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US Gold Reserve being stored at Ft. Knox is gone

 
xamo
User ID: 595530
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09/06/2009 08:27 AM
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US Gold Reserve being stored at Ft. Knox is gone
We Have A Right To Know

In the 1970's a very courageous gentleman named Edward Durrell claimed that substantially all of the US Gold Reserve being stored at Ft. Knox was gone. Only 1,000 tonnes or so of the 8,500 tonnes supposedly being stored there remained. The rest had been secretly taken from Ft. Knox and shipped to London in 1967 and early 1968 for sale by President Johnson in an ill-fated attempt to keep the price of Gold at $35 per ounce.

Mr. Durrell provided a lot of anecdotal evidence to support his claim. These included eyewitness accounts of hundreds of Army trucks leaving Ft. Knox in the middle of the night over a period of many weeks, supposedly loaded with the Gold bounty. Other interesting but circumstantial evidence was the sudden and unexpected dismissal of Gordon Tether, business editor for London's Financial Times, who published Mr. Durrell's claims. To my knowledge, no mainstream US newspaper dared to publish Mr. Durrell's allegations.

More circumstantial evidence emerged in the late 1970's when the US Treasury auctioned some Gold in an attempt to keep the Gold price from rising rapidly. The bullion banks bidding in the auction received 'coin-melt' bars, not good delivery bars. The coin-melt bars were fabricated in the 1930's after the Gold confiscation at that time. Coins are only 90% pure Gold, with 10% other metals added to provide durability to the Gold so that it can be used as coin without excessive wear or damage. In contrast, good delivery bars are 99% pure.

Mr. Durrell alleged that the coin-melt bars were not taken to London because their source could easily have been identified, the US being the only country that seized their citizens' Gold. Had the coin-melt bars been sold, the secret nature of the operation would have been compromised, so the coin-melt bars remained at Ft. Knox while the good delivery bars were sold in London in President Johnson's diabolical, unsuccessful scheme. Subsequent administrations, too afraid of the consequences from telling the truth, have continued the cover-up.

Clearly, the above examples are not sufficient to prove Mr. Durrell's claim, but one piece of evidence does raise serious questions. He claimed that a proper audit of the Gold reserve had not been made since the late 1950's during the Eisenhower administration. Moreover, despite his best efforts to get an audit completed, including as I recall offers to pay for the audit himself (which were not hollow promises because he was a very wealthy businessman), no audit was undertaken. The reason? The US Treasury said it was unnecessary 'because everyone knew that the Gold was still in Ft. Knox'.

The Treasury's curious response always seemed incredulous to me, so I have remained open-minded about whether the Gold was there or not. After all, we now know that President Johnson had lied to the nation about the Gulf of Tonkin incident that dragged the US into war in Viet Nam, so who is to say that he didn't also lie about the Gold in Ft. Knox?

Mr. Durrell passed away at age 90 in the early 1980's. With his passing, and the decline in inflation and the Gold price from the 1980 highs, over time this controversy was largely forgotten. I too put it largely out of mind until the early 1990's when I came to know a very wealthy industrialist with an interesting story.

I wrote about this gentlemen and his story in April 1994 (FGMR #143, Thinking the Unthinkable). He had requested anonymity, so I only refer to him as André, which is not his real name. André provided some additional interesting details, many of which filled in some unexplained gaps in Mr. Durrell's allegations.

Earlier in the year I reprinted this article because it was becoming clear to me that Mr. Durrell's and André's contention that the US Gold reserve was missing helped explain what was happening in the Gold market. As the huge weight of Gold being loaned and borrowed grew seemingly without end, it appeared to me that the Gold supposedly in Ft. Knox must be part of the equation. So I asked myself what could I do about it?

My answer was to try getting to the bottom of this matter for once and for all. And the only way to answer the question of whether the Gold was really in Ft. Knox was to complete an audit. Therefore, on August 30th, 1999, I wrote the following letter to US Treasury Secretary, Lawrence Summers:

Dear Mr. Summers:
Re: US Gold Reserve at Fort Knox

It is my understanding that a proper audit of the US Gold Reserve at Fort Knox has not been completed since the Eisenhower administration. I further understand that some visual inspections have been completed, but clearly, these can not be considered as a proper audit. The proper audit of bullion reserves is one undertaken by independent third parties, and includes among other safeguards, a review of security procedures and assays of Gold bars selected at random.
I am therefore concerned that the Gold Reserve at Ft. Knox may be at risk. My concerns could be alleviated if you would be kind enough to answer the following questions and provide me with the following information:
1) Is it true that a proper audit, as I've explained above, of the Gold Reserve at Fort Knox has not been completed since the Eisenhower administration? If it is not true, please provide me with a copy of the report prepared by the auditor.
2) Is it true that Treasury Department policy states that a proper audit will not be undertaken because the cost of an audit is considered to be unnecessary? If so, please explain why this expenditure, even if it were to cost a few million dollars, is unnecessary in view of the fact that it would ensure the safety of an asset that not only is of key importance, but is also worth about $70 billion at current market prices.
3) If a proper audit of the Gold Reserve at Fort Know has not been completed for a number of years, please explain why a proper audit has not been undertaken, and further, why a proper audit is not undertaken yearly as is the practice for other government assets.
I look forward to receiving your response, and I thank you for your assistance. Yours sincerely, James Turk

Weeks passed without any reply. Consequently, I sent the letter again on October 13th. Again, no reply.

On the surface, it would seem that my letter is a very simple one to answer. Why no reply? Why not even a letter from Mr. Summers acknowledging receipt? Does he not want to answer these seemingly very simple questions?

In any case, I am pursuing the truth. On November 22nd I wrote to my Congressman, John Sununu. I provided him with my letter to Mr. Summers, and requested that he contact Mr. Summers in order to see if he could get answers to my questions.

On December 1st, Congressman Sununu responded to me saying he had sent my letter to Secretary Summers. He also said that he would send to me Mr. Summers reply. We'll see whether or not Mr. Summers ignores my Congressman.

Why doesn't the Treasury complete an audit, thereby putting the rumors to rest? Is the Gold in Ft. Knox or not? We have a right to know.

James Turk
Anonymous Coward
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Australia
09/06/2009 08:34 AM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Lodge an affidavit. Notify parties. Post publicly. State within that if no reply is received within ten days then that is evidence of agreement and a court application will be submitted to determine the status of your request.
Good luck with that.
No legal advice intended or implied. -sarcasm off-
This shit is outta control
Avian

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09/06/2009 08:42 AM
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Re: US Gold Reserve being stored at Ft. Knox is gone
I would like to know
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
Anonymous Coward
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09/06/2009 08:44 AM
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Re: US Gold Reserve being stored at Ft. Knox is gone
OP may have a point, as the Die Hard series of Hollywood movies have left this question unanswered!

What did happen to the gold after it was stolen in dump trucks commanded by witty German military uber-thieves via terrorism and bombings, thieves who then failed in their scheme to switch the gold for lead (and thereby screw their own comrades)?

Bruce Willis and Sam Jackson (as Jules Winfield from Pulp Fiction) will lead the investigation in 2010 picking up where the Die Hard series left off! See: "Yippee Ki-ay You Big Brain Muthafuckahs!" coming soon!
Anonymous Coward
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09/06/2009 08:46 AM
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Re: US Gold Reserve being stored at Ft. Knox is gone
we here in Canada just happen to have misplaced a few of our millions awhile ago too.
Jenn++
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09/06/2009 08:47 AM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Even if 8000 tons was in Ft Knox, at 1k per ounce that's 256 billion, a paltry amount to the national debt.

I wonder how much we can get for Hawaii?
Anonymous Coward
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09/06/2009 08:48 AM
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Re: US Gold Reserve being stored at Ft. Knox is gone
I believe Fort Knox has been an over priced big ass empty building for quite some time now. Just another big $$ museum from the past.
Anonymous Coward
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United Kingdom
09/06/2009 09:01 AM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Has any one wondered why 9-11 was called the 'greatest Gold bullion robbery in history' in some quarters? (try printing that in the 'press' and see how long your career lasts).

In a nutshell, the golds gone towards making up certain peoples short falls, and the little bit of extra for paying bills accrued through using illicit channels to complete the operation.

The above was a conversation i had with a friend of mine before he died, sadly of cancer.

Always made me think about it anyhow.
Anonymous Coward
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09/06/2009 09:03 AM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Its all gone and has been for awhile now.
floyd
User ID: 765025
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09/07/2009 11:44 AM
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Re: US Gold Reserve being stored at Ft. Knox is gone
why does the IMF have it on their books at $42/oz?

spock
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01/31/2011 08:59 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
[link to www.marketoracle.co.uk]

Gld ETF Warning, Tungsten Filled Fake Gold Bars
Anonymous Coward
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01/31/2011 09:11 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
why does the IMF have it on their books at $42/oz?

spock
 Quoting: floyd 765025


Interesting story there.

A consultant actually met with the Fed. Maybe 10 years ago. I don't know the exact circumstances, but he suggested the Fed re-mark their gold price to the market value (maybe $400 then) and this would fix some kind of problem the Fed had at the time. The Fed marks their gold at $42 or $35 or something like that.

Whoever the consultant was talking to apparently laughed and said that one reason they kept the gold price there was that if they ever tried to sell it all, it would drive the price down to those original levels.

A totally apocryphal story I was told several years ago, but interesting.

Not that I think they have the gold. I subscribe to the theory that, thanks to the ETFs, all the gold out there has been marked to multiple counterparties in a fractional reserve way so that if everyone actually asked for the physical, the market would blow up.
nrg being obviouse
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01/31/2011 09:15 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Satellites can see all the gold on earth the market is falsely inflated, Who is selling the most gold today? HA HA HA.!!!

Bomb making and delivery is still and always has been the "GOLD STANDARD" of this world. This truly backs the greenbacks, not fort knocks.
Anonymous Coward
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01/31/2011 09:26 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Fairly well documented that during the Clinton administration, a huge amount of the gold bars in Fort Knox were switched for Gold plated tungsten fakes. Many of the fake bars also wound up in the world market.

The fraud was discovered when someone at a Hong Kong bank got suspicious and drilled some bars that had been received and discovered that they were tungsten dipped in gold and stamped like the original bars on the gold bar list. Each bar is actually worth about $50,000 due to the heavy coat of pure gold.

When the scam was discovered, the person at Goldman Sachs who was in charge of the world gold bar inventory list disappeared and has never been heard from since.

A huge percentage of the bars in Fort Knox are fake. Approximately 7500 of the fake tungsten bars were cast. Tungsten is so near the mass weight of gold that about the only way to know for sure is to drill gold bars and confirm they are pure gold.

We been screwed...royally.
Anonymous Coward
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01/31/2011 09:32 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
I am still amazed that the fake tungsten bar story never got legs. It was covered by a very well respected gold newsletter.




bump bump bump bump
Anonymous Coward
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01/31/2011 09:38 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
[link to www.marketoracle.co.uk]

Gld ETF Warning, Tungsten Filled Fake Gold Bars
 Quoting: Anonymous Coward 1170674

^^^this is how they are making up the shortfall.

Some of the gold has found its way into the hands of wealthy and powerful.
Remember how Britain sold off a huge load of their gold a few years ago, right before the price started doubling yearly. Who do you think ended up with that hoard?
When the paper currencies fail they will use a bit of that gold to gain control over everything else.
Anonymous Coward
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01/31/2011 09:40 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Dude, been gone, for years. So is the reserves in Trade Center.

Im willing to bet its under ground in Colorado. One of the reasons why we can expect the UN/NATO to be called upon once we start to demand justice. For their sake, hope they call in sick.
Anonymous Coward
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01/31/2011 09:41 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Sadly, it was never our gold anyway. Washington as always been wicked. The gold has been relocated to the federal reserve. It was stored at the WTC but was moved.

ILLUMINATI - 1776

vrwc
Anonymous Coward
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01/31/2011 09:45 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Gold in fort Knox? the place is empty, it has been empty for years
Anonymous Coward
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01/31/2011 09:47 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
wow
ashesand sackcloth

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01/31/2011 09:50 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Rings true OP.
Anonymous Coward
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01/31/2011 09:54 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Lodge an affidavit. Notify parties. Post publicly. State within that if no reply is received within ten days then that is evidence of agreement and a court application will be submitted to determine the status of your request.
Good luck with that.
No legal advice intended or implied. -sarcasm off-
This shit is outta control
 Quoting: Anonymous Coward 697653





This shit (aka our "government") has been out of control for a very long time.
Anonymous Coward
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01/31/2011 09:57 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Auric Goldfinger detonated a nuclear device there in 1964 rendering it radioactive for 57 years in Operation Grand Slam.

Saw the newsreal!
Anonymous Coward
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01/31/2011 10:00 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Ya the new fort Know is in Alaska it has been moved and Haliburton is in charge of the move to some cave.
Carouser

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01/31/2011 10:04 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Fairly well documented that during the Clinton administration, a huge amount of the gold bars in Fort Knox were switched for Gold plated tungsten fakes. Many of the fake bars also wound up in the world market.

The fraud was discovered when someone at a Hong Kong bank got suspicious and drilled some bars that had been received and discovered that they were tungsten dipped in gold and stamped like the original bars on the gold bar list. Each bar is actually worth about $50,000 due to the heavy coat of pure gold.

When the scam was discovered, the person at Goldman Sachs who was in charge of the world gold bar inventory list disappeared and has never been heard from since.

A huge percentage of the bars in Fort Knox are fake. Approximately 7500 of the fake tungsten bars were cast. Tungsten is so near the mass weight of gold that about the only way to know for sure is to drill gold bars and confirm they are pure gold.

We been screwed...royally.
 Quoting: Anonymous Coward 1176939


Ouch
ex-AFOSI
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01/31/2011 10:19 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Gold reserve hasn't been stored at Knox for decades. Clue bus arriving in 3...2..1

Some math for you.

IMF has 3200 tons or so.

U.S. has 8100 tons or so.

U.S. = IMF therefore U.S. has about 11,300 tons.

That is $483,459,200,000 at todays prices.

Do you see the U.S. strategy now? Do you see why we can run a deficit? Why we do bond raids on Europe whenever we please? Why we are moving Egyptian gold our way?
Anonymous Coward
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Canada
01/31/2011 10:24 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Most likely it is in the Rothschild's vaults in Israel.
Anonymous Coward
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Mexico
01/31/2011 10:30 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
All tungsten bars belong to you !!

lmao
Anonymous Coward
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01/31/2011 10:40 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
wtf dumbass bsflag




.
Anonymous Coward
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01/31/2011 11:03 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
Most likely it is in the Rothschild's vaults in Israel.
 Quoting: Anonymous Coward 1251185

That would make sense in so many ways.
Anonymous Coward
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01/31/2011 11:10 PM
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Re: US Gold Reserve being stored at Ft. Knox is gone
When was the last audit?

1974

"No one from the public other than President Franklin D. Roosevelt, who made an inspection trip in 1943, has been inside before or since, the 1974 occasion."

[link to www.numismaticnews.net]

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