Audits Of US Monetary Gold Severely Lack Credibility

Posted on 28 Mar 2018 by

According to the United States Treasury its 261 million ounces (± 8,100 tonnes) in official gold reserves are fully audited and accounted for. Because for many decades rumours are making rounds this gold has been covertly sold, in this essay we’ll thoroughly scrutinise the audits – indirectly evaluating the accuracy of the gold claims by the Treasury. What we’ll encounter is a wide range of problems in the audit documentation obtained through Freedom of Information Act requests submitted at the US government. Among other problems, since inspections commenced at Fort Knox in 1974:

  • Most physically verified and sealed vault compartments have been re-opened, for which the auditor can provide no valid explanation.
  • Auditing personnel has proven to be utterly incompetent and did not follow the auditing policies and procedures.
  • Repeatedly metal has been excluded from verifications.
  • Many of the audit and assay documents have been destroyed.
  • The US government goes to great lengths in withholding information and spreading false information.

In conclusion, the audits have been executed with an inadequate degree of integrity.

The heart of this investigation are the sealed compartments that store the vast majority of the US’ official gold reserves. These compartments are located inside the vault rooms of three US Mint repositories; Denver, Fort Knox and West-Point. In the early 1970s when it was decided all the gold was to be physically verified, the protocol was designed to open, audit, close and seal all compartments once, in order to avoid the necessity to repeat these procedures. Despite these rules, my research points out nearly all compartments have been re-opened after being audited. These revelations prompt strong skepticism about the credibility of the audits. Possibly, up to 200 million ounces (± 6,200 tonnes) of gold, approximately 75 percent of the total, have inadvertently been exposed to external threats.

What follows is an extensive dossier with most of the information in my possession about the audits, accompanied by a critical analysis hereof.

This is a story about misconduct, deceit, inconsistencies, and loose ends. At risk is the safety of the gold meant to underpin the world reserve currency.

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