This is a letter written by a friend of mine's father, it is deep but warrants reading. It appeared yesterday in the Golden Bar Report and is being sent to congress.
• Letter to the Congress and Senate of the United States from a private citizen exposing discrepencies by the Treasury department in reporting the ownership of bullion reserves held in trust for America's citizens, and proposing an independent audit of US Gold Reserves, as an immediate remedy - by TK Taylor
Guest Analyst
July 18, 2001
AMERICA'S GOLD
T. K. Taylor*
Dear Senators and Congressmen,
It has been my understanding that the citizens of the United States have entrusted some 261.5 million ounces of their national gold to be held in trust by the Department of the Treasury that is controlled and administered by Congress. The status reporting of these assets is reflected monthly at the Financial Management Service / Department of the Treasury Website: http://www.fms.treas.gov/gold/index.html.
What has happened to all of America's GOLD?
I believe this is a very serious issue, and I'm sure the Congress and the Senate does too. Since there are so few Senators and Congressmen in America who understand the importance of this issue for our freedom, all Senators and Congressmen should be recommending to call for a Congressional Budget Office (CBO) investigation of the gold reserves, specifically: 1) Does the U.S. Govt. own all the gold in its vaults; 2) Is the 8,100 tons really on site.
My understanding is the CBO has the power to access anyone and anything in the Federal Government, to answer a Member's inquiry, and, CBO auditors don't lie to Congressmen and Senators. Additionally, independent audits are not only prudent, but also mandated by "rule of law". Yet, it is my understanding that this has been done internally for 46 years. Our gold reserves that are held primarily in Ft. Knox as well as other locations should be independently audited at least every four years. Corresponding to presidential elections. It would be prudent for Congress to "invest" in regularly scheduled independent audits of our gold reserves, as one has not been performed since 1955. It is always best not to "let the fox guard the hen house" and to "follow the rule of law".
Reporting of the 261.5 million ounces of gold through August 2000 on the above website was quite straightforward as can be seen by viewing the August report. A significant change was made on the September 2000 report that can also be viewed on the Treasury's website. Over 54 million ounces were switched from the "Gold Bullion Reserve" category to "Custodial Gold Bullion", without footnote or explanation, reportedly held at the U.S. Mint at West Point, New York. This amounts to the apparent loss of gold ownership of over 20% of the total U.S. gold reserves previously thought to be part of our national asset base. "Reserves" obviously connote ownership while the connotation "Custodial" refers to taking care of another's property. The 48 million plus ounces at the U.S. Mint at Denver, Colorado continued to be reported as "Gold Bullion Reserve". This reporting was both before and after the September change of reclassification of gold at the U.S. Mint at West Point, New York and no other "Custodial" positions for any other location have ever been reported.