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Published on Gold Anti-Trust Action Committee (http://gata.org)

Congressman proposes U.S. gold audit that covers leases, swaps

By cpowell
Created 2019-05-08 16:15

From Money Metals News Service, Eagle, Idaho
Wednesday, May 8, 2019

WASHINGTON -- U.S. Rep., R-West Virginia, this week introduced legislation to provide for the first audit of United States gold reserves since the Eisenhower administration.

The Gold Reserve Transparency Act (H.R. 2559) -- backed by the Sound Money Defense League and government accountability advocates -- directs the comptroller of the United States to conduct a "full assay, inventory, and audit of all gold reserves, including any gold in 'deep storage,' of the United States at the place or places where such reserves are kept."

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HR 2559 requires more than just a physical assay, inventory, and audit, however. Even if all United States gold can be physically accounted for, it may nevertheless be encumbered with third-party obligations -- or otherwise be impaired by bank financialization.

Therefore, Mooney's gold audit bill also requires "a full accounting of any and all sales, purchases, disbursements, or receipts ... a full accounting of any and all encumbrances, including those due to lease, swap, or similar transactions presently in existence or entered into" in the past 15 years, and "an analysis of the sufficiency of the measures taken to ensure the physical security of such reserves."

Over the years the U.S. Treasury has faced allegations that it has sold, swapped, leased, or otherwise placed encumbrances upon some of America's gold reserves. ...

... For the remainder of the report:

https://www.moneymetals.com/news/2019/05/08/legislation-requires-audit-u... [3]

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Source URL:
http://gata.org/node/19054