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Congressman presses Treasury secretary to disclose U.S. gold activities
From Money Metals News Service, Eagle, Idaho
Thursday, June 10, 2021
WASHINGTON -- As foreign governments reportedly accumulate gold and de-dollarize their sovereign wealth funds, a Republican congressman is asking tough questions of the U.S. Treasury about its secretive gold activities.
Rep. Alex Mooney, R-West Virginia, sponsor of the Gold Reserve Transparency Act of 2021 (H.R. 3526) to require the first true audit of America’s gold in decades, wrote this week to Treasury Secretary Janet Yellen requesting detailed information about the U.S. gold holdings delegated to the Federal Reserve and the International Monetary Fund and posed other questions.
... Dispatch continues below ...
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From Rep. Mooney's letter:
"According to testimony in 2011 by Mr. Gary Engel, the director of financial management and assurance at the Government Accountability Office, about 5 percent of the U.S. gold holdings were stored at the time at the Federal Reserve Bank of New York. He also stated that this gold is not considered "audited" and that no assaying or inventorying of that gold had occurred since at least 1986.
"1. At the current time, what amount of U.S. gold holdings is vaulted at the Federal Reserve Bank of New York (or by the Federal Reserve using other depositories)? Also, has this gold been recently audited, assayed, and/or inventoried? If so, please provide me with a copy of any relevant reports.
"2. For what purpose(s) is United States gold bullion stored at the Federal Reserve?
"3. According to testimony by Mr. Engel, the Federal Reserve Bank of New York holds gold for other nations as well. Is the U.S.-owned gold stored at the Federal Reserve held in a physically segregated manner from the holdings of other nations?
"4. During the 2011 hearing, Rep. Luetkemeyer referenced a report that 261 million ounces in U.S.-owned gold is part of the International Monetary Fund's reserves. At present, how many ounces of U.S.-owned gold are in the possession of the IMF or pledged to the IMF -- and where is that gold kept? Also, please describe the purpose and nature of this arrangement as well as what oversight procedures are in place.
"5. How much U.S.-owned gold is in the possession of and/or used by the Exchange Stabilization Fund as part of its activities? What is the purpose and nature of the ESF’s gold activities?
"6. Please provide details as to what U.S.-owned gold is currently pledged, swapped, leased, or otherwise encumbered -- and for what purposes -- including, but not limited to, arrangements involving the Bank for International Settlements, World Bank, IMF, and other financial institutions, foreign or domestic." ...
... For the remainder of the report:
... To view Mooney's letter:
https://gata.org/sites/default/files/MooneyLetterToYellen-06-09-2021.pdf
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