When the Secretary of the Treasury Steve Mnuchin reported on his unannounced trip to Fort Knox to check on the nation’s gold supply a few days ago, alot of questions popped up since no head of the U.S. financial department had done this in over 64 years. However, Secretary Mnuchin’s attempts to allay the industry’s long-standing question of whether there was any gold remaining at Fort Knox left even more confusion since he stated that his visit to the gold depository only lasted for one hour.
And in addition, it is also because Mnuchin didn’t say that all the gold on record was there at Fort Knox, but instead simply said that the nation’s gold was ‘safe’.
John Embry: “Eric, there was a very interesting development in the gold world on Monday. US Treasury Secretary Steve Mnuchin, paid a visit to Fort Knox. This was allegedly the first visit by a US Treasury Secretary to Fort Knox since 1948. He reported the “gold is safe.” An interesting play on words in that he did not say it was all there…
“As you know, there has been ongoing controversy for decades about the status of the US gold reserves, which were last formally audited in 1953, a mere 64 years ago. If the US government is telling the truth and all the gold is there, why not do an exhaustive audit and thus shut up all the skeptics on the subject? I believe that for many years considerable amounts of Western central bank gold have been mobilized in order to provide physical supply to facilitate the massive paper gold scam occurring on the Comex and the LBMA. Meaning, all the US gold is definitely not “safe” in Fort Knox.
There is undoubtedly gold in a number of Western central bank vaults, but because of swaps, etc, nobody on the outside knows who really owns it and how many claims there are on the same bar. This will all end when the current fiat global system implodes and the public’s gold demand overwhelms the physical available from all sources. With the direction things are currently headed in the world, that moment may not be all that far away. – King World News
In opposition to Embry’s opinion, well known insider Jim Rickards believes that the gold is still under U.S. Treasury control, with the Fed holding a Gold Certificate worth around 8,000 tons of collateralized metal. However former Congressman Ron Paul seems to have the last word on this since as he long stated that without a public audit, it is impossible to trust anything that comes out from government reporting.
Source: The Daily Economist