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One of the abstruse items on the Fed’s antithesis area is a basic asset it accustomed from the U.S. Treasury a continued time ago…



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During the Great Depression, in 1933, President Roosevelt issued an controlling adjustment acute anyone with gold to abandonment it to a Federal Reserve coffer or any affiliate coffer of the Federal Reserve system.



The Federal Reserve banks additionally appropriate the bartering banks to duke over their gold to the Fed. Now, suddenly, the gold went out of the bartering banks into the Federal Reserve Bank.

But beneath the Gold Reserve Act of 1934, the Fed was ordered to abandonment all its gold to the Treasury Department. All the nation’s gold in aftereffect came beneath absolute government ownership.



Now, this is key: The Federal Reserve is absolutely a clandestine system, while the Treasury is an arm of the U.S. government. And the Fifth Amendment of the Constitution prevents the government from demography clandestine acreage afterwards aloof compensation.

To get about that legality, the “just compensation” was a gold affidavit the Treasury issued to the Fed in barter for its concrete gold.

To this day, the Fed carries that gold affidavit on its antithesis sheet.

The Treasury clearly ethics its gold at $42 an ounce. That was the official gold amount from 1973, two years afterwards the U.S. alone the Bretton Woods system. Of course, the bazaar amount of gold today is about $1,300 an ounce.

But if you booty the face amount of the gold on the Fed antithesis sheet, bisect it by $42 an ounce and again appear up with a cardinal of ounces and catechumen that into tons, it comes out to over 8,000 tons.

That’s awful interesting, because that’s how abundant gold the Treasury currently owns.

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The Treasury needs at atomic 8,000 bags of gold to aback up that cardboard affidavit it handed the Fed aback in the 1930s to amuse the Fifth Amendment.

If you booty the 8,000 bags on the Fed antithesis area in the anatomy of this gold certificate, bazaar to bazaar at $1,300, that mounts to able-bodied over $300 billion.

So the abstruse to the Fed’s antithesis area is its “hidden gold asset,” that gold affidavit it accustomed from the Treasury in the 1930s.

Nobody talks about this or admits it. But our accomplished arrangement is based on gold.

But what about the gold in Fort Knox? Is it absolutely there?

There is a lot of abashing on this subject.

First off, Fort Knox was congenital in 1937 partly to abode gold that the Treasury was blasting up afterwards the Gold Reserve Act took effect. The gold had been kept it in vaults in the basement of the Treasury. But they ran out of space, so they congenital Fort Knox to abode the gold.

Many gold bugs and cabal theorists say there is no absolute gold in Fort Knox. They say the acumen the government will not analysis the gold, for example, is because the gold is not there.

But the accuracy is absolutely the opposite.

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If you are the Fed or the Treasury and you appetite bodies to anticipate that gold is unimportant — which they do — why would you analysis it?

You analysis things that are important. You do not analysis things that are unimportant. If the Fed doesn’t appetite you to anticipate that gold is important, it follows that they would not analysis it. Auditing it pays gold too abundant respect.

I am in favor of an audit, aloof to be clear. But the actuality that the government does not analysis the gold does not acquaint you that the gold is not there. They aloof do not appetite you to pay any absorption to it.

But is the gold absolutely in Fort Knox?

Let me say it appropriate now: Yes, the gold is there. I absolutely accept some affirmation that the gold is there from aggressive sources.

Incidentally, best bodies anticipate all the Treasury gold is in Fort Knox. But that is not correct. A little added than bisected the gold is at Fort Knox, but the blow is stored at West Point on the Hudson River in New York.

People will occasionally ask me who controls the gold. Is it the Fed or the Treasury?

The absolute acknowledgment is neither. The U.S. Army absolutely controls the gold because both Fort Knox and West Point are Army bases. The Army has it beneath lock and key. But it technically belongs to the Treasury.

Now, some bodies like billionaire adored metals banker Eric Sprott altercate that the gold could absolute able-bodied be at Fort Knox, but it’s been busy out to bartering banks. And yes, it could absolute able-bodied be leased. But leasing is a cardboard transaction. It doesn’t beggarly the government surrenders control of the gold.

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If JPMorgan, for example, leases gold from the U.S. Treasury, it does not beggarly that they aback up a barter in Fort Knox and drive the gold away. There is no charge for that. It is aloof a cardboard transaction. The gold could be sitting there on a shelf in Fort Knox and still be busy out and unaudited.

Now, already JPMorgan has the gold they will advertise it at times 100 to gold investors who anticipate they accept bought absolute gold. But what they absolutely accept is what is alleged unallocated gold. Unallocated gold is a delicacy for no gold.

If you alarm up JPMorgan and acquaint them you appetite to buy a actor dollars account of gold, they’ll accede to it. And they’ll accelerate you a acceptance adage you own a actor dollars account of gold accountable to the contract. But if you apprehend the accomplished print, it says is your gold is unallocated.

That agency they do not affirmation to accept any specific bar with a consecutive cardinal or your name on it. In absoluteness they accept taken the aforementioned bar of gold and awash it to 100 altered investors.

Now, that’s not a botheration unless all 100 parties appearance up at already and ask for their gold. The aboriginal being may get the gold, but the added 99 bodies are activity get their affairs terminated. They will accept a analysis for the amount of gold at the abutting of business the antecedent day. But they are not activity to get the gold they anticipation they were buying.

That is back you ascertain that JPMorgan does not accept the gold.

The basal band is that I accept apparent no affidavit that the gold is not in Fort Knox; and I accept apparent affidavit that the gold is absolutely there.

A lot of it could absolute able-bodied be busy out, and that leads to abashing about whether or not the government absolutely has the gold. But all the affirmation tells me that the gold is in Fort Knox and at West Point.

And if you were the United States of America, why would you let the gold out of your sight?

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Regards,

Jim Rickardsfor The Daily Reckoning

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