Most people do not understand that the Fed supposedly is the “safekeeper” of the gold allegedly owned by the U.S. Treasury Department Taxpayers. But in all likelihood most if not all of that gold has been hypothecated, leased or sold outright in the Fed’s effort to remove bona fide price discovery from the gold market. As fact, the gold said to be owned by the Treasury has not been subjected to a formal and rigorous independent audit since Eisenhower occupied the White House.
GATA’s Chris Powell submitted some interesting questions – questions that should be answered but is not legally required because the Fed is a privately-owned entity, the fact of which most Americans are unaware. And, as it turns out, the NY Fed refuses to say if it been repatriating or intervening in gold. The post below was dispatched by GATA on December 2nd. I would love to know the answers to these questions but I’m not holding my breath…
Dear Friend of GATA and Gold (link):
With repeated telephone calls and e-mails, for three weeks your secretary/treasurer has been trying to get the Federal Reserve Bank of New York to answer two simple questions about its gold responsibilities — questions the New York Fed has answered for others in years past — but has been unable to get any form of acknowledgment.
Would you be kind enough to help?
Here are the questions.
1) Does the New York Fed’s statement of November 9 asserting that the Federal Reserve and U.S. Treasury Department did not intervene in the foreign exchange markets during the July-September 2023 quarter —
https://www.newyorkfed.org/newsevents/news/markets/2023/20231109
— cover the gold market as well?
2) Has the New York Fed repatriated any gold to foreign nations this year? If so, how much and to which countries, and how much was repatriated in each month?
Answers to these questions might illuminate how the gold market is being directly if surreptitiously influenced by central banks quite apart from any announced purchases of gold for reserves.
You can help in two ways.
First, try putting the questions directly to the publicists for the New York Fed as your secretary/treasurer has been doing. A list of the New York Fed’s publicists with their telephone numbers and e-mail addresses can be found at the bank’s internet site here —
https://www.newyorkfed.org/press
— when you click on the “Media Contacts” line in the middle of the right column. If you have time, try both a telephone call and an e-mail.
Second, call or write to your members of Congress and ask them to get the answers for you from the New York Fed.
Contact information for U.S. representatives is available here:
https://www.house.gov/representatives/find-your-representative
Contact information for U.S. senators is available here:
https://www.senate.gov/senators/senators-contact.htm
And of course if you get any response, please let your secretary/treasurer know.
Your secretary/treasurer will bring these questions to the attention of a large number of reporters for mainstream news organizations and some financial letter writers, just in case any are ever allowed or inclined to put critical questions to central banks, the institutions that determine the value of all capital, labor, goods, and services in the world but seldom are asked to answer for what they do.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.