Why We Need to Audit the Fed and the American Peoples’ Gold
There are too many unanswered questions about who has title to and controls the gold.
We think it is important to be good stewards of our resources. And that includes the American peoples’ gold held by the government and/or by the Federal Reserve. We have long supported the Audit the Fed measure championed for so long by Congressman Ron Paul. After all, even the smallest of public companies must be audited each year by independent auditors.
Yet the Fed bitterly resists submitting to an audit. We must wonder why. We desperately need an audit of US gold reserves as well. One congressman, Alex Mooney from West Virginia agrees. But he has run into a wall of non-responses and obfuscation from the Biden administration.
Their non-responsive response has us wondering if someone is up to no good. Here are details from the folks at the Gold Anti-Trust Action Committee. They write:
Recent correspondence between U.S. Rep. Alex X. Mooney, R-West Virginia, and the U.S. Treasury Department suggests that the department has given the Federal Reserve and International Monetary Fund unfettered control of a substantial portion of U.S. gold reserves.
In a letter to Treasury Secretary Janet Yellen on June 9 this year Mooney posed many questions about the U.S. gold reserves, which are owned by the Treasury.
A reply dated September 29 from the Treasury Department’s deputy assistant secretary for appropriations in the department’s Office of Legislative Affairs, Angel Nigaglioni, obtained by GATA this week declined to answer most of Mooney’s questions, suggesting that the congressman pose them to the Fed and
the IMF, though the gold belongs to the Treasury Department itself.
Particularly, Nigaglioni replied, the Treasury Department won’t say:
- How much of its gold is kept at the Federal Reserve Bank of New York.
- Why Treasury gold is kept at the New York Fed.
- Whether any of the Treasury gold at the New York Fed has recently been audited, assayed, or inventoried.
- Whether the Treasury gold held at the New York Fed is segregated from gold vaulted there by other nations.
- How much Treasury gold is part of the IMF’s gold holdings, nor where Treasury gold assigned to the IMF is kept, and won’t explain the purpose of the assignment of Treasury gold to the IMF.
Nigaglioni did say that the Treasury Department and U.S. Mint do not engage in gold or gold derivatives transactions through the Bank for International Settlements, other central banks, or governments. But this did not exclude the Federal Reserve’s use of Treasury gold for such transactions
Since Mooney’s questions involved the Treasury’s own gold, the Treasury surely knows or should know the answers, or else the Treasury is a negligent custodian of national assets. That the Treasury won’t answer Mooney’s questions is more evidence that it and the Federal Reserve are using U.S. gold reserves for surreptitious interventions in the gold market.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
We take it as a given that an audit of US gold will reveal substantial malfeasance and suspect the title to the people gold may have been compromised, pledged, or hypothecated without authorization or transparency.
The American people will be shocked as well, to learn what the Federal Reserve has done in their name and with their currency. For example, Senator Bernie Sanders wrote that a 2011 Government Accounting Office inquiry found that the Fed:
… provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression…The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.
Even a US congressman can’t get straight answers for the Treasury about our gold. But Republic Monetary Exchange’s team of gold and silver professionals is willing to answer all your questions about protecting your wealth, yourself, and your family with gold and silver.