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Ron Paul Is Currently Holding A Hearing On Legislation For A Full Audit Of US Gold Reserves, Aka The "Show Me The Tungsten" Bill
Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul is currently holding a hearing on legislation calling for a full audit of U.S. gold reserves. H.R. 1495, the “Gold Reserve Transparency Act of 2011,” calls for an audit by the Treasury that gives a full and thorough accounting of the U.S. government’s gold reserves, requiring an inventory and assay of the gold reserves. The Treasury’s audit is subject to independent review by the Government Accountability Office, allowing them access to any pertinent records or locations, including Fort Knox. "The Treasury Department has been less than transparent with the results of its gold audits,” Paul stated. “It is asking the American people to trust that all the gold is there, while not allowing site visits and not publishing all the data it holds on its audits and assays. Since most of this gold was originally seized from the American people in the 1930s, they deserve more transparency than a handful of financial statements."
The hearing will discuss recent audits of U.S. gold reserves; challenges to conducting a full audit; and impediments to an accurate assessment of the US gold position, including any leases, swaps or other encumbrances placed upon the gold reserves; and also examine changes to the legislative proposal that will ensure a full and accurate audit, assay, and inventory of U.S. gold reserves.
WITNESS LIST
- The Honorable Eric M. Thorson, Inspector General, Department of the Treasury
- Mr. Gary T. Engel, Director, Financial Management and Assurance, Government Accountability Office
The hearing which can be watched, but barely heard due to the ongoing insistence of using Made in 1924 USSR microphones can be followed here:
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No real answers for the IMF Pledged Gold.. SUPRISE!!
No real answers for the last time someone / anyone put their hands on ALL the Gold.. because someone has a wire and wax seal.. God knows no one can get past a piece of wire of wax seals..
I could go on but why?
"You'll need to ask the Mint on that" and "You'll need to ask the Federal Reserve about that", IMF? "I don't know anything about that",
This guy Thorson is just full of useful information. LOL.
Show me the salted gold bitches.
No comes this stupid yellow lady
Democrats worried about the cost? Consider it a stimulus package.
I don't understand how Mike's Krieger article is stickied and not this when this is currently happening! No disrespect to Mike!!
It all boils down to this:
Whenever the U.S. loans gold to the IMF, then it gets gold claim securities in return.
But you cannot count gold claims just like actual gold, because it's less "liquid" than gold, just like an equity is less liquid than cash.
An equity is not legal tender.
A gold claim security isn't either.
Mixing gold and gold claims under one position in a balance sheet is highly dangerous and something no diligent accountant would ever do, because you mix up a hard asset with some paper security that involves a counterparty risk and in the worst case becomes worthless, with the result that your gold is gone and your balance is compromised.
That's just bad style, intransparent and edges on fraud.
This loaning of gold and blurring of lines between physical and paper gold was introduced by Robert Rubin in the 1990s under Clinton.
When the U.S. donates gold to the IMF, then this gold can't be counted in the U.S. reserves either, because it's gone.
It actually started much earlier. I transcribed an article from the WSJ in 1967 this week.
Gold Data: Lesson in Artful Dodging
Thanks for your insightful information.
1967 already. And Thorson still hasn't figured it out, after 40+ years ?!
Wtf.
Now, that we are living in the age of excel-sheets and Database management systems.
Any Walmart store has better accounting of its stock than the Treasury it seems.
Just announce that the Mint will make coin out of the ingots and sell them to the public, let's see if in that case someone steps up claiming ownership.
Who would want to buy tungsten coins?
Muahaha, great point
We the people have a right to a proper accounting of our Tungsten.
And now DONATE SOME MONEY to the good Dr PAUL:
http://www.ronpaul2012.com/
He is working hard for your gold!
Hey Tyler...
I hear that XOM has been able to drill into SPR and that our reserves are not what the govt. says they are. We need Paul to call for an inventory and assay of SPR
Does this audit really matter?
Considering that all US Govt held gold is being held as collateral for any debts owed to the Federal Reserve, at bargain basement prices....
Haven't seen this much shucking and jiving in a long time. Very weak questions, bullshit answers.
The NY Fed is the key .... it has corrupted a flawed solution (a supposedly regionally represented central bank structure).
They will open the doors to the Vault and find Bernie Madoff in there shooting pool with DSK.
Using Weiner's balls.
Ron Paul voted the most likely to get himself off'd between now and sometime soon.
They would never risk making a martyr out of him when he is still seen as part of the lunatic fringe by the majority of the sheeple (at least the ones who are aware of him). He is poison to the incoherence of both parties pro-life/pro-death stances.
He will continue to be marginalized at every opportunity. If he does ever gain traction, the MSM will make him into the next tyrant seeking to "undo the people's rule in order to return us to the chaotic barbarous days of a weak central state."
His job is to be marginalized. Can't have a charismatic, nonstammering politician say those things, because then the sheeple might actually listen. Better to have crazy uncle Larry be the Judas Goat front man.
The blind faith in Ron Paul is disturbing. He is like any other politician, just with a different target audience. If he's saying what you want to hear, there might be a reason for that.
Ron Paul= pressure relief valve for the fascist hot water tank
No, I'd say cynicism is the pressure relief valve.
Justt demand to see the gold and then assay it.
I love the lie about when they drill the bars they would loose that gold.
Abara Cadabra it burns up in the atmosphere.
Does he think we are that stupid?
Those 1/64" bits are a bitch - Shavings ?????????????????????
LOL what a fucking farce !
There are also non-intrusive methods to check the genuineness of a gold bullion.
It's also faster and cheaper than drilling.
zzzzzzzzzzzz
Idiot's crusade
Against all odds, Barama created 5 billion jobs, the Bernank rescued the economy from the brink, reported ft. Knox Gold is really there and it's real. Why do you serfs question these things?
They won't allow it to be audited, everyone already knows that the Gold in the vaults is tungsten coated with a few cm of gold all around.
The real gold was stollen by the bankers back in 1913 ~1940s.... its all gone in offshore private holdings now.
Yes, and they will invite RP down to the bunker to inspect and take inventory himself. Once down there, an unfortunate accident will occur as he is crushed by an avalanche of gold bricks that suddenly fall from the rafters.
+1
ANYONE GOT A LINK THAT WORKS TO THE VIDEO?
You can watch the archived video at: http://financialservices.house.gov/Calendar/EventSingle.aspx?EventID=247243
Listening to the NH debate the other night was not only startling, but depressing. Several of the candidates had little clue how the economy works. Ron Paul was one of the only ones who understand the budget, effects of wars on our economy and how to solve the unemployment situation.
I hope whomever gets elected they read more and learn Econ 101. Right now, my vote is with Mr Paul.
Where in the hell is "Odd Job"! Let's unleash him on the banksters!
Tuco Benedicto Pacifico Juan Maria Ramirez
Yep. Audit the Fed + Open borders sweatshopping + free trade job exporting. Actually, it's 30 years of 2+3 that got us to the point of wondering what's in Ft. Knox. A "classical liberal" (RP) is no less destructive than a contemporary liberal. Stop voting. Stop supporting the system altogether.
Short video on the IMF issue:
http://www.youtube.com/watch?v=oeQJZq4I7GY
*Best Obiwan voice*
My dear Mr. Paul.. *waves hand*, these are not the gold bars you're looking for.. *waves hand*.. everything is accounted for *waves hand*.. you can move along now..
Audit the Tungsten?
All hell will break loose once a random audit of bars shows nothing but plated tungsten.
We already ARE on the gold standard. we have none, and our currency is worth ZERO
Is William Clay an idiot? What purpose does he serve on the Committee of Financial Services?
Puppet of Timmy who himself is a puppet of Goldman.
Clay´s quote of the day:
So, you lot will have 5 digit Gold prices...Congratulations!!!!! But 10k Gold will still not buy you more than a loaf of bread, which is more than 1000000000000000k of Dollars will buy you, but it still won´t make you rich!!!!
I believe this was also done in the 60's (?). Film crews and everything followed by an audit, big circus. Even if you see it, assay it, whatever to it in Ft. Knox, you still wouldn't believe it because of the ability to lease it.
"Welcome my friends, to the show that never ends! We're so happy you could attend, come inside, come inside."
Ron Paul for president, pass the word around, dont stop.
LOL@ "Show me the tungsten" Bill. ZH=hilarious.
Agreed
Dr. Paul: "Open your vault and say Ahhhhh.....hold out your tung-sten please" (jobber bit in hand)
"Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul is currently holding a hearing on legislation calling for a full audit of U.S. gold reserves. H.R. 1495, the “Gold Reserve Transparency Act of 2011,” calls for an audit by the treasury that gives a full and thorough accounting of the U.S. government’s gold reserves, requiring an inventory.The Treasury’s audit is subject to independent review by the Government Accountability Office, allowing them access to any pertinent records or locations and assay of the gold reserves."
Too funny.........
And an "INDEPENDANT REVIEW"...by another GOVERMENT office........
Too funny once again...Hahahhha..hahhaaaaa
Interesting.. If the Congress marked the 261 million oz. of gold on the Treasury's books to market (from $42.22/oz. to $1520/oz.), it would generate about $390 Billion dollars for Congress to, *ahem*, use:
See, Open Letter to Ron Paul. - from FOFOA
Of course, Congress would be idiots with HOW they spent the money. But, would it open the door toward an era of honest money..?
Very disturbing - once upon a time the US Treasury kept some distance from the Bankers but I fear since the first Clinton adminstration it has been completly subsumed although I suspect the rot set during the LBJ / Nixon era.
I believe in the 50s the FED asked if it could join the BIS but it was politely refused - but was asked to retain cordial relations with the BIS.
During the Clinton Years the FED joined - go figure , it has lost control through subversion of its core functions.
I.. just enjoy the "honer-able" Thorson with his quipster, yet insipid responses of " I am dumbfounded. Perplexed. even bewildered and .. betrayed, that this "fringe" Dr. Paul would even pull us away of the onerous task of watching this gold to even justify his willingness to inquire about our important work! I have had enough of this for one day. Good day! ..(dr. paul) "but we just wish to know if a random sampling of tungsten has been performed an... "I SAID GOOD DAY, SIR!...."
(dr. paul) .."i yield my reminding ..remaining minutes to, the next person in congress who refuses to help me here.."
Ron Paul has good ideas and he's a good man, but he has as good a chance at becoming president as Bob Dole and John McCain. Beyond the good ideas, he's really got nothing. As for the gold bullion audit, I can't wait for the results. My physical stash is fixing to skyrocket I have a feeling. Should be interesting. Geithner has to be shi&^ing himself everyday from the threat of the truth being told about how much money has been printed and how much U.S. gold actually exists.
While all you bitchez are going on about Fort Knox and the lying bastards in our banking system, I wonder if you are aware of the ever-increasing surveillance, prying and largely illegal shit that states and counties are foisting off on pm dealers, buyers and jewelers. More and longer holds, more and more documentation for every piece bought and sold. We even have a large buyer here providing a salary for the local PD to hire an extra person to ferret out the "bad dealers" and put them out of business. The destruction of retail paper trading is a smokescreen for the greedy theft about to be perped on us by our local jurisdictions.
We had better be waking up to the fact that, while the banksters can steal in broad daylight, the cops are being used to steal pm's from legitimate businesses wherever they decide. I heard one say "You can hire all the people you need to handle all this extra regulation with all the money you're making..." Change is a'coming, bitchez. And you better group up, hire some lawyers and set these bastards back on their heels. The PM market is being discriminated against, our profits are threatened by fascist bullshit legal maneuvers, and the fight is already in the street. If this business is to be kept for the likes of COMEX while the rest of the economy is in the shitter, these bastards need to be forced by the courts to apply the same regulatory framework to sellers and buyers of every other type of merchandise. Watch Ron Paul and the rest of the Washington clowns all you want - it is a mistake to think that any of them have our interests at heart (pretty sure the cat's out of the bag on this one). Pay attention to what is going on in your own town and county - because your legal right to buy and sell pm's is being cut out of the heart of the business community right in your own backyards.
Pon Paul should use the Patriot Act and seize the gold back to protect us from the terrorists...
yep