by Gary Christenson, Deviant Investor:
Officially the Fort Knox Bullion Depository contains 147.3 million ounces of gold. However, the last audit was performed over 60 years ago. According to reliable sources “audits” since then have been incomplete and inadequate.
Question: If the Bullion Depository still contains over 147 million ounces of gold, why not audit it, prove the existence of the gold, and eliminate speculation? The US government spends over $70 billion on “food stamps” every year and nearly a $Trillion per year on “defense,” so cost is not the issue.
Current policy seems to be “don’t ask, don’t tell” because the answer might be disconcerting, might destroy the narrative that the US gold still exists, and the revelation of missing gold might encourage other embarrassing questions …
Some speculation and possible scenarios:
Scenario One: Fort Knox Bullion Depository contains 147 million ounces of gold, as claimed, but the Department of the Treasury ignores calls for a comprehensive audit.
- “Trust but verify” apparently applies to the nuclear weapons in other countries but not our gold. Why?
- Why refuse to perform a comprehensive audit? Cover-up?
- If an audit proved that 147 million ounces of gold were safely stored inside the vaults, it would be a political victory. Why would the Bush or Obama administration, such as in 2008 or 2016, NOT want a political victory when their credibility was weakening?
- The implication is that an audit would fail and no political victory was possible.
Scenario Two: Fort Knox Bullion Depository is essentially empty – say it contains less than ten million ounces of gold.
- That begs the questions: Where did the gold go? Who should be indicted? Why have politicians for the past 50 years lied about it?
- Under scenario two the Department of Treasury cannot do an audit and desperately wants to avoid the scandal of missing gold.
- The only viable option is “stonewall.” Maintain that an audit is unnecessary, too expensive, or already has been done.
Scenario Three: Fort Knox Bullion Depository is essentially empty of real gold – say it contains less than ten million ounces of gold but also contains perhaps 140 million ounces of gold plated tungsten.
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