Treasury Releases Results of NY Fed Gold Audit, Inadvertantly Reveals US Gold Stores at NY Fed Are Only 466 Tons!

imagesThe Treasury Department has released the results of a gold audit on the Treasury’s gold holdings stored at the NY Fed which began in 2010. Not surprisingly, the Treasury report claims that the audit found no issues with the quality of the gold held at the NY Fed, or in any policies or procedures by the NY Fed.

The audit reportedly claims that in 3 of 367 tests of the gold’s purity, the gold was more pure than Treasury records had previously indicated, and as a result has increased the book value of the US’ gold holdings by 27 ounces.

The most newsworthy revelation in the report however was that the US (which is supposed to hold the vast majority of its gold reserves at the NY Fed) holds a total of 32,021 good delivery bars on deposit at the NY Fed:
As part of the audit, the Treasury tested a sample of the government’s 34,021 gold bars
in the New York Fed’s vault five stories below Manhattan’s financial district.

Why is this so significant?  As anyone with a simple calculator can discover, the Treasury department has just inadvertently admitted that rather than the official 8,133.5 tons the Treasury reports as the US’ official gold reserves, the Treasury’s actual physical gold stores at the NY Fed are a measly 466.57 tons!   While the Treasury does reportedly also hold gold at Fort Knox, several reports have claimed that up to half of the US Gold is held at the NY Fed!
No wonder it will take the Bundesbank 7 years to repatriate 300 tons!

 

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Damage control time- guys, the gold is more pure than even we thought!  As the LA times reports:

 

As part of the audit, the Treasury tested a sample of the government’s 34,021 gold bars in the New York Fed’s vault five stories below Manhattan’s financial district, according to the inspector general’s office. Auditors drilled tiny holes into the bars to remove samples that were tested for fineness in a process called assaying.

In three of the 367 tests, the gold was more pure than Treasury records indicated, according to  the Treasury’s inspector general. As a result, the government notched up the value of its gold holdings by approximately 27 fine troy ounces – or about $43,500, based on gold’s market value Monday.

Something tells us that the Germans and the Swiss might like a 3rd party audit rather than a private, internal audit.  The second glaring issue that the Treasury Department’s audit completely misses is Central bank leasing and rehypothecation.  Tungsten filled gold is only one concern. 
The other (and likely much more rampant) is leasing, swapping, and rehypothecation of physical gold bars stored on deposit at the NY Fed (& BOE).

Unfortunately for the Treasury Department and the NY Fed, the timely release of their internal audit (a month after the Bundesbank’s gold repatriation request) reeks of a desperate attempt to put out a loss of confidence contagion among the world’s Central banks. 

Got PHYZZ (in your own vault)??

 

The Treasury Department’s full audit findings can be found at the link below:

http://www.treasury.gov/about/organizational-structure/ig/Audit%20Reports%20and%20Testimonies/OIG13031.pdf

 

 

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Comments

  1. Yeah, nevermind they didn’t have a single comment on the multiples of ownership of all those bars..

  2. Boy am I glad all our Gold is There, I was getting Worried. There, Aren’t You All Happy Now?

  3. LOL! Yes we’re all glad M45. Nothing to see. Move along all. The snow at your place was very nice but very cold looking. Hope you’re all dug out now. Keep stacking.

    • @2oz it’s still bloody cold but one good thing is; Nobody can dig up my Stash. LMAO

    • Bloody cold? Are you talking about -5 degree Celsius? Up your north where I live, it is about -10 degree Celsius and it even reached -15 degree Celsius before this year! Plus, there was a lot of snow falling! :P I’m just saying because I find that funny as a Canadian! :D

    • sumkid it was -15 that day not including the winds and the Blizzard, so yea it was cold. I’m in Maine. Lo

  4. Okay, let me get this clear in my mind.  We are talking about the Treasury Department, and the NY Fed giving us information that we have no way to verify.  Okay, I got it.  I’m good with it…..AHAHAHAHAHAHAHAHAAHAHAHAHA What a fucking joke!  Is there anyone NOT laughing?

  5. If you can believe Geithner’s Departmental Investigation you must be a believer in the Tooth fairy.
    Pluck you Timmy and your ilk

  6. Do the math…418.44 metric tonnes…that’s all there is!???  That’s one semi truck full.  We’re in trouble.

    • Holy shit, you’re right Ugly Dog. The NY Fed has 34,021 400oz LGD Bars, that just over 400 tonnes.
      Take away what Germany have asked for, doesn’t leave much. Is the 8000+ tonnes a leveraged figure? Lol
      Otherwise West Point must be rammed!

    • That’s all the gold that they were supposed to hold for the US at that location, as can be seen here.
      What they should do is simply audit every location and every bar, domestic and foreign, at the same time.., How hard can it be?

    • Actually uglydog, your semi would be very much over weight. Your tires & rims would be flat on the asphalt. 466 tons would be 932,000 lbs. Weight limits only allow around 50,000 freight lbs for a semi. That means your semi truck could only haul 25 tons. As to storage space, you are correct.

    • Look on the bright side, at least the USA has some gold bars left inside its reserves. Look at Canada for example, it has NO gold bars because they were all sold around the year 2000!

  7. When I see the words Treasury, Gold and Pure used in the same sentence my BS-o-meter gets pegged to the right

  8. That’s a purty picture up there, all them gold bars.  Thank goodness they got some pictures before they sold it all.

  9. The Audit failed to account for the gold referenced in these Liens, and Complaint:
    http://www.scribd.com/Free_Nations/documents
     

  10. Count all those bars in that corner. Okay leave this vault and come back in an hour. Count the bars in the other corner (and ignore the fact the first corner is now empty)

  11. The official denial is in so it is opposite day folks. 
    You wonder if the statement “it was more pure than originally thought” means “there is less tungsten then we thought we poured in the holes we made.”
    This is almost comical — except it is real.

  12. GOVT = the biggest LIARS, CHEATS,THIEVES, and MURDERERS on the planet.

    Who are you going to believe?!?? I say they have SOME gold in the vault but it’s all been leased sold and resold a few dozen times over. The US blew thru half their gold supply in the 60s and 70s to keep the price down and that is documented and accepted. I am going to bet they blew thru the rest during the last 20-30 years. Its just common sense. Satan is a liar a thief and a murderer. Lol

    • Try to explain that to the masses who still believe the government. If you don’t trust the government, then you should not care about the laws since they were made by a corrupt government as long as you don’t harm other people’s freedom.

  13. Why not allow an independent company to conduct the tests? We will receive a much different report. Nothing surprises me anymore..It really doesn’t

  14. The FED is private but the gold belongs–belonged to the public. Those responsible must be prosicuted. But of course they won’t be. They own the government.

  15. fms.treas.gov/gold/current/html show approximately the same numbers, can I ask why this is such a shock if the numbers are readily available.  The fort knox Denver, and west point holdings seem far more amazing to me, if I am reading this report correctly.

  16. Nobody’s celebrating the extra 27 ozs. We’re an ungrateful lot arent we?!!

  17. Are not those standard 400 oz bars? (12.5 kg a bar)?

  18. Hang on a minute. Can any of you State Side boyz or girlz explain to a Brit what I’m missing here. If this is true and there’s only 466 tons rather than the official 8,133.5 tons the Treasury reports as the US’ official gold reserves, surely this is ABSOLUTELTY MINDBLOWINGLY explosive news for the Gold market and the rest of the world!!!  Now considering Gold this morning is doing its normal thing, this therefore obviously can’t be the case.
     
    Isn’t the majorty of the [alledged] 8,133.5 tons supposed to be held in other vaults such as Fort Knox for example? Is this audit only pertaining to the Feds Manhatten facility? in which case couldn’t that be correct and you actually have something to celebrate being UP 27 oz LOL
     
    Can someone please point out what I’m missing here!.

    • You might be right. The game being played may have the same outcome as we expect it to, but the way it’s perpetraded may be wildly different from how we currently understand it to be.

  19. Am I missing something? The FED has other vaults, not just the one in NY. The amount of 466 tons is referring to just that one vault, as I read it. 

  20. Those Bar were probably ‘borrowed from Canada or elsewhere, there ain’t no Gold the luciferian done stole it..

    • Sadly for the Canadians who are awake, all of Canada’s gold bars were sold around the year 2000 which means that we don’t have anymore gold bars. When that happened in 2000, the majority of the Canadians were happy about that because they think that gold is worthless since there is no gold standard.

  21. Hitler would not be happy,about being ‘jacked’ by bankers  sachs,Goldman,j.morgan ect

  22. Remember the Hitler youth’ have grand-kids, so !Zer is there Gold ?

  23. “The most newsworthy revelation in the report however was that the US (which is supposed to hold the vast majority of its gold reserves at the NY Fed) holds a total of 32,021 good delivery bars on deposit at the NY Fed:”
    This is not a revelation.
    Forbes reported in 2008 that of the NY Fed’s 550,000 gold bars, only 2-5% are the USA’s, which is 11K-28K gold bars.
    So for the NY Fed to say they have 32K gold bars for the USA Treasury is not surprising.
    More than half of the USA’s gold is supposed to be in Ft Knox, per the article.
    http://www.forbes.com/2008/01/29/gold-silver-diamonds-biz-cx_lm_0129vaults.html
      

  24. Small wonder , when the German delegation showed up to view their nations gold and were turned away ……they would have said ” is that all there is ?”…..”that’s not enough !”
     
    We’ve been hosed !

  25. This might be the most naive article I have ever read. The U.S. does not claim to keep all 8,133 tonnes of gold at the NY FED. In fact, the majority of gold is held at Fort Knox and West Point.
    Try to do a little bit of research before you start drumming up wacky articles.

  26. according to Wikipedia it rumor to have more gold than Fort Knox around 7,000 tons but can’t be confirmed….im sure the fed vaults are full of I.O.U’s…hey anyone want me to store their stacks  I’ll give you Zimbabwe dollars in return. Any takers

  27. James Turk’s take
     
    So Called Audit Of Fed’s Gold Complete Rubbish & Propaganda
     
    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/2/19_So-Called_Audit_Of_Feds_Gold_Complete_Rubbish_%26_Propaganda.html

  28. Sorry to be a ….party pooper
    Above extract is from the….LA Times
    .
    This extract is also from…..The LA Times

    The Treasury’s auditing operation, including drilling, is a first for the New York Fed. The department’s inspector general previously audited and tested only gold it keeps under heavy guard at Ft. Knox, West Point and the U.S. Mint in Denver.
    These….. three locations…. hold 95% of the country’s bullion.
    .
    http://articles.latimes.com/2012/aug/02/business/la-fi-gold-bars-20120803

    The above 3 locations hold 95% of the U.S Gold…….which leaves just …5%…at the N.Y Fed
    (Not 50%)
    .
    Sorry guys

  29. As a side note, I was watching “Goldfinger” the other night.  Bond tells Goldlinger that if he nukes Ft Knox he’ll irradiate the gold for 50k yra…all $15billion of it.  LMFAO

  30. If there is actually 466.57 tons of gold inside the vaults and that the USA doesn’t have 8133.5 tons of gold, then the question is where did the other gold bars went? I mean about 8000 tons of gold is really really a lot and I wonder how that big amount can vanish like that. We need to look at the Eastern countries a lot more!

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