Fort Knox - Audit is coming

[CUTiger1977]

 

[ANEW]

In before the inevitable freak out that Elon is trying to steal gold from Ft Knox.

 

[CUTiger1977]

In before the inevitable freak out that Elon is trying to steal gold from Ft Knox.

If it hasn't been audited since 1974 then the value 147.3 Million Troy Ounces X current gold value would be significant. ($3,000 per ounce)

• Amount of present gold holdings: 147.3 million ounces. About half of the Treasury’s stored gold (as well as valuables of other federal agencies) is kept at Fort Knox.
• Highest historic gold holdings: 649.6 million ounces (December 31, 1941).
• The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years.
• The gold is held as an asset of the United States at book value of $42.22 per ounce.

 

[TigerGrowls]

 

[ANEW]

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Shouldn't therebe a paper trail, and from that, the why? I distrust the federal government as much as the next former govt employee, but there is no hiding pallets of gold bars.

 

[TigerGrowls]

Shouldn't therebe a paper trail, and from that, the why? I distrust the federal government as much as the next former govt employee, but there is no hiding pallets of gold bars.

Would figure but we are living in crazy times.

 

[ANEW]

If it hasn't been audited since 1974 then the value 147.3 Million Troy Ounces X current gold value would be significant. ($3,000 per ounce)

• Amount of present gold holdings: 147.3 million ounces. About half of the Treasury’s stored gold (as well as valuables of other federal agencies) is kept at Fort Knox.
• Highest historic gold holdings: 649.6 million ounces (December 31, 1941).
• The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years.
• The gold is held as an asset of the United States at book value of $42.22 per ounce.

The 1974 "audit" was more show than go. They didn't open everything up. Perplexity says that in 1953 6% was audited. I think there was sampling done through the 1980s but the records suck.

 

[orangedreamweaver]

Be prepared folks. There is not much gold in Fort Knox.

 

[fatpiggy]

Shouldn't therebe a paper trail, and from that, the why? I distrust the federal government as much as the next former govt employee, but there is no hiding pallets of gold bars.

Gold is a deliverable futures contract. Meaning, that when futures contracts are settled, the gold physically exchanges hands, not just a cash payment.

I would be shocked if gold is not moved regularly to satisfy these contracts. This is probably normal behavior.

I don't know about Ft Knox, i doubt that gold moves. But large quantities of gold are regularly moved throughout the world.

 

[ANEW]

Gold is a deliverable futures contract. Meaning, that when futures contracts are settled, the gold physically exchanges hands, not just a cash payment.

I would be shocked if gold is not moved regularly to satisfy these contracts. This is probably normal behavior.

I don't know about Ft Knox, i doubt that gold moves. But large quantities of gold are regularly moved throughout the world.

I'm going to believe whatever anyone says about this topic. So I believe you! I had to cheat to pass my college economics classes. I remember that "M" stands for Money, but that's about it.

 

[PalmettoTiger1]

Gold is a deliverable futures contract. Meaning, that when futures contracts are settled, the gold physically exchanges hands, not just a cash payment.

I would be shocked if gold is not moved regularly to satisfy these contracts. This is probably normal behavior.

I don't know about Ft Knox, i doubt that gold moves. But large quantities of gold are regularly moved throughout the world.

Most in New York at J P Morgan ? vault to vault

 

[fatpiggy]

Most in New York at J P Morgan ? vault to vault

Also overseas.

Do you remember during covid when all air traffic was shut down there were severe dislocations in the financial markets, specifically for gold?

Trading companies had written gold contracts with the intention of exiting them before expiration. However, when covid hit, the markets widened so far that it was cheaper to rent a private jet, go to london, get the gold, and bring it back to NY for settlement than it was to pay to exit the contract. Wild times.

Similarly oil trade at negative $30 a barrel or something ridiculous. That was because you had to pay to store the oil and actually take physical delivery and all the storage tanks were full.