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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (37290)	7/29/2005 8:59:25 PM
From: RealMuLan	Read Replies (2) \| Respond to of 110194

Joe, that article has not given a reference where did they got the data. They only said while the European countries are selling gold these couple of years, the US is a pure buyer of gold. And I did a search, here is the most current data. I calculated and the total seems about 7,322 tons fms.treas.gov It seems plenty of places cited "7,700 tonnes of the U.S. gold reserves", so maybe my calculation is wrong<g> From IMF site: ".... imf.org (4) gold (including gold deposits and, if appropriate, gold swapped)5 US$11,041 Million From the footnote: 3/ Gold stock is valued monthly at $42.2222 per fine troy ounce. And if I calculate right (maybe wrong<g>), the volume of Gold should be 7,322 Tons. ================================ ... "GATA has long claimed that central bank gold loans are two to three times the commonly accepted 5,000 tonnes cited by the gold industry. "Eighty-seven percent of the U.S. gold reserves is very close to 7,000 tonnes, which would increase to 12,000 tonnes the official sector gold out on loan in some way," Murphy notes. "No wonder former Treasury Secretaries Robert Rubin and Lawrence Summers and current Secretary Paul O'Neill have refused to directly answer members of Congress regarding their gold market queries," Murphy goes on. "The ESF reports only to the president of the United States and the treasury secretary, which means that these men are very aware of the mechanics of manipulating the gold price. ... Then in an August 7, 2001, letter, John P Mitchell, deputy director of the U.S. Mint, offers no explanation why 1,700 tonnes of U.S. Gold Reserves stored at West Point, N.Y., were reclassified in September 2000 from "Gold Bullion Reserve" to "Custodial Gold." In May this year all 7,700 tonnes of the U.S. gold reserves in Treasury Department depositories were reclassified as "Deep Storage Gold." Mitchell says the U.S. Gold Reserve was "not reclassified -- it was renamed to better conform to our audited financial statements." "But Mitchell offers no explanation why that change is being made now. Could it be that these changes to conform to accounting principles were necessary because of the dramatic reduction in SDR Certificates and encumbering of the U.S. Gold Reserve?" Murphy asked. "This is most frightening," Murphy says. The U.S. Government defaulted on its gold obligations in 1933 and 1971. Could it be happening all over again?" gata.org