So-Called Audit Of Fed’s Gold Complete Rubbish & Propaganda

Today James Turk told King World News that the so-called audit of the Fed’s New York gold “is total rubbish.”  He also described this stunning situation as “disinformation or propaganda.”  The is the first of a series of written interviews with Turk regarding this incredible development.  

Eric King:  “James, I have to talk to you about this news about the audit of the Fed’s New York gold.  What were your thoughts when you read that?”

Turk:  “I saw the news reports and it sounded very interesting.  So I thought I would look into it and see exactly what was there, what they completed, and what kind of audit it was.  I went into the Treasury website and actually read the Treasury announcement. 

I’m really sort of sad to say that despite my thinking this was some interesting news, it actually is total rubbish.  I think it was disseminated by the mainstream media just to deceive people (and countries) to think that the gold is really there....

“But it wasn’t even really an audit, Eric.  It was basically just a report.  I don’t want to use the term audit because it debases the meaning of what an audit really is.  Even the Treasury itself just called it a ‘report.’

But there are a couple of points I would like to make just to show what this report really was:  First of all, the government itself did it (the so-called audit).  It wasn’t done by anybody on the outside.  There wasn’t an independent firm actually going in and verifying (that the gold is in fact there).

Secondly, they didn’t audit the gold, Eric.  All they looked at was the ‘Treasury’s schedule,’ and that’s an exact quote, ‘Treasury’s schedule’ of how much gold it’s keeping in the various Federal Reserve banks.  So, again, it’s basically just looking at paper or record-keeping, and saying, ‘Yes, this record-keeping says that all of that gold is there. 

But there is no indication whatsoever in the Treasury announcement that they actually verified that the bars existed or went into the vault.  So I don’t know where the news reports came from about drilling bars and all of that kind of stuff because there was nothing whatsoever about that in the actual announcement from the Treasury itself.  Again, it just looks like more disinformation or propaganda to make people (and countries) feel that the gold is really there, and that the Treasury did an audit, but they really didn’t.

By the way, there was one other point, they only looked at the gold in the Federal Reserve Banks, and that’s only 5% of the total US gold reserves.  The other 95% (of the US gold) is at Fort Knox, Denver, and West Point, the other storage locations, and they didn’t say anything whatsoever about the other 95%.”