| oct 19 2007 | | Where has the frigging gold gone? | Sorry for the swearing but this is frigging serious. Where has the frigging gold gone? Yes they say it is in Fort Frigging Knox and the ‘story’ is that it hasn’t been audited for decades and questions asked under the Freedom of Information Act have been ignored, so much for freedom, so much for information and so much for Acts. Now can you give another example of a national monetary resource that hasn’t been audited since 1955. Hell, the British have just announced that their gold is in poor shape and the ingots are cracking and will have to be refined again so they must popping down to the vault now and again.
I have a question. Have you ever known a politician who could keep his hand out of the candy jar? Yeah right neither have I. So suppose this Fort Knox was full of gold and suppose these politicians have grandiose schemes, don’t your think if there was candy in those jars that you could spot a sticky fingered politician all the way up the Belt-Way? So this got me thinking to what if there is no gold in reserve. Maybe there is this huge echoing empty room. Suppose the most secure building in the world was full of air.
So simple to dispel this anxiety, just send a couple of reputable reporters in with a camera. I would prefer a representative of GATA or perhaps Ron Paul. Well what about it?
In the meantime it worries me that a banking system that only exists as long as confidence in it lasts, is panicking. The credit market is frozen with obligations not rolling over because no one can price the risk. No one can price the risk because a lot of these debts have little or no value. Now that doesn’t instil confidence. So Hank a.k.a Goldman has the desperate job of bullying a bunch of banks to stump up US$100Billion to buy these toxic obligations. Now this is where a vault brimming with bullion would ride to the rescue in the certain knowledge that the financial system was grounded on a hard commodity to back the fiat pack of cards.
So who has gold? It is important we know because those currencies and those economies will be somewhat sheltered from the coming global depression.
Latest numbers that we are told. Stop sniggering at the back. These are official figures so they must be true.
America 8,133.5 tonnes, Germany 3,400 tonnes, France 2,700 tonnes, Italy 2,450 tonnes, Switzerland 1,200 tonnes, Portugal 400 tonnes, Greece 100 tonnes, International Monetary Fund 3,200 tonnes belonging to member countries. European signatories 12,600 tonnes. For more countries go to The World Gold Council site.
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