gold bar audit at the NYC Fed

[delta]

The audit included weighing and drilling thin holes to test a sample of the gold bars owned by the US government, but it probably won't satisfy diehard skeptics like Ron Paul, despite whatever results eventually emerge:

 

Los Angeles Times story

[e1cnr]

interesting - will the results be classified for a few years?

[MorganMan]

No matter how much is there (if any) it will not be even near close enough to pay a 14 trillion dollar debt.

 

MM

[newprepper]

I don't remember the percentages, but I saw something recently on the gold standard and in the end I think we only had to maintain about 10% of gold related to money in circulation. I'll bet the gold people are buying now on the ETF's and in supposedly stored locations doesn't even come close to 10%. If you don't have possesion of your gold....................you don't have gold.

[johnny9434]

its to bad there going to drill the ingots and have do the bars all over again for true weight. our tax dollars at work

[newprepper]

and we will probably have to pay to get them refined to get the lead out of the fakes

[RWB]

Drilled bars will not be weighed and revalued until they are moved or used. This would be done for all bars anyway. The "core sample" gold is recovered.

 

Gold is so soft that simply lifting and replacing a bar produces measurable loss of bar weight. Drilling was adopted or tests to reduce the amount of gold "lost" by moving and handling bars. (The "loss" is recovered when gloves, clothing, etc. are cleaned and the dust recovered.)

 

When gold was moved from Denver to Ft. Knox, over 400 T oz. were recovered from gloves, clothes, packing material, etc.

 

[Ducksoup]

 

When gold was moved from Denver to Ft. Knox, over 400 T oz. were recovered from gloves, clothes, packing material, etc.

 

Makes me want to take a tour with super gold absorbent gloves on and just run my hands over the bars!

[James_OldeTowne]

 

When gold was moved from Denver to Ft. Knox, over 400 T oz. were recovered from gloves, clothes, packing material, etc.

 

Makes me want to take a tour with super gold absorbent gloves on and just run my hands over the bars!

Maybe one could extensively lick the bars and ingest a few gold molecules for later recovery!

[mtnstyne]

When I retire I'm opening a laundramat next to the West Point mint...coin operated of course.