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Treasury 'audit' on gold at Fed is 'rubbish,' Turk tells King World News
3:12p ET Tuesday, February 19, 2013
Dear Friend of GATA and Gold:
The U.S. Treasury Department's new report about its "audit" of U.S. gold held by the Federal Reserve is "total rubbish," GoldMoney founder and GATA consultant James Turk tells King World News today.
"They didn't audit the gold," Turk says. "All they looked at was the 'Treasury's schedule,' and that's an exact quote -- 'Treasury's schedule' -- of how much gold it's keeping in the various Federal Reserve banks. So again it's basically just looking at paper or record keeping and saying, 'Yes, this record keeping says that all of that gold is there.'
"But there is no indication whatsoever in the Treasury announcement that they actually verified that the bars existed or went into the vault. So I don't know where the news reports came from about drilling bars and all of that kind of stuff because there was nothing whatsoever about that in the actual announcement from the Treasury itself. Again, it just looks like more disinformation or propaganda to make people (and countries) feel that the gold is really there, and that the Treasury did an audit, but they really didn't."
An excerpt from Turk's interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/2/19_So...
The Treasury Department report itself is posted at the department's Internet site here:
http://www.treasury.gov/about/organizational-structure/ig/Audit%20Report...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Opinion Around the World Is Changing
in Favor of Gold -- Find Out Why
When Deutschebank calls gold "good money" and paper "bad money". ...
http://www.gata.org/node/11765
When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ...
http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan...
When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ...
http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan...
When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ...
http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold...
When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ...
World opinion is changing in favor of gold.
How can you learn why and what it will mean to you?
Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard."
Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him."
To buy a copy of "The True Gold Standard," please visit:
http://www.thegoldstandardnow.com/publications/the-true-gold-standard
