"Calls for a U.S. Gold Audit Miss the Point"

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Stoxxman
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"Calls for a U.S. Gold Audit Miss the Point"

Calls for a U.S. Gold Audit Miss the Point

By James Rickards
U.S. News and World Report
Monday, June 4, 2012

http://www.usnews.com/opinion/blogs/economic-intelligence/2012/06/04/cal…

For those who comment on the role of gold in the international monetary system, one of the most frequently asked questions involves the existence of the U.S. gold hoard. Officially the U.S. Treasury is in possession of 8,133 metric tons of gold stored mostly in two large depositories — Fort Knox, Ky., and West Point, N.Y. — with smaller amounts on deposit at the Denver Mint and the Federal Reserve Bank of New York.

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Stoxxman
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"a monetary crisis is imminent"

"Gold remains the 8,000-ton gorilla in the room; the thing that is too big to ignore but that no one wants to discuss. The international monetary system and the role of the dollar are in dire straits even if all of the gold is where it is supposed to be. It is not necessary to fantasize about phantom gold in order to see that a monetary crisis is imminent. The Fed and Treasury refusal to audit gold is part of their painstaking effort to deny that gold is still at the heart of the system. No more elaborate explanation is required."

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