Thursday, October 6, 2011

Thur Post #1: History Channel Examines Questions about Gold in Fort Knox

Is Fort Knox empty?

The U.S. supposedly holds the world's largest reserve of Gold. But there hasn't been an audit of the Gold in storage in decades.

Futures contracts on Gold account for more than 100 times the amount of physical gold on the planet.

Critics contend that the United States has probably leased and lent the Gold that is supposedly in Fort Knox into the market as a way of manipulating the Gold price, supporting the value of the U.S. Dollar and supporting the validity of all these futures contracts. They also content the Gold has been used Gold swaps with foreign governments and Central Banks.

There have also been suggestions that the United States may have also leased and lent the phyisical Gold they hold for other nations as part of those manipulations.

If these rumours are true and the U.S. ever had to scramble to buy Gold back to meet the demands of foreign gold redemptions, $5,000-an-ounce doesn't look so unrealistic anymore.

Republican Presidential candidate Ron Paul Paul isn't so sure the nation's supply of Gold is all accounted for and thinks it might not exist at all.

He has introduced legislation that would require an independent count of the 5,000-plus tons of gold bullion that's sacked away in the Kentucky vault, as well as smaller amounts held in government facilities in Denver, West Point, and New York City. Paul also wants a lab to test the bars, to prove it's as pure as the U.S. Treasury Dept. says.

Recently the History Channel started to examine the issue and you can watch one of the few mainstream media's examination of this issue.

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