As part of the audit, we plan to obtain independent assays of a sample of the gold bars.

After this promise the IG published an audit report in 2012, done without the supervision of KPMG, of the Treasury’s gold stored at the NY Fed. In the report we can’t find any assay tests, though there has been a bar list of the 418 metric tonnes released. (page 129)

The NY Fed claims to have always done continuing audits on their own behalf (page 54):

The FRB-NY holds gold deposits on behalf of a number of account-holders, including the U.S. Govrnment. Upon depositing gold, FRB—NY matches the markings on each bar to the customer’s deposit manifest, and verifies the gross weight of the bars deposited. The FRB—NY refers to this process as earmarking the gold. Once the gold is earmarked, it is physically segregated, for the most part, by account holder. Once segregated, the gold is physically safeguarded and held under what the FRB-NY calls a triple control, continuous audit process. According to the FRB-NY, its continuous audit process includes three-party certification/presence anytime a vault is opened. So, when a vault is opened, it must be done in the presence of one representative from vault custodian team one, one representative from vault custodian team two, and one representative from the intemal audit staff. Furthermore, there are two separate combination locks (the combination of each known only to the respective vault custodian team representative), one audit lock, and an audit seal on every compartment containing customer gold. The FRB-NY also confirms the gold holdings of its respective customers upon request.

End of part one.

In Gold We Trust

Koos Jansen
E-mail Koos Jansen on:

  • Michael

    The words tungsten and electroplating come to mind.

  • Wil Martindale

    Good work Koos. It seems it’s the old school gold bugs who are responsible for propagating the claims that the US gold reserve is ZERO, a big difference from 8K plus tons. I think the question is, how much of that gold would be required to redeem all paper claims? But I think the answer there is zero, as it will not be the US Treasury that is held accountable for the coming default. They will gladly supply dollars and certain banks will appear to have “failed”.
    http://roacheforque.blogspot.com/

    • DayStar

      Harvey’s Up!

      Full Harvey here: http://www.tfmetalsreport.com/comment/394339#comment-394339

      GoldCore: Many analysts are ignoring the important context of
      today’s new geopolitical backdrop. Russia alone has some $400 billion in
      foreign exchange reserves – mostly in U.S. dollars. If they were to
      diversify just 5%, worth some $20 billion, of those reserves into gold –
      it would be equal to nearly 500 tonnes of gold or nearly 25% of global
      annual production. Russia bought another 7.247 tonnes of gold in
      February. It will be interesting to see what Russian demand is in March
      and indeed in the coming months. Sanctions could lead to materially
      higher demand from the Russian central bank, Bank Rossii. This would
      cause a material strain on the already fragile supply demand dynamics of
      the physical gold market. The possibility of a default on the Comex
      gold exchange would become more likely, with a consequent surge in the
      cost of gold coins and bars and a difficulty of securing physical gold
      either in allocated gold accounts or for delivery. Hong Kong’s net gold
      exports to China jumped 25% in February after a small drop in the
      previous month.

      Harvey: As I told you last night, options expiry finishes today.
      Since the price fell below 1300.00 dollars per gold and $20.00 for
      silver you can bet that many in the calls last weeks became worth
      absolutely zero. It is so great that we have regulators feeding at the
      trough as they do absolutely nothing. Expect that we will have continual
      pressure on the precious metals until Monday night, after first day
      notice. Then the crooks release the shackles and let gold/silver rise in
      order to repeat the process in 3 weeks. I am witnessing again an
      increase in the negativity at the GOFO rate settings. This means that
      London good delivery bars are becoming scarcer.

      Brian Blackstone: European Central Bank officials sent strong
      signals Tuesday that they are willing to consider dramatic steps to
      guard against dangerously low inflation, suggesting that the bank is
      prepared to shed some of its traditionally cautious approach. The
      possible tools, cited by some top policy makers from different parts of
      the euro zone, include effective negative interest rates — meaning
      rates so low that commercial banks would essentially pay the ECB to park
      their extra cash overnight. They also include purchases of government
      or private-sector debt to hold down long-term rates and spur lending.
      “We haven’t exhausted our maneuvering room” on interest rates, Bank of
      Finland Governor Erkki Liikanen, told The Wall Street Journal in an
      interview in Helsinki. Mr. Liikanen is on the ECB’s 24-member governing
      council. Asked what tools the ECB has remaining, Mr. Liikanen cited a
      negative deposit rate as well as additional loans to banks and asset
      purchases.

      Chris Powell: The location, disposition, and use of national gold
      reserves are secrets far more sensitive than the location and
      disposition of nuclear weapons. For control of the gold price, as
      Secretary Kissinger’s deputy explained to him in 1974, confers control
      of the currency and bond markets and control of interest rates
      generally, which in turn confers control of the value of all capital,
      labor, goods, and services in the world — the control of everything
      that has a price. Control of the currency markets is more powerful than
      any military force. Indeed, it is the primary mechanism of imperialism.
      We at GATA do not worship gold. We are not idolaters. GATA really
      doesn’t care what anyone uses as currency. No, GATA’s work is about
      restoring the prerequisites of human progress — free markets and
      transparency and accountability in government,limited government.
      Without free markets and transparency and accountability in limited
      government, no one at this conference has any idea of the real value of
      his company’s product, nor, for planning purposes, what that value might
      be. To the contrary, most things perceived today as market indicators
      are mere holograms, illusions, and all economic planning is actually a
      waste of time.

      Sprott Money Blog: The protection and the potential gains that
      precious metals offer may have alluded many in the West due to the
      constant barrage by the financial mainstream media and their never
      ending hatred of the precious metals. Coined by precious metals guru,
      Jim Sinclair, as MOPE (Management of Perspective Economics), but those
      in the East are not being so easily fooled. Another example of this can
      be seen in Singapore, where Silver Bullion Pte, a Singapore supplier of
      coins and bars is opening a brand new 600 metric ton vault. At current
      market prices, this vault would hold roughly $390 million in silver! The
      company’s reasoning for this? Demand. Silver Bullion Pte’s founder Greg
      Gregerson stated that due to the price correction of 2013, they have
      witnessed a doubling in sales and that “demand went through the roof”.
      Similar reports were made by precious metals dealers throughout the
      price correction of 2013.

      Ambrose Evans-Pritchard: The last bastion is tumbling. Even the
      venerable Bundesbank is edging crablike towards quantitative easing.
      Bundesbank chief Jens Weidmann was not exactly panting for QE in
      comments to Market News published this morning, it has to be said, but
      the tone marks a clear shift in policy. “The unconventional measures
      under consideration are largely uncharted territory. This means that we
      need a discussion about their effectiveness and also about their costs
      and sideeffects”, he said. “This does not mean that a QE programme is
      generally out of the question. But we have to ensure that the
      prohibition of monetary financing is respected”.

      Koos Jansen: In the financial section of the biggest newspaper in
      The Netherlands, De Telegraaf, an article was published on March 22
      about a growing Dutch population investing in physical gold; a young
      generation is becoming more aware of finance and is acting accordingly.
      This generation no longer chooses to save in saving accounts, but
      prefers to buy physical gold. “They see their parents don’t receive
      their promised pension and they expect themselves to get even less. They
      spent each month, for example, €200 or €300 euros on physical
      gold…More and more young people are buying gold coins and bars to
      ensure their retirement. According to a Dutch gold dealer: “The number
      of these customers has tripled in 2013.” I notice the same developments
      in my surroundings (I’m young and Dutch). It’s the generation who reads
      news from the internet instead of the mainstream media, vividly
      spreading awareness about economics, that is changing its views about
      prudent saving from pension funds to hard assets such as physical gold
      and silver.

      Zero Hedge: The Greek government and the EU bailout deal are on the
      verge of collapse due to the definition Of “Fresh Milk” as milk
      producers from other EU regions try to penetrate the Greek market. Why
      are foreign exporters so interested in penetrating the Greek milk
      market? Simple: prices. “Greece is the only country in Europe that has
      legislation to determine the shelf life of fresh milk and the price, at
      around 1.30 euros per litre, is among the highest in the EU. The
      Paris-based Organisation for Economic Co-operation and Development
      (OECD) says Greeks paid about a third more for dairy produce than the EU
      average in 2012.” One would think that the Greeks would welcome the
      competition from abroad, and that the lower price would be a good thing.
      Well, if cow farms and milkmen account for a substantial portion of the
      Greek GDP, not to mention employment pool, which apparently in Greece
      they do, it becomes clear why the nation which is now a complete and
      utter economic disaster quarantine area, would be leery of allowing any
      foreign influence to raise its already laughter inducing unemployment
      rate.

      Greg Hunter: Silver expert David Morgan is warning of coming
      financial changes that may be forced on the U.S. during the next G20
      meeting. Morgan says, “The impetus here is the U.S. has had too much
      financial power backed by the military for far too long, and they (G20)
      are going to implement change one way or the other. The IMF is basically
      an extension of the United States. Even though it’s called the
      International Monetary Fund, it is really U.S. based. With what’s been
      proposed here, the IMF is not going to have the clout that it once did
      because the G-20 is going to be able to overrule the IMF vote. This is a
      point in history, monetary history and global economic politics that
      could set a precedent . . . where it’s official that the U.S. dollar has
      lost its primary status as world reserve currency.” The supply of
      dollars out there is huge. The reason we haven’t seen inflation is those
      dollars have not been spent. The US loss of world reserve currency
      status would portend ‘I need to get out of the dollar and buy tangible
      assets. . . . Real estate, gold, silver, businesses, any tangible asset.
      This would be an impetus for these countries that don’t need dollars
      anymore. If I don’t need these dollars and I don’t settle oil in
      dollars, it’s not the supreme currency. I need to get out of it.’ If
      that mindset takes hold widespread, you could see the dollar dive in
      value against other currencies. There are so many dollars sitting out
      there doing nothing that could change like a flock of birds. They are
      all flying in one direction, and then for no reason we could understand,
      they go the other direction instantly. We could have an instant change
      where nation states say I need to get out of dollars. If that were to
      take place, you could see a huge change virtually overnight.”

      David Morgan: Morgan says, “I am on the record that it will hit $100
      an ounce, and that may be conservative. If you look back in history . .
      . an ounce of silver is basically a day’s wage in very, very good
      times. The minimum wage in some states is $9 an hour, and that equates
      to $72 a day. That means an ounce would be $72 at the minimum, just to
      be fair value today. . . . I don’t think we need to focus on the paper
      price but the value of silver relative to the market. . . . Two things
      to consider here: Silver is very undervalued where it is currently, and
      its value has a lot of upside. You really have to focus on what it
      purchased relative to what it purchased in the past, and we have not
      ever gotten to par.”

      The News Doctors: A March 25 article in The Washington Times was
      titled “Obama to Kill Navy’s Tomahawk, Hellfire Missile Programs in
      Budget Decimation” and on March 21, The Wall Street Journal published a
      commentary, “America’s Incredible Shrinking Navy.” When you add those to
      The New York Times February 23 article, “Pentagon Plans to Shrink Army
      to Pre-World War II Level”, you’ve got sufficient reason to begin to
      realize something very ominous is occurring. This concerned is
      heightened by the way dozens of high ranking officers are, in the view
      of some observers, being purged. A number of retired generals are
      speaking out about it. One of them, retired Army Major General Paul
      Vallely has charged that Obama is “intentionally weakening and gutting
      our military and reducing us as a superpower, and anyone in the ranks
      who disagrees or speaks out is being purged.”

      Brandon Smith (Personal Liberty Digest): Take These Steps Today To Survive An International Crisis Part 3 of 10: http://www.tfmetalsreport.com/comment/394339#comment-394339

      All this and more on…

      The Harvey Report!

      DayStar

      • DayStar

        Harvey’s comments on Wednesday price action (basis 1:30 PM EST)

        Quote:

        Gold closed down $8.00 at $1303.40 (Comex to Comex closing time).

        Silver was down another 19 cents to $19.76.

        In the access market tonight at 5:15 PM:

        Gold: $1311.00

        Silver: $19.98

        Tuesday, Mar 25th Gold and Silver Action (basis 1:30 PM EST)

        http://harveyorgan.blogspot.com/2014/03/march-262014-gld-loses-18-tonnes-of.html

        Total, Mar (Silver), Apr (Gold), May (Silver) Open Interest

        In silver:

        Quote:

        The total silver Comex OI surprisingly rose again by a whopping 2125
        contracts even as silver was down in price to the tune by another 9
        cents yesterday. It is difficult to make sense of the silver OI as the
        OI does not fall yet we do not see an increase in the amount of silver
        ounces standing. The total OI now rests tonight at 147,597 contracts.
        The big active delivery month for silver is March and here the OI fell
        by 157 contracts to 29. We had 156 notices filed yesterday so we lost
        another 1 contract or 5,000 additional ounces will not stand for metal
        in the March contract month.

        In Gold:

        Quote:

        The total gold Comex open interest fell today by 5,569 contracts from
        401,918 all the way down to 398,264 with gold down by $.20 yesterday.
        The OI for the March non active gold contract month fell by 5 contracts
        down to 7. We had 2 notices filed yesterday so we lost 3 gold contracts
        or 300 oz will not stand for the March gold contract. The next big
        active contract month is April and here the OI fell by another whopping
        16,625 contracts to 91,163. We have less than 1 week before first day
        notice, Monday, March 31, 2014. So far it looks like we will have a very
        low delivery month for April.

        Volume

        In Silver:

        Quote:

        The estimated volume today was fair at 35,083 contracts. The confirmed volume yesterday was very good at 44,095 contracts.

        Ladies and Gentlemen: the data looks to be severely compromised by the CME gangsters.contracts.

        In gold:

        Quote:

        The estimated volume today was fair at 179,311 contracts. The confirmed volume yesterday was good at 213,907.

        Inventory Numbers

        In Silver Inventory:

        Quote:

        Today, we had good activity inside the silver vaults.

        We had 0 dealer deposits and 0 dealer withdrawals:

        Total dealer deposit: nil oz.

        Today we had no dealer withdrawals.

        We had 1 customer deposit:

        i) Into Delaware: 4185.512 oz.

        Total customer deposit: 4,185.512 oz.

        We had 3 customer (eligible) withdrawals:

        i) Out of Brinks: 1011.000 oz (exact number of oz)

        ii) Out of HSBC: 5,298.900 oz

        iii) Out of Scotia: 60,459.900 oz

        iv) Out of CNT: 70,390.34 oz.

        Total customer withdrawals: 136,149.140 oz.

        We had 1 adjustment

        Out of the Scotia warehouse: 4925.600 oz was adjusted out of the customer and this landed in the dealer account at Brinks

        Registered (dealer) silver: 53.247 million oz

        Total of all silver: 181.604 million oz.

        In Gold Inventory:

        Quote:

        We had 0 dealer deposits and 0 dealer withdrawals.

        Total dealer withdrawals: nil oz.

        We had 2 customer deposits today

        i) Into JPMorgan: the 3rd level of 5 metric tonnes or kilobars:

        ie. in the last 4 days, 3 of those saw an exact 500 metric tonnes of deposit.

        Into JPM: 16,075,000 oz (500 Kilobars???)

        ii) Into Scotia: 55,467.489 oz

        Total customer deposit: 71,542.489 oz

        We had 1 customer withdrawal:

        i) Out of HSBC 204.06 oz

        Total customer withdrawals: 204.06 oz

        Today we had 0 adjustments

        Thus tonight, we have the following JPMorgan inventory levels in gold:

        JPM dealer inventory remains tonight at 214,097.318 oz or 6.659 tonnes.

        Today, 0 notices were issued from JPMorgan dealer account and 0
        notices were issued from JPMorgan’s client or customer account. The
        total of all issuance by all participants equates to 3 contracts of
        which 2 notices were stopped (received) by JPMorgan dealer and 0 notices
        stopped by JPMorgan customer account.

        The Total dealer Comex gold remains tonight at 637,591.610 oz or
        19.830 tonnes of gold. The total of all Comex gold (dealer and customer)
        rests at 7,506,421.262 oz or 233.48 tonnes.

        Tonight, we have dealer gold inventory for our 3 majorbullion banks
        (Scotia, HSBC and JPMorgan) with their gold inventory resting tonight at
        only 16.319 tonnes:

        i) Scotia: 157,966.367 oz or 4.913 tonnes

        ii) HSBC: 152,612.868 oz or 4.747 tonnes

        iii) JPMorgan: 214,097.318 oz or 6.659 tonnes

        Total: 16.319 tonnes

        Brinks dealer account, which did have the lion’s share of the dealer
        gold, saw its inventory level remain constant tonight at only 89,129.259
        oz or 2.772 tonnes. A few months ago Brinks had over 13 tonnes of gold
        in its registered or dealer account.

        Delivery Notices

        In silver:

        Quote:

        The CME reported that we had 23 notices filed for 115,000 oz today.

        In gold:

        Quote:

        Today we had 3 notices served upon our longs for 300 oz of gold.

        Contracts Left To Be Delivered + Month-To-Date Summary

        In silver:

        For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

        http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

        In silver:

        Quote:

        To calculate what will stand for this active delivery month of March,
        I take the number of contracts served for the entire month at 2057 x
        5,000 oz per contract or 10,285,000 oz to which we add the difference
        between the OI standing for March (29) minus the number of contracts
        served today (23) x 5,000 oz.

        Thus in summary:

        2057 contracts x 5000 oz per contract (served) or 10,285,000 oz +
        (29) OI standing for March – (23) number of notices filed today x 5000
        oz = 10,315,000 oz. We lost 5,000 additional oz which will not stand for
        the March silver contract month.

        In gold:

        Quote:

        In order to calculate what will be standing for delivery in March, I
        take the number of contracts served so far this month at 83 x 100 oz =
        8,300 oz and add the difference between the number of OI for the front
        month (7) minus the number of notices filed today (3)

        OI Summary:

        83 notices x 100 oz per contracts already served this March month or
        8300 oz + (7) the OI for the front March month – the number of notices
        served today (3) x 100 oz = 9,000 oz, the number of oz standing for the
        March contract month (0.27 tonnes). We lost 300 gold ounces standing for
        the March contract month.

        As you will see below we have only 16.319 tonnes in the registered or
        for sale category for the big 3 (JPMorgan, HSBC, and Scotia) and 19.091
        tonnes if you include Brinks. If you include tiny Manfra, we end up
        with a total dealer gold of only 19.83 tonnes. We have witnessed little
        gold enter the dealer except from Brinks and adjustments

        Dealer Inventory Summary:

        i) The total dealer inventory of gold settles tonight at a very
        dangerously low level of only 19.83tonnes.i) a) JPMorgan’s customer
        inventory rests tonight at 956,180.808 (29.74 tonnes).

        ii b) JPMorgan’s dealer account rests tonight at 214,097.318 oz (6.659 tonnes).

        iii) The 3 major bullion banks (JPMorgan, HSBC, and Scotia) have
        collectively only 16.319 tonnes of gold left in their dealer account,
        and what is totally remarkable is the fact that little gold entered the
        dealer Comex vaults despite December and February are the busiest months
        for the gold calendar. Another oddity is that the only gold that does
        enter the customer account are kilobars and kilobars are generally of
        demand from Eastern persuasion.

        Select Commodity Prices

        The Bloomberg Baltic Dry Index (BDI) was 1,578.00, down 1.50%. WTI
        May crude was 100.26 up 1.00. Brent crude was 107.00 up 0.01. The spread
        between Brent and WTI was 6.74 down 0.99. The 30 year US Treasury bond
        was down 0.0300 at 3.5500. The 10 year T-Note was down 0.0400 at 2.7000.
        The dollar was up 0.03 at 80.01. The PPT/Dow was 16268.99 down 98.89.
        Silver closed at 19.74 down 0.26. The GSR was 66.1499 up 0.5649 oz of
        silver per oz of gold. CIA’s Facebook was 60.38 down 4.51 (6.95%). May
        wheat was down 11.50 at 696.750. May corn was down 2.00 at 484.50. June
        lean hogs were up 1.100 at 126.300. May feeder cattle were up 1.025 at
        179.125. May copper was down 0.041 at 2.966. April natural gas was down
        0.009 at 4.402. May coal was up 0.50 at 60.33.

        Thank you for reading the Harvey Report!

        There is much more on Harvey’s blog http://harveyorgan.blogspot.com.

        Goooood day!

        **************

    • Navigator

      I think that Koos’s finding that the vault seals were changed without the presence of KPMG calls into question whether the gold claimed is still in the vaults or not.

  • atarangi
  • Save_America1st

    Howard Buffett was a U.S. Congressman. You may recognize the last name because he was Warren Buffett’s father.

    He delivered this speech to Congress in 1948 titled:

    Human Freedom Rests on Gold Redeemable Money

    http://www.fame.org/pdf/buffet3.pdf

    After reading this I think it’s easy to tell that old Warren’s greed
    for paper money and the power and control it has given him over others
    has far removed him from the same sentiment about gold that his father
    had. Warren is a paper whore who would hate for others to own physical
    gold or for the U.S. to be on the gold standard that his father
    obviously believed so strongly in.

    I know it’s a long post and I could have just left it with the .pdf
    link only…but I wanted to “C and P” it here for posterity so that it
    hopefully doesn’t get lost out there on the ‘ol interwebs again.

    I think Ron Paul would approve and I hope you all do to. :-)

    By HON. HOWARD BUFFETT U. S. Congressman from Nebraska

    Reprinted from The Commercial and Financial Chronicle 5/6/48

    Congressman Buffett stresses relation between money and freedom and
    contends without a redeemable currency, individual’s freedom to sustain
    himself or move his property is dependent on goodwill of
    politicians. Says paper money systems generally collapse and result
    in economic chaos. Points out gold standard would restrict government
    spending and give people greater power over public purse.
    Holds present is propitious time to restore gold standard.

    Is there a connection between Human Freedom and A Gold Redeemable
    Money? At first glance it would seem that money belongs to the world of
    economics and human freedom to the political sphere.

    But when you recall that one of the first moves by Lenin,
    Mussolini and Hitler was to outlaw individual ownership of gold,
    you begin to sense that there may be some connection between money,
    redeemable in gold, and the rare prize known as human liberty.

    Also, when you find that Lenin declared and demonstrated that
    a sure way to overturn the existing social order and bring
    about communism was by printing press paper money, then
    again you are impressed with the possibility of a relationship
    between a gold -backed money and human freedom.

    In that case then certainly you and I as Americans should
    know the connection. We must find it even if money is a difficult and
    tricky subject. I suppose that if most people were asked for their
    views on money the almost universal answer would be that they didn’t
    have enough of it.

    In a free country the monetary unit rests upon a fixed foundation of
    gold or gold and silver independent of the ruling politicians. Our
    dollar was that kind of money before 1933. Under that system paper
    currency is redeemable for a certain weight of gold, at the
    free option and choice of the holder of paper money.

    Redemption Right Insures Stability

    That redemption right gives money a large degree of stability.
    The owner of such gold redeemable currency has economic independence. He
    can move around either within or without his country because
    his money holdings have accepted value anywhere.

    For example, I hold here what is called a $20 gold piece.
    Before 1933, if you possessed paper money you could exchange it at your
    option for gold coin. This gold coin had a recognizable and definite
    value all over the world. It does so today. In most countries of the
    world this gold piece, if you have enough of them, will give you much
    independence. But today the ownership of such gold pieces as money in
    this country, Russia, and all diverse other places is outlawed.

    The subject of a Hitler or a Stalin is a serf by the mere fact that
    his money can be called in and depreciated at the whim of his rulers.
    That actually happened in Russia a few months ago, when the Russian
    people, holding cash, had to turn it in — 10 old rubles and receive
    back one new ruble.

    I hold here a small packet of this second kind of money — printing
    press paper money — technically known as fiat money because its value
    is arbitrarily fixed by rulers or statute. The amount of this money in
    numerals is very large. This little packet amounts to CNC
    $680,000. It cost me $5 at regular exchange rates. I understand I got
    clipped on the deal. I could have gotten $2½ million if I had purchased
    in the black market. But you can readily see that this Chinese money,
    which is a fine grade of paper money, gives the individual who
    owns it no independence, because it has no redemptive value.

    Under such conditions the individual citizen is deprived of freedom
    of movement. He is prevented from laying away purchasing power for the
    future. He becomes dependent upon the goodwill of the politicians for
    his daily bread. Unless he lives on land that will sustain him, freedom
    for him does not exist.

    You have heard a lot of oratory on inflation from politicians in both
    parties. Actually that oratory and the inflation maneuvering around
    here are mostly sly efforts designed to la y the blame on the other
    party’s doorstep. All our politicians regularly announce their intention
    to stop inflation. I believe I can show that until they move to restore
    your right to own gold that talk is hogwash.

    Paper Systems End in Collapse

    But first let me clear away a bit of underbrush. I will not take time
    to review the history of paper money experiments. So far as I can
    discover, paper money systems have always wound up with collapse and
    economic chaos.

    Here somebody might like to interrupt and ask if we are not now on
    the gold standard. That is true, internationally, but not
    domestically. Even though there is a lot of gold buried down at Fort
    Knox, that gold is not subject to demand by American citizens. It could
    all be shipped out of this country without the people having any chance
    to prevent it. That is not probable in the near future, for a small
    trickle of gold is still coming in. But it can happen in the future.
    This gold is temporarily and theoretically partial security for our
    paper currency. But in reality it is not.

    Also, currently, we are enjoying a large surplus in tax revenues,
    but this happy condition is only a phenomenon of postwar
    inflation and our global WPA. It cannot be relied upon as an accurate
    gauge of our financial condition. So we should disregard the current
    flush treasury in considering this problem.

    From 1930-1946 your government went into the red every year
    and the debt steadily mounted. Various plans have been proposed to
    reverse this spiral of debt.

    One is that a fixed amount of tax revenue each year would go for debt
    reduction. Another is that Congress be prohibited by statute from
    appropriating more than anticipated revenues in peacetime. Still
    another is that 10% of the taxes be set aside each year for debt
    reduction.

    All of these proposals look good. But they are unrealistic under our
    paper money system. They will not stand against postwar spending
    pressures. The accuracy of this conclusion has already been
    demonstrated.

    The Budget and Paper Money

    Under the streamlining Act passed by Congress in 1946, the Senate
    and the House were required to fix a maximum budget each year.
    In 1947 the Senate and the House could not reach an agreement on this
    maximum budget so that the law was ignored.

    On March 4 this year the House and Senate agreed on a budget of $37½
    billion. Appropriations already passed or on the docket will most
    certainly take expenditures past the $40 billion mark. The statute
    providing for a maximum budget has fallen by the wayside even in the
    first two years it has been operating and in a period of prosperity.

    There is only one way that these spending pressures can be halted,
    and that is to restore the final decision on public spending to the
    producers of the nation. The producers of wealth — taxpayers —
    must regain their right to obtain gold in exchange for the fruits of
    their labor. This restoration would give the people the final say-so on
    governmental spending, and would enable wealth producers to control the
    issuance of paper money and bonds.

    I do not ask you to accept this contention outright. But if you look
    at the political facts of life, I think you will agree that this action
    is the only genuine cure.

    There is a parallel between business and politics which quickly illustrates the weakness in political control of money.

    Each of you is in business to make profits. If your firm does not
    make profits, it goes out of business. If I were to bring a product to
    you and say, this item is splendid for your customers, but you
    would have to sell it without profit, or even at a loss that would
    put you out of business. — well, I would get thrown out of your
    office, perhaps politely, but certainly quickly. Your business must have
    profits.

    In politics votes have a similar vital importance to an elected
    official. That situation is not ideal, but it exists, probably because
    generally no one gives up power willingly.

    Perhaps you are right now saying to yourself: “That’s just What I
    have always thought. The politicians are thinking of votes when they
    ought to think about the future of the country. What we need is a
    Congress with some ‘guts.’ If we elected a Congress with intestinal
    fortitude, it would stop the spending all right!”

    I went to Washington with exactly that hope and belief. But I have
    had to discard it as unrealistic. Why? Because an economy Congressman
    under our printing- press money system is in the position of a fireman
    running into a burning building with a hose that is not connected with
    the water plug. His courage may be commendable, but he is not hooked up
    right at the other end of the line. So it is now with a Congressman
    working for economy. There is no sustained hookup with the taxpayers to
    give him strength.

    When the people’s right to restrain public spending by demanding gold
    coin was taken from them, the automatic flow of strength from the
    grass-roots to enforce economy in Washington was disconnected. I’ll
    come back to this later.

    In January you heard the President’s message to Congress. Or at
    least you heard about it. It made Harry Hopkins, in memory, look like
    Old Scrooge himself.

    Truman’s State of the Union message was “pie -in-the- sky” for
    everybody except business. These promises were to be expected under
    our paper currency system. Why? Because his continuance in office
    depends upon pleasing a majority of the pressure groups.

    Before you judge him too harshly for that performance, let us
    speculate on his thinking. Certainly he can persuade himself that
    the Republicans would do the same thing if they were In power.
    Already he has characterized our talk of economy as “just
    conversation.” To date we have been proving him right. Neither the
    President nor the Republican Congress is under real compulsion to cut
    Federal spending. And so neither one does so, and the people are
    largely helpless.

    But it was not always this way.

    Before 1933 the people themselves had an effective way to demand
    economy. Before 1933, whenever the people became disturbed over Federal
    spending, they could go to the banks, redeem their paper currency in
    gold, and wait for common sense to return to Washington.

    Raids on Treasury

    That happened on various occasions and conditions sometimes became
    strained, but nothing occurred like the ultimate consequences of paper
    money inflation.

    Today Congress is constantly besie ged by minority groups
    seeking benefits from the public treasury. Often these groups. control
    enough votes in many Congressional districts to change the outcome of
    elections. And so Congressmen find it difficult to persuade
    themselves not to give in to pre ssure groups. With no bad
    immediate consequence it becomes expedient to accede to
    a spending demand. The Treasury is seemingly inexhaustible.
    Besides the unorganized taxpayers back home may not notice this
    particular expenditure — and so it goes.

    Let’s take a quick look at just the payroll pressure
    elements. On June 30, 1932, there were 2,196,151 people receiving
    regular monthly checks from the Federal Treasury. On June 30, 1947,
    this number had risen to the fantastic total of 14,416,393 persons.

    This 14½ million figure does not include about 2 million
    receiving either unemployment benefits of soil conservation checks.
    However, It includes about 2 million GI’s getting schooling or
    on-the-job-training. Excluding them, the total is about 12½ million or
    500% more than in 1932. If each beneficiary accounted for four
    votes (and only half exhibited this payroll allegiance response)
    this group would account for 25 million votes, almost by itself enough
    votes to win any national election.

    Besides these direct payroll voters, there are a large number of
    State, county and local employees whose compensation in part comes from
    Federal subsidies and grants -in-aid.

    Then there are many other kinds of pressure groups. There are
    businesses that are being enriched by national defense spending and
    foreign handouts. These firms, because of the money they can spend on
    propaganda, may be the most dangerous of all.

    If the Marshall Plan meant $100 million worth of
    profitable business for your firm, wouldn’t you Invest a few thousands
    or so to successfully propagandize for the Marshall Plan? And if you
    were a foreign government, getting billions, perhaps you could persuade
    your prospective suppliers here to lend a hand in putting that deal
    through Congress.

    Taxpayer the Forgotten Man

    Far away from Congress is the real forgotten man, the taxpayer who
    foots the bill. He is in a different spot from the tax-eater or
    the business that makes millions from spending schemes. He cannot
    afford to spend his time trying to oppose Federal expenditures. He has
    to earn his own living and carry the burden of taxes as well.

    But for most beneficiaries a Federal paycheck soon becomes vital in
    his life. He usually will spend his full energies if necessary to hang
    onto this income.

    The taxpayer is completely outmatched in such an unequal
    contest. Always heretofore he possessed an equalizer. If government
    finances weren’t run according to his idea of soundness he had an
    individual right to protect himself by obtaining gold.

    With a restoration of the gold standard, Congress would have to
    again resist handouts. That would work this way. If Congress
    seemed receptive to reckless spending schemes, depositors’ demands over
    the country for gold would soon become serious. That alarm in turn
    would quickly be reflected in the halls of Congress. The legislators
    would learn from the banks back home and from the Treasury
    officials that confidence in the Treasury was endangered.

    Congress would be forced to confront spending demands
    with firmness. The gold standard acted as a silent watchdog to
    prevent unlimited public spending.

    I have only briefly outlined the inability of Congress to resist
    spending pressures during periods of prosperity. What Congress would do
    when a depression comes is a question I leave to your imagination.

    I have not time to portray the end of the road of all paper money experiments.

    It is worse than just the high prices that you have heard about.
    Monetary chaos was followed in Germany by a Hitler; in Russia by all-out
    Bolshevism; and in other nations by more or less tyranny. It can take a
    nation to communism without external influences. Suppose the frugal
    savings of the humble people of America continue to
    deteriorate in the next 10 years as they have in the past 10 years? Some
    day the people will almost certainly flock to “a man on horseback” who
    says he will stop inflation by price-fixing, wage-fixing, and
    rationing. When currency loses its exchange value the processes of
    production and distribution are demoralized.

    For example, we still have rent-fixing and rental housing remains a desperate situation.

    For a long time shrewd people have been quietly hoarding
    tangibles in one way or another. Eventually, this individual movement
    into tangibles will become a general stampede unless corrective action
    comes soon.

    Is Time Propitious

    Most opponents of free coinage of gold admit that that restoration
    is essential, but claim the time is not propitious. Some
    argue that there would be a scramble for gold and our enormous gold
    reserves would soon be exhausted.

    Actually this argument simply points up the case. If there
    is so little confidence in our currency that restoration
    of gold coin would cause our gold stocks to disappear, then we must act
    promptly.

    The danger was recently highlighted by Mr. Allan Sproul, President of the Federal Reserve Bank of New York, who said:

    “Without our support (the Federal Reserve System), under present
    conditions, almost any sale of government bonds, undertaken for
    whatever purpose, laudable or otherwise, would be likely to find an
    almost bottomless market on the first day support was withdrawn.”

    Our finances will never be brought into order until Congress is
    compelled to do so. Making our money redeemable in gold will create this
    compulsion.

    The paper money disease has been a pleasant habit thus far and will
    not he dropped voluntarily any more than a dope user will without a
    struggle give up narcotics. But in each case the end of the road
    is not a desirable prospect.

    I can find no evidence to support a hope that our fiat paper money
    venture will fare better ultimately than such experiments in other
    lands. Because of our economic strength the paper money disease here
    may take many years to run its course.

    But we can be approaching the critical stage. When that day arrives,
    our political rulers will probably find that foreign war and ruthless
    regimentation is the cunning alternative to domestic strife. That was
    the way out for the paper-money economy of Hitler and others.

    In these remarks I have only touched the high points of this problem.
    I hope that I have given you enough information to challenge you to
    make a serious study of it.

    I warn you that politicians of both parties will oppose the
    restoration of gold, although they may outwardly seemingly favor it.
    Also those elements here and abroad who are getting rich from the
    continued American inflation will oppose a return to sound money. You
    must be prepared to meet their opposition intelligently and
    vigorously. They have had 15 years of unbroken victory.

    But, unless you are willing to surrender your children and your
    country to galloping inflation, war and slavery, then this cause
    demands your support. For if human liberty is to survive in
    America, we must win the battle to restore honest money.

    There is no more important challenge facing us than this issue — the
    restoration of your freedom to secure gold in exchange for the fruits
    of your labors.

  • Marchas45

    A mind-blowing & powerful interview with the acknowledged technical expert in global Gold market movements: http://www.coghlancapital.com/node/8363

  • Navigator

    I found it interesting that after stating that there were no encumbrances on the gold besides the FED gold certificates the auditors had no clue about US gold pledged to the IMF. Also I think that Ron Paul’s request for public access to audit and assay reports for each and every gold bar should be made available to the public. It appears that he was never satisfied with this information and my guess is that it is not available to the public if he doesn’t know where it is.

  • DayStar

    Koos Jansen (In Gold We Trust): In the financial section of the
    biggest newspaper in The Netherlands, De Telegraaf, an article was
    published on March 22 about a growing Dutch population investing in
    physical gold; a young generation is becoming more aware of finance and
    is acting accordingly. This generation no longer chooses to save in
    saving accounts, but prefers to buy physical gold. “They see their
    parents don’t receive their promised pension and they expect themselves
    to get even less. They spent each month, for example, €200 or €300 euros
    on physical gold…More and more young people are buying gold coins and
    bars to ensure their retirement. According to a Dutch gold dealer: “The
    number of these customers has tripled in 2013.” I notice the same
    developments in my surroundings (I’m young and Dutch). It’s the
    generation who reads news from the internet instead of the mainstream
    media, vividly spreading awareness about economics, that is changing its
    views about prudent saving from pension funds to hard assets such as
    physical gold and silver. “These are often young entrepreneurs who can
    just afford to invest a little in gold”, says Jaap Raijmans, gold dealer
    at Goudstandaard, of this growing group. “Saving like their parents did
    hasn’t been smart for years. They prefer to put some physical gold in
    the vault.”

    Zero Hedge: The Greek government and the EU bailout deal are on the
    verge of collapse due to the definition Of “Fresh Milk” as milk
    producers from other EU regions try to penetrate the Greek market. Why
    are foreign exporters so interested in penetrating the Greek milk
    market? Simple: prices. “Greece is the only country in Europe that has
    legislation to determine the shelf life of fresh milk and the price, at
    around 1.30 euros per litre, is among the highest in the EU. The
    Paris-based Organisation for Economic Co-operation and Development
    (OECD) says Greeks paid about a third more for dairy produce than the EU
    average in 2012.” One would think that the Greeks would welcome the
    competition from abroad, and that the lower price would be a good thing.
    Well, if cow farms and milkmen account for a substantial portion of the
    Greek GDP, not to mention employment pool, which apparently in Greece
    they do, it becomes clear why the nation which is now a complete and
    utter economic disaster quarantine area, would be leery of allowing any
    foreign influence to raise its already laughter inducing unemployment
    rate.

    Greg Hunter (USAWatchdog.com): Silver expert David Morgan is warning
    of coming financial changes that may be forced on the U.S. during the
    next G20 meeting. Morgan says, “The impetus here is the U.S. has had too
    much financial power backed by the military for far too long, and they
    (G20) are going to implement change one way or the other. The IMF is
    basically an extension of the United States. Even though it’s called the
    International Monetary Fund, it is really U.S. based. With what’s been
    proposed here, the IMF is not going to have the clout that it once did
    because the G-20 is going to be able to overrule the IMF vote. This is a
    point in history, monetary history and global economic politics that
    could set a precedent . . . where it’s official that the U.S. dollar has
    lost its primary status as world reserve currency.” The supply of
    dollars out there is huge. The reason we haven’t seen inflation is those
    dollars have not been spent. The US loss of world reserve currency
    status would portend ‘I need to get out of the dollar and buy tangible
    assets. . . . Real estate, gold, silver, businesses, any tangible asset.
    This would be an impetus for these countries that don’t need dollars
    anymore. If I don’t need these dollars and I don’t settle oil in
    dollars, it’s not the supreme currency. I need to get out of it.’ If
    that mindset takes hold widespread, you could see the dollar dive in
    value against other currencies. There are so many dollars sitting out
    there doing nothing that could change like a flock of birds. They are
    all flying in one direction, and then for no reason we could understand,
    they go the other direction instantly. We could have an instant change
    where nation states say I need to get out of dollars. If that were to
    take place, you could see a huge change virtually overnight.”

    David Morgan (via USAWatchdog.com): Morgan says, “I am on the record
    that it will hit $100 an ounce, and that may be conservative. If you
    look back in history . . . an ounce of silver is basically a day’s wage
    in very, very good times. The minimum wage in some states is $9 an hour,
    and that equates to $72 a day. That means an ounce would be $72 at the
    minimum, just to be fair value today. . . . I don’t think we need to
    focus on the paper price but the value of silver relative to the market.
    . . . Two things to consider here: Silver is very undervalued where it
    is currently, and its value has a lot of upside. You really have to
    focus on what it purchased relative to what it purchased in the past,
    and we have not ever gotten to par.”

    Deborah Dupre (B4IN): The Louisiana sinkhole disaster grew even
    larger Wednesday, according to officials who advised at 6:25 PM CT that
    the gigantic 25-acre sinkhole again burped and swallowed more land, this
    time almost taking a well pad with it. The sinkhole formed when an
    underground salt cavern collapsed in the 1-mile by 3-mile Napoleonville
    Salt Dome storage facility for fossil fuel-related industries. In the
    past, seismic activity is reported, the sinkhole burps up debris and
    more chemicals, and a slough-in happens – bringing down hundred-year-old
    trees and whatever else is around. Workers are risking their lives in
    attempt to stop what seems unstoppable. Earlier today, officials had
    given the all clear for workers to be on the job there.

    The News Doctors (via B4IN): A March 25 article in The Washington
    Times was titled “Obama to Kill Navy’s Tomahawk, Hellfire Missile
    Programs in Budget Decimation” and on March 21, The Wall Street Journal
    published a commentary, “America’s Incredible Shrinking Navy.” When you
    add those to The New York Times February 23 article, “Pentagon Plans to
    Shrink Army to Pre-World War II Level”, you’ve got sufficient reason to
    begin to realize something very ominous is occurring. This concerned is
    heightened by the way dozens of high ranking officers are, in the view
    of some observers, being purged. A number of retired generals are
    speaking out about it. One of them, retired Army Major General Paul
    Vallely has charged that Obama is “intentionally weakening and gutting
    our military and reducing us as a superpower, and anyone in the ranks
    who disagrees or speaks out is being purged.”

    Brandon Smith (Personal Liberty Digest): Take These Steps Today To
    Survive An International Crisis Part 3 of 10: Food supply is the
    greatest Achilles’ heel of the American populace. Most homes store less
    than one week’s worth of food items at any given time. The average
    person needs between 2,000 and 3,000 calories per day to maintain
    sufficient energy for survival. It takes around four to six weeks for a
    person to die of starvation and malnutrition. In a collapse scenario,
    most deaths will likely occur within the first two months. The idea is
    to at least get through this first catastrophic phase. Three months of
    supply is not ideal by any means, but it will buy you precious time.
    Start with 2,000 calories per day per person. Bulk foods can be
    purchased cheaply (for now) and can at the very least provide sustenance
    during emergencies. A 20-pound bag of rice, for instance, can be had
    for less than $15 and provides about 30,000 calories, or 2,000 calories
    per day for 15 days for one person. Supplement with beans, canned
    vegetables and meats, honey for sugar, or freeze-dried goods, and you
    will be living more comfortably than 90 percent of the population. Food
    stockpiling is one of the easiest and most vital measures a person could
    take. Yet, sadly, it is one of the last preparations on people’s minds.
    DS:Stockpiling food for 3 months is just touching the
    hem of the garment. There are likely to be several years when crops
    cannot be produced and marketed due to transportation disruptions, war,
    currency collapse, violence, and bad weather. With wars between nations,
    you can be sure weather wars will be part of the agenda. If they set
    off earthquakes and volcanoes, the smoke from the volcanoes will affect
    insolation and hence the ability to grow crops, not to mention the
    absence of gasoline or any tractors or trucks that would run. A three
    month supply will get you past the point where many people have died
    from starvation and the gangs are big enough and desperate enough to
    attack fortified homesteads. Good luck keeping supplies in the city. If
    the gangs lose the first time, they will be back again with a larger
    contingent.

    ****************

    Harvey’s comments on Wednesday price action (basis 1:30 PM EST)

    Quote:

    Gold closed down $8.00 at $1303.40 (Comex to Comex closing time).

    Silver was down another 19 cents to $19.76.

    In the access market tonight at 5:15 PM:

    Gold: $1311.00

    Silver: $19.98

    Tuesday, Mar 25th Gold and Silver Action (basis 1:30 PM EST)

    http://harveyorgan.blogspot.com/2014/03/march-262014-gld-loses-18-tonnes-of.html

    Total, Mar (Silver), Apr (Gold), May (Silver) Open Interest

    In silver:

    Quote:

    The total silver Comex OI surprisingly rose again by a whopping 2125
    contracts even as silver was down in price to the tune by another 9
    cents yesterday. It is difficult to make sense of the silver OI as the
    OI does not fall yet we do not see an increase in the amount of silver
    ounces standing. The total OI now rests tonight at 147,597 contracts.
    The big active delivery month for silver is March and here the OI fell
    by 157 contracts to 29. We had 156 notices filed yesterday so we lost
    another 1 contract or 5,000 additional ounces will not stand for metal
    in the March contract month.

    In Gold:

    Quote:

    The total gold Comex open interest fell today by 5,569 contracts from
    401,918 all the way down to 398,264 with gold down by $.20 yesterday.
    The OI for the March non active gold contract month fell by 5 contracts
    down to 7. We had 2 notices filed yesterday so we lost 3 gold contracts
    or 300 oz will not stand for the March gold contract. The next big
    active contract month is April and here the OI fell by another whopping
    16,625 contracts to 91,163. We have less than 1 week before first day
    notice, Monday, March 31, 2014. So far it looks like we will have a very
    low delivery month for April.

    Volume

    In Silver:

    Quote:

    The estimated volume today was fair at 35,083 contracts. The confirmed volume yesterday was very good at 44,095 contracts.

    Ladies and Gentlemen: the data looks to be severely compromised by the CME gangsters.contracts.

    In gold:

    Quote:

    The estimated volume today was fair at 179,311 contracts. The confirmed volume yesterday was good at 213,907.

    Inventory Numbers

    In Silver Inventory:

    Quote:

    Today, we had good activity inside the silver vaults.

    We had 0 dealer deposits and 0 dealer withdrawals:

    Total dealer deposit: nil oz.

    Today we had no dealer withdrawals.

    We had 1 customer deposit:

    i) Into Delaware: 4185.512 oz.

    Total customer deposit: 4,185.512 oz.

    We had 3 customer (eligible) withdrawals:

    i) Out of Brinks: 1011.000 oz (exact number of oz)

    ii) Out of HSBC: 5,298.900 oz

    iii) Out of Scotia: 60,459.900 oz

    iv) Out of CNT: 70,390.34 oz.

    Total customer withdrawals: 136,149.140 oz.

    We had 1 adjustment

    Out of the Scotia warehouse: 4925.600 oz was adjusted out of the customer and this landed in the dealer account at Brinks

    Registered (dealer) silver: 53.247 million oz

    Total of all silver: 181.604 million oz.

    In Gold Inventory:

    Quote:

    We had 0 dealer deposits and 0 dealer withdrawals.

    Total dealer withdrawals: nil oz.

    We had 2 customer deposits today

    i) Into JPMorgan: the 3rd level of 5 metric tonnes or kilobars:

    ie. in the last 4 days, 3 of those saw an exact 500 metric tonnes of deposit.

    Into JPM: 16,075,000 oz (500 Kilobars???)

    ii) Into Scotia: 55,467.489 oz

    Total customer deposit: 71,542.489 oz

    We had 1 customer withdrawal:

    i) Out of HSBC 204.06 oz

    Total customer withdrawals: 204.06 oz

    Today we had 0 adjustments

    Thus tonight, we have the following JPMorgan inventory levels in gold:

    JPM dealer inventory remains tonight at 214,097.318 oz or 6.659 tonnes.

    Today, 0 notices were issued from JPMorgan dealer account and 0
    notices were issued from JPMorgan’s client or customer account. The
    total of all issuance by all participants equates to 3 contracts of
    which 2 notices were stopped (received) by JPMorgan dealer and 0 notices
    stopped by JPMorgan customer account.

    The Total dealer Comex gold remains tonight at 637,591.610 oz or
    19.830 tonnes of gold. The total of all Comex gold (dealer and customer)
    rests at 7,506,421.262 oz or 233.48 tonnes.

    Tonight, we have dealer gold inventory for our 3 majorbullion banks
    (Scotia, HSBC and JPMorgan) with their gold inventory resting tonight at
    only 16.319 tonnes:

    i) Scotia: 157,966.367 oz or 4.913 tonnes

    ii) HSBC: 152,612.868 oz or 4.747 tonnes

    iii) JPMorgan: 214,097.318 oz or 6.659 tonnes

    Total: 16.319 tonnes

    Brinks dealer account, which did have the lion’s share of the dealer
    gold, saw its inventory level remain constant tonight at only 89,129.259
    oz or 2.772 tonnes. A few months ago Brinks had over 13 tonnes of gold
    in its registered or dealer account.

    Delivery Notices

    In silver:

    Quote:

    The CME reported that we had 23 notices filed for 115,000 oz today.

    In gold:

    Quote:

    Today we had 3 notices served upon our longs for 300 oz of gold.

    Contracts Left To Be Delivered + Month-To-Date Summary

    In silver:

    For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

    http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

    In silver:

    Quote:

    To calculate what will stand for this active delivery month of March,
    I take the number of contracts served for the entire month at 2057 x
    5,000 oz per contract or 10,285,000 oz to which we add the difference
    between the OI standing for March (29) minus the number of contracts
    served today (23) x 5,000 oz.

    Thus in summary:

    2057 contracts x 5000 oz per contract (served) or 10,285,000 oz +
    (29) OI standing for March – (23) number of notices filed today x 5000
    oz = 10,315,000 oz. We lost 5,000 additional oz which will not stand for
    the March silver contract month.

    In gold:

    Quote:

    In order to calculate what will be standing for delivery in March, I
    take the number of contracts served so far this month at 83 x 100 oz =
    8,300 oz and add the difference between the number of OI for the front
    month (7) minus the number of notices filed today (3)

    OI Summary:

    83 notices x 100 oz per contracts already served this March month or
    8300 oz + (7) the OI for the front March month – the number of notices
    served today (3) x 100 oz = 9,000 oz, the number of oz standing for the
    March contract month (0.27 tonnes). We lost 300 gold ounces standing for
    the March contract month.

    As you will see below we have only 16.319 tonnes in the registered or
    for sale category for the big 3 (JPMorgan, HSBC, and Scotia) and 19.091
    tonnes if you include Brinks. If you include tiny Manfra, we end up
    with a total dealer gold of only 19.83 tonnes. We have witnessed little
    gold enter the dealer except from Brinks and adjustments

    Dealer Inventory Summary:

    i) The total dealer inventory of gold settles tonight at a very
    dangerously low level of only 19.83tonnes.i) a) JPMorgan’s customer
    inventory rests tonight at 956,180.808 (29.74 tonnes).

    ii b) JPMorgan’s dealer account rests tonight at 214,097.318 oz (6.659 tonnes).

    iii) The 3 major bullion banks (JPMorgan, HSBC, and Scotia) have
    collectively only 16.319 tonnes of gold left in their dealer account,
    and what is totally remarkable is the fact that little gold entered the
    dealer Comex vaults despite December and February are the busiest months
    for the gold calendar. Another oddity is that the only gold that does
    enter the customer account are kilobars and kilobars are generally of
    demand from Eastern persuasion.

    Select Commodity Prices

    The Bloomberg Baltic Dry Index (BDI) was 1,578.00, down 1.50%. WTI
    May crude was 100.26 up 1.00. Brent crude was 107.00 up 0.01. The spread
    between Brent and WTI was 6.74 down 0.99. The 30 year US Treasury bond
    was down 0.0300 at 3.5500. The 10 year T-Note was down 0.0400 at 2.7000.
    The dollar was up 0.03 at 80.01. The PPT/Dow was 16268.99 down 98.89.
    Silver closed at 19.74 down 0.26. The GSR was 66.1499 up 0.5649 oz of
    silver per oz of gold. CIA’s Facebook was 60.38 down 4.51 (6.95%). May
    wheat was down 11.50 at 696.750. May corn was down 2.00 at 484.50. June
    lean hogs were up 1.100 at 126.300. May feeder cattle were up 1.025 at
    179.125. May copper was down 0.041 at 2.966. April natural gas was down
    0.009 at 4.402. May coal was up 0.50 at 60.33.

    Thank you for reading the Harvey Report!

    There is much more on Harvey’s blog http://harveyorgan.blogspot.com.

    Goooood day!

    **************

    • Navigator

      Wow. Great copy and pasting skills!

      • In Gold We Trust

        First the DDoS attack, than came the Brute Force Attacks, now SPAM ATTACKS!

        • wheresthefreemarket

          They need to distract from a very dishonest system….

          I’d Rather See Bernanke’s Meeting Schedule That’s Not Reported

          It was widely reported the other day when Bernanke gave a speech in Abu Dhabi for which he was paid $250,000.

          And someone sent me an article today reporting that Bernanke will
          conduct a meeting with 8 hedge fund titans for another $250k plus he
          will be doing a speech in Turkey for $300k (article link).

          http://pagesix.com/2014/03/27/ben-bernanke-to-address-eight-top-hedge-funders/

          At least now we know why Bernanke took the Fed-head job rather than
          remain in his cushy ivory tower at Princeton. Now Bernanke can afford to
          enjoy the same luxuries as do the Wall Street his money printing and
          bailout policies enriched.

          But I would be much more interested in seeing Bernanke’s meeting
          schedule that does not get reported. I know Greenspan had one that would
          surprise all of you. One of my best friends in NYC, Jerry Epstein (now
          deceased from diabetes), was a top-notch chef who did many gigs with
          very wealthy people. He chef’d for people like Carl Icahn, Michael
          Steinhardt, Mickey Drexler (J Crew/GAP) and Doris Duke. Around the time
          Greenspan retired from the Fed, Jerry was Steven Cohen’s personal chef.
          About two weeks after Greenspan left the Fed, Jerry called me to tell me
          that he was preparing a meal for Greenspan, who was having lunch with
          Cohen at his residence in Westchester (his home was in Westchester, his
          office was Stamford, Connecticut). While I got the details Jerry’s menu,
          I would have been more interested in the menu of what would be
          discussed.

          I bring this up because, while Bernanke’s visible speaking
          engagements are actively reported, I can guarantee you that he is
          conducting very private, non-disclosed meetings for which I’m sure he’s
          paid much higher “consulting fees” than his publicly announced speech
          compensation. After all, how many of you heard about Greenspan’s
          one-on-one luncheon meeting with Steven Cohen? It’s not the news you see
          that should bother you, it’s the news that doesn’t get reported that is
          most dangerous.

          http://investmentresearchdynamics.com/id-rather-see-bernankes-meeting-schedule-thats-not-reported/

        • Fascist_Moderators_R_Us
  • USGrant

    Great article. Can you reconcile the documents you reviewed with this? 24.4 million at Fort Knox is quite different from what one would expect from 274.7 troy oz total in 1975 in the document that you reference. [http://archive.lewrockwell.com/orig11/weber-c1.1.1.html]

    Krieger confirmed
    this in a letter to Durell of April 11, 1975:
    “We analyzed, as agreed, the gold bar schedules for Fort Knox and found that
    fine gold in good delivery form (.995 or better) at Fort Knox
    totaled 24,411,140 ounces.”

    • In Gold We Trust

      I have no documents of bar list from 1975. I do know the the Mint stores a lot of gold with lower grades than .995, which could explain the disparity. Check

      http://www.gpo.gov/fdsys/pkg/CHRG-112hhrg67936/html/CHRG-112hhrg67936.htm

      “In all, 42 compartments at these 3 hardened facilities hold 699,515 gold bars with a fineness or purity ranging from 0.47 to 0.9999, with an average fineness of 0.9006.”

    • Ronan

      If you do a simple filter of FTO >=.995 in the Treasury xls in the Fort Knox worksheet, this will answer your question.

    • Ronan

      In a Trilaterals over Washington (1978) by Antony Sutton and Patrick Wood, page 95, there are unaudited Treasury good delivery totals for 1973 and 1977, of about 48m ounces, which is quite near the total Treasury good delivery ounces in the spreadsheet. See Pivot table output by Bron which calculates a total of 43.6 million fine troy ounces.
      Here
      http://goldchat.blogspot.com/2014/03/us-deep-storage-gold-weights.html?m=1
      and
      http://goldchat.blogspot.com/2014/03/us-deep-storage-gold-reserves-bar-list.html?m=1

      • USGrant

        Thanks for the extra references. I will have to do some more reading. My hypothesis has been that the Carter administration had sold much of the remaining US gold inventory in a primitive attempt to hold the gold price. Reagan’s gold commission then found it impossible to return to a gold standard and so leasing and hypothecation particularly of Bank of London gold became the means to keep a lid on price by leveraging. This finally reached its limits in 2001. Leasing implies the actual physical removable to the market. So whether or not the bar lists and totals are real or not is course of great interest.

        • Ronan

          In one of the 1975 US Treasury auctions they sold 250oz bars. This shows a sort of desperation. Then during the 1978-79 US Treasury auctions, the gold on offer switched from good delivery to a mix of good delivery and coin bars, then finally just coin bars. Good delivery gold was acquired by the Exchange Stabilization Fund in 1977 as a settlement for an ESF-Portugal gold swap. This could have been used subsequently for the auctions. Likewise, based on some historical Bundesbank documents, it’s possible that the Bundesbank swapped good delivery gold with the US Treasury in April 1978, just before the commencement of the auctions. The US also got back gold from the 4 IMF restitutions in the late 70s (as did every other member). So in summary, the US Treasury may not have had any good delivery gold but could still have found enough to fund some of the auctions. Volcker and Tony Solomon and Miller were trying to get the Europeans to start a gold pool in 1979-80 via the BIS. This also shows that the US Treasury did not want to sell gold themselves (because they didn’t have much or any good delivery gold), but that they wanted the Europeans to do the selling.

          The Achilles heal of the Tressury is the circulation of coin bars in a few places, including at the FRBNY, and the fact that Fort Knox ran out of good delivery gold in March 1968, and there have not been any official additions to Fort Knox since then.

          • USGrant

            These are details of which most I was not aware of. The chronology you list paints the picture. Do you have any more references? Your note fleshed out with references would make a dynamite article.

          • Ronan

            A lot of what was initially discussed about supressing the gold price, in Belgrade in October 1979, at the IMF/World Bank annual meeting, was then discussed on more detail in Basel by some of the European governors, namely Otto Emminger, Fritz Leutwiler, Gordon Richardson, Jelle Zilstra, Renne Larré (BIS), and Cecil de Strycker, and on occasion Kit McMahon, and Karl Otto Pöhl sat in during his transition to Buba President. Then Carli / Baffi etc.

            Discussions on the new gold pool stalled (I presume) in early 1980, but I think they were resurrected in around 1983 by Zilstra and the Bank of England (John Sangster) , and in some ways addressed the gold for oil deals with Saudi (SAMA), and Al Quraishi (possibly via Saudi International Bank).

            I’ll write something on this …

          • Ronan

            I forgot the French governors; Bernard Clappier, and then Renaud de la Genière from late 1979.
            Late ’79 and early ’80 were transitions for a lot of governors, Emminger to Pöhl, Clappier to de la Genière , and Baffi to Ciampi (sorry I got him confused with Guido Carli, who was before Baffi).

          • In Gold We Trust

            On what site do you publish? Would love to read your article.

          • Ronan

            Just saw this now. Sorry for delay in responding. I have my started publishing anything yet but I have been thinking about it. The planned 1979/80 BIS gold pool is quite a big topic, since it covers so much and although it didn’t get off the ground in the first instance (due to political reasons in various European countries), it actually expanded into gold for oil deliberations (placating the Saudis) a few years later.

      • Ronan

        That should be 46.3 million and not 43.6 million

    • In Gold We Trust

      Thanks for the lead. I will read into it and use it for part two.

  • ivars

    France also repositioning as is UK in relation towards China..No big surprise since , though
    Rothshcild banking history has been most tightly connected with British Empire after 1821 as they decided to put pound back on gold footing vs. the execution of Napoleon, current Rothschild caln leader David de Rothschild comes from France.

    So both UK and France are repositioning themselves urgently towards the service of new banking Empire arising in Hong Kong and China and protected by PLA of China.

    http://www.newsdaily.com/asia/bd49c461816d5e9e8a1954e5abcac39a/china-france-sign-major-business-deals-on-xi-visit

    This may lead to a spat in EU, since not all countries will get favors from this second arising banking Empire..well they might get loans but not profits.

    Germany once was home to Rothschilds. I wonder what their relation is now. If its bad, we can see another/usual in late history EU split between UK, France, Russia on one side and Germany on other; but there are not enough facts to judge yet.

    Historically, Rothschilds left Germany in 1901. After that, Germany twice was fighting wars against France and England.

    Quote:

    In 1901, with no male heir, the Frankfurt House closed its doors
    after more than a century in business. It was not until 1989 that the
    family returned, when N M Rothschild & Sons, the British investment
    arm, plus Bank Rothschild AG, the Swiss branch, set up a representative
    banking office in Frankfurt.

    Today, their business there does not seem to be very big either. ..

    It raises idea that USA bankers and German might have been working
    together against Rothschilds ( That Federal Reserve was created by Paul
    Warburg is no secret, while his brother Max Warburg was working in Nazi
    Central bank till 1938 ) since quite early end of 19th century as they
    planned possibly joint takeover..but Germans did not get their share.

    In modern world, Warburg Name is connects with UBS Warburg ( its
    dropped but it is still there) . This means that Swiss banking is
    Rockefeller/Warburg branch; there could be also Rothschild branches but
    since it is home of BIS which is USA banking Empire creation , and also
    looking at the fact that Hitler did not touch Swiss in WWII- it is more
    likely that Switzerland is part of the USA banking empire. But it can
    be more nuanced, kind of neutral territory for all bankers. Anyway,
    someone has to control it as well, so most likely its the current
    Emperor. Swiss issue needs to be investigated a bit more back in
    history.

    In Austria, Rothschild business was terminated by Nazi Germany in 1939:

    Quote:

    The Rothschild business empire was passed down to ensuing generations until the March 13, 1938 Anschluss of Austria to Nazi Germany when the family was pressured to sell its banking operations at a fraction of its real worth. While other Rothschilds had escaped the Nazis, Baron Louis was imprisoned for a year and only released after a substantial ransom was paid by his family. After Louis was allowed to leave the country, in March 1939 the Nazis placed the firm of S M von Rothschild under compulsory administration.

    Now that means that Germany in WWII was actively engaged against Rothschilds, so they ( Germans) had to be financed by Rockefellers ( theUSA banking Emperor) not only UP to WWII to see that Rothschilds suffer final blow as the USA debt Emperor took over the world, finalizing it with 1944 Bretton woods.

    In fact , the whole Jewish issue was probably advised by the USA Banking Empire to reduce the growing influence of Askenazim Jews and their emigration to the USA. Not sure but there seems to be a certain reason behind it.

    The last question remains why Hitler needed to open second front withRussia; it could be that after some time, Rothschilds agreed to do whatRockefellers wanted (Rockefellers to become sole banking Emperors of the World) , it was needed to end the war in some fashion that would
    ensure again dominance of Rockefeller interests as , of course, no one took Rothschild promises by face value. Usually they are not kept if there is not

    a) signature in blood ( e.g. something implicating Rothschilds in support for Jewish massacres )

    b) changes achieved as a result of war that would make it very difficult for Rothschilds to renege on promises /agreements and try to get their power back.

    It could be that both were achieved, or, if Rothschilds refused to
    get implicated in first, then second had to be enforced more. b) has to
    be investigated more, namely- how changes achieved in WWII AFTER Stalin
    got involved in war were favorable for USA banking Empire’s dominance
    and unfavorable for Rothschild banking Empire. Or-was Germany forced to
    attack Soviet Union because Stalin became Rothschild friend in between?

    As the end result of Soviet Union and China development after WWII is
    leading now to Rothschild revival ..it could be true. He was able to
    start shifting as Rockefeller senior got older and it was possible
    Rothschilds return to banking Emperor throne; Stalin got especially
    active after May 23 rd 1937 when Rockefeller dieFd. However, Junior was
    able with his German friends to launch WWII against Rothshilds to finish
    off their hold in Europe and tried to finish off them in Russia..but
    did not succeed quite as Rothshilds got staying power with Soviet Union
    and China.

    For which they finally are getting dividends. When David Rockefeller
    dies ( born 1915) , Hong Kong -China Rothschild banking Empire will be
    back on track in controlling the best places to lend money into,
    splitting for some time the world with USA based Empire . Soon. Ukraine
    is a catalyst which will lead to Russia turning to Rothschilds again –
    they will set up the payment system and lend money ; and via Russia,
    from the East, and with UK and France again becoming theirs, they will
    be again enclosing on Germany.

    That means soon Germany will be ousted from Russian and Chinese and
    far East plays..same for Japan..not good for EUR which is based on
    Germanie’s staying power and union with France.

  • USGrant

    And from Harvey Organ on a recent GATA released document. [http://harveyorgan.blogspot.com/]

    Assistant
    Undersecretary of State for Economic and Business Affairs Thomas O.
    Enders: It’s against our interest to have gold in the system because for
    it to remain there it would result in it being evaluated periodically.
    Although we still have some substantial gold holdings — about $11
    billion — a larger part of the official gold in the world is
    concentrated in Western Europe. This gives THEM the dominant position in
    world reserves and the dominant means of creating reserves. We’ve been
    trying to get away from that into a system in which we can control. …
    Taking the April 1974 gold price of $172/oz that gives $11 x 10^9/$172 oz =64 million oz. There are seemingly serious discrepancies in the various documents.

    • In Gold We Trust

      Enders still calculated their holdings at $42.22 per ounce, statutory value set in 1973.

      Until this day the US government-owned gold is still valued at $11 billion. (look at Fed’s balance sheet)

      All to make us believe the dollar is stronger than gold..

      #joke

  • Ronan

    The IMF depositories into which gold was deposited (or moved to) are:

    FRB, New York
    Bank of England, London
    Banque de France, Paris
    Reserve Bank of India, Nagpur

    The approximate % in each depository in the late 1970s was FRB (70%), London (19%), Paris (8%), Nagpur (2-3%). These are not the only locations that can be used. Any physical location in the designated countries that is deemed by the custodians to be a suitable storage location can be used in theory. This is why the original wording was made more general, to allow more flexibility.

    Theoretically, the Bank of China, in Shanghai could also reclaim it’s right to be an IMF depository. Not many people know that.

    • In Gold We Trust

      Do you have any sources on that?

      • Ronan

        Yes, IMF annual reports and IMF archives

        • In Gold We Trust

          Links? Would be very useful for “part two”.

          • Ronan

            I have written an pretty comprehensive essay on the IMF gold but it hasn’t been published yet for various reasons. A few people have read it. I have to think about how to release it.

          • In Gold We Trust

            Feel free to publish it on this website.

  • https://www.youtube.com/user/fullerfeatures Fuller Features

    I wrote a comment but it didn’t seem to get posted. Aplogies if there was a time lag [and it DID get posted].
    Basically I wrote that I think a synopsis of these 2 articles would be very useful. It looks like you’re onto something and have done the research. I couldn’t quite understand what you were getting at.
    Thanks
    John

    • Ronan

      Which two articles?

  • https://www.youtube.com/user/fullerfeatures Fuller Features

    [Strange – the answer I posed yesterday didn’t seem to get here….]
    My mistake – I thought you said there would be two articles – that I must have made that up…. You said ‘a series’.
    Anyway, I think it would be very useful to visitors like me if there was a paragraph to say what it was you were exploring and why. Thank you…
    John

Copyright Information: BullionStar permits you to copy and publicize blog posts or quotes and charts from blog posts provided that a link to the blog post's URL or to https://www.bullionstar.com is included in your introduction of the blog post together with the name BullionStar. The link must be target="_blank" without rel="nofollow". All other rights are reserved. BullionStar reserves the right to withdraw the permission to copy content for any or all websites at any time.