Antwort aus dem WO Goldboard

verfasst von Albrecht, 03.03.2003, 12:58

-->#4 von ThaiGuru 03.03.03 12:43:31 Beitrag Nr.: 8.778.048 8778048
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Name of Treasury Report Total Gold

Stock SDRs Foreign Currency Position in IMF
Dec 2000 Bulletin ($`s millions) 66,256 11,046 10,316 31,209 13,68 2000 CFS ($`s billions) 46.2 11.0 10.3 11.2 13.7

We can see from the above table that the Gold Stock, SDRs and Position in the IMF are the same for both reports, allowing only for the different levels of precision by which they are reported. But note that the foreign currency assets are $31.2 billion according to the report of US Reserve Assets in the Treasury Bulletin, but are only $11.2 billion on the CFS. The reason for this difference is clear.

The US Reserve Assets are reported in the Treasury Bulletin on a gross basis. But the CFS is prepared using GAAP, and therefore these assets must be reported `net` of any offsetting liabilities (for example, just like account receivables are reported in GAAP on a `net` basis).

Therefore, the comparison of these two reports on a gross and net basis shows that the US government has a $20 billion liability, but not just for foreign currency. There is a liability for gold as well because footnote #2 says so. As noted above, it defined IMA to"include the U.S. reserve position in the International Monetary Fund (IMF), U.S. holdings of Special Drawing Rights (SDRs), official reserves of foreign currency, AND gold." [emphasis added] The word gold was added in there in 2000 for a reason, and that reason is to record the US government`s gold liability - it owes gold. But to whom?

Last April in"Behind Closed Doors", I presented evidence that the US government had swapped with the Bundesbank some 1,700 tonnes of gold stored at the depository in West Point. At the time, I wasn`t able to figure out where the transaction was hidden in the US governments accounts, but I now have the answer. This 1700 tonnes at $280 per ounce is a $15.3 billion transaction. This accounting entry is in the $20 billion liability explained above, which at $280 per ounce allows for the possibility that the size of the gold swap has increased to $20 billion. I say `possible` because the rest of this liability may have arisen from a currency swap.

So here`s the accounting. The US government swaps gold with the Bundesbank, which now owns the gold in West Point. Further, to secure this transaction, the Bundesbank receives SDR Certificates, which solves"The Mystery of the Disappearing SDR Certificates" (Letter No. 289, August 13th, 2001).

The ESF gets the gold in the Bundesbank`s vault, which it then lends to the bullion banks in an off-balance sheet transaction.

Since I first reported that the Bundesbank owns the gold in the Treasury vault at West Point, I have been asked countless times, how can the gold still be reported as being held in the Treasury vaults and listed as a US Reserve Asset if it is really owned by the Bundesbank?

Well, according to GAAP accounting it can`t. And that is what I have now discovered in the 2000 CFS, which presents the offsetting gold liability in the IMA.

This 2000 CFS footnote was changed from the 1999 CFS for a reason - to reflect new conditions in the accounts. As further confirmation of this point, we already know that on September 30, 2000 in its reports of the US Gold Reserve, the Treasury began labeling the gold in West Point as"Custodial Gold", changing it from its previous classification of"Bullion Reserve". This gold is being held in custody for the Bundesbank, its owner.

It is worth recalling that all of these changes took place in the fiscal year ending September 30, 2000. That year began October 1st, 1999, just days after the Washington Agreement. There has been a lot of evidence presented that the Bank of England and other central banks intervened heavily in the gold market to cap the rally then underway to get the gold price back below $300 per ounce. See for example, Paragraph 55 of Reg Howe`s Complaint against the Bank for International Settlements et al., at www.goldensextant.com.

Finally, there is one last point to consider. Why didn`t the GAO require this gold liability to be offset directly against the US Gold Reserve, instead of the foreign currency holdings?

Clearly, that accounting would have laid bare for all to see that the West Point gold has been swapped, so that is one reason why the Treasury/ESF didn`t report it that way. But I actually think GAAP standards are being met by the way the accounting was handled. First, possession is 9/10ths of the law. The gold is still in Treasury vaults, so what is the Bundesbank going to do to get its gold back if the Treasury refuses to release it? Send in the German army? Besides, the Bundesbank got the SDR Certificates as security, so one could reasonably argue that the Bundesbank could be made whole by replacing on its balance sheet the gold it formerly owned with the SDR Certificates it now owns. Of course, I would have never accepted paper as equivalent value in exchange for gold, but then, I`m not a central banker.

In summary, there is still some room for more interpretations about the precise accounting, but I think we have taken one more giant step forward by providing this evidence to account for the gold swap. We have explained how the ESF has been surreptitiously intervening in the gold market. We know where they get the metal that they need. We now also know how they account for it. And we know their motive - to keep the illusion that the dollar is worthy of being the world`s `reserve currency`. And all of this ESF gold-related activity has been occurring without Congressional approval, which as noted, is not needed.

Over the past few years I have presented in these letters strong evidence that the gold price is abnormally low because of government manipulation. The evidence is compelling, but not everyone has yet been convinced. Two reasons most often emerge to explain their skepticism.

They note the absence of any Congressional approval putting the US Gold Reserve into play. We now know that Congress has no control over the gold reserve, and their approval is not needed.

The other reason for their skepticism relates to reporting. How can the US government report the ownership of gold assets in West Point that are really owned by the Bundesbank? The answer is simple - only if the US government owes the gold. The CFS reports the offsetting gold liability, so the US government holds the gold asset in custody for its real owner, the Bundesbank, which explains why the West Point reserve was changed to Custodial Gold - the US government doesn`t own it.

Hopefully this report will convince the remaining skeptics. And hopefully, this report will spur Congress to investigate what is happening to America`s gold.

This report shines more light on the ESF and the gold shorts. The circle is tightening around them. The pressure is building. One of these days, they will lose control, sending the gold price soaring. And I think that moment is getting very close.

jamesturk@goldmoney.com

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gesamter Thread:

• Anfrage bei der Deutschen Bundesbank bzgl. unserer Goldreserven - Albrecht, 03.03.2003, 11:26
  • Re: Anfrage bei der Deutschen Bundesbank bzgl. unserer Goldreserven - MC Muffin, 03.03.2003, 11:37
    • Re: Anfrage bei der Deutschen Bundesbank bzgl. unserer Goldreserven - Worldwatcher, 03.03.2003, 16:48
      • Re: Anfrage bei der bzgl. unserer Goldreserven ** Ahrier Allaf - Herbi, dem Bremser, 03.03.2003, 17:15
        • Re: Anfrage bei der bzgl. unserer Goldreserven ** Ahrier Allaf / Was? - - ELLI -, 03.03.2003, 17:19
          • Re: Anfrage bei der bzgl. unserer Goldreserven ** Ahrier Allaf / Was? - SchlauFuchs, 03.03.2003, 17:29
            • Re: Gold und Wasser... - - ELLI -, 03.03.2003, 18:06
              • Re: Gold und Wasser... / noch einer... - - ELLI -, 03.03.2003, 18:13
              • Re: Gold und Wasser... - SchlauFuchs, 03.03.2003, 20:27
          • Re: Anfrage bzgl. unserer Goldreserven ** Ar-tal-iels Allah ff - Herbi, dem Bremser, 03.03.2003, 17:57
            • Re: Anfrage bzgl. unserer Goldreserven / Foto... - i. A. von Herbi: - ELLI -, 03.03.2003, 18:46
  • vielleicht sollte man profilierungssüchtige Bundestagshinterbänkler anspitzen. - kingsolomon, 03.03.2003, 11:47
  • Antwort aus dem WO Goldboard - Albrecht, 03.03.2003, 12:58