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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (15338)	7/8/2002 4:33:06 PM
From: Jim Willie CB	Read Replies (2) \| Respond to of 36161

you are right, thanks for the correction the guy in my apartment complex made a distinction between this Fed NYC gold and the national reserves in Fort Knox he clearly said this is not Fort Knox I neglected to make that distinction I stand corrected the Federal Reserve holds gold for member regional banks for foreign large banks for foreign central banks for bullion bankers in NYCity doesnt change the message though the Federal Reserve works in concert with the Dept of Treasury drawing upon the Exchange Stabilization Fund swaps take place for TBonds, dollars, foreign currency, gold my understanding is that the Fed operates as a private entity but acts as a partner to the Dept Trez and ONeill with a common purpose I regard Greenspan and the Fed as Trez tools the Federal Reserve provides cover for official govt actions certain acts & deeds are illegal for Congress or Trez to do but if the Fed does them under orders, that gets by as legal also, how do we know what is transported to/from Fort Knox? / jim