{"id":257718,"date":"2017-12-30T20:19:58","date_gmt":"2017-12-31T01:19:58","guid":{"rendered":"https:\/\/www.rael.org\/?p=257718"},"modified":"2021-03-23T14:42:20","modified_gmt":"2021-03-23T18:42:20","slug":"us-gold-of-low-purity-thats-why-audit-of-reserves-will-never-be-allowed-expert-tells-rt","status":"publish","type":"post","link":"https:\/\/www.rael.org\/fp\/us-gold-of-low-purity-thats-why-audit-of-reserves-will-never-be-allowed-expert-tells-rt\/","title":{"rendered":"US gold of low purity & that\u2019s why audit of reserves will never be allowed \u2013 expert tells RT"},"content":{"rendered":"

RAEL\u2019S COMMENT:<\/strong><\/span><\/p>\n

It is well known by specialists that many gold bars are in fact made of a cheap alloy with the same specific weigh as real gold and covered with a thin layer of pure gold, as testing usually checks the surface and weight.<\/strong><\/span><\/p>\n

 <\/p>\n

<\/p>\n

The United States doesn\u2019t let anyone see its gold reserves. Even if the Treasury has the number of billions it claims, they are not tradable, warns Singapore\u2019s BullionStar precious metals expert Ronan Manly.<\/p>\n

The US government claims to hold 8133.5 tonnes of physical gold in its official reserves. Fifty-eight percent is reportedly held in Fort Knox, Kentucky, 20 percent at West Point in New York State, 16 percent is said to be at the US Mint in Denver, Colorado and five percent is held at the NY Fed.<\/p>\n

\u201cThe entire story around the US gold reserves is opaque and secretive. There has never been a full independent audit of the US gold reserves, and the custodians of the gold, the US Mint and the Federal Reserve of New York will not let anybody into the vaults to view the gold or to count it,\u201dManly told RT.<\/p>\n

However, despite the numerous accusations against the US Treasury that it has much less gold than it claims, there is another reason, according to the expert – US gold is of bad quality.<\/p>\n

\u201cEven the details that have been provided on the supposed US gold holdings show that a majority of the gold bars are low purity and in weights that don\u2019t conform to the industry standard \u2018Good Delivery\u201d gold bar specifications,\u201d says Manly.<\/p>\n

\u201cSo even if the US has the amount of gold it claims to have, most of this gold would not be acceptable for trading on the international market, and could only be used in swap transactions with other central banks that wished to swap Good Delivery gold bars for low purity and unusual weight US held gold bars,\u201d he added.<\/p>\n

If the claims about lower-than-claimed US gold reserves are true, it would re-shuffle the entire global economy, Manly predicts. Though it wouldn\u2019t hit the US dollar directly, or result in an immediate shift away from using the US dollar for international trade, the consequences will be sizable.<\/p>\n

\u201cFirstly, proof of lower US gold reserves than claimed would add pressure for a full independent audit of all US gold reserves. It would also put the spotlight on the gold reserves of other major trading blocs such as the eurozone and China and Russia, and open up a debate as to what is the role of gold in the international monetary system. Which is something the US government constantly tries to avoid,\u201d the expert says.<\/p>\n

\u201cIt would also then refocus attention on international holders of US dollars pre-August 1971 when Nixon closed the gold window because after all those outstanding dollars held at the time by foreign central banks are still technically convertible into gold at the official gold price of the time,\u201d he added.<\/p>\n

Moreover, if the US Treasury gold holdings are falsified, it would put additional pressure on other central banks around the world, which have gold in the United States.<\/p>\n

A proper check of the US gold reserves should include weighing all gold bars, checking assays, and publishing a full weight list in the public domain; the audit would have to be conducted by an entirely independent auditor. It will never be allowed by Washington, Manly says.<\/p>\n

https:\/\/www.rt.com\/business\/414610-us-low-quality-gold\/<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

RAEL\u2019S COMMENT: It is well known by specialists that many gold bars are in fact made of a cheap alloy with the same specific weigh as real gold and covered with a thin layer of pure gold, as testing usually checks the surface and weight.  <\/p>\n","protected":false},"author":71,"featured_media":323729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-257718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/posts\/257718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/users\/71"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/comments?post=257718"}],"version-history":[{"count":0,"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/posts\/257718\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/media\/323729"}],"wp:attachment":[{"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/media?parent=257718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/categories?post=257718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rael.org\/fp\/wp-json\/wp\/v2\/tags?post=257718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}