Treasury 'audit' on gold at Fed is 'rubbish,' Turk tells King World News

Section:

3:12p ET Tuesday, February 19, 2013

Dear Friend of GATA and Gold:

The U.S. Treasury Department's new report about its "audit" of U.S. gold held by the Federal Reserve is "total rubbish," GoldMoney founder and GATA consultant James Turk tells King World News today.

"They didn't audit the gold," Turk says. "All they looked at was the 'Treasury's schedule,' and that's an exact quote -- 'Treasury's schedule' -- of how much gold it's keeping in the various Federal Reserve banks. So again it's basically just looking at paper or record keeping and saying, 'Yes, this record keeping says that all of that gold is there.'

"But there is no indication whatsoever in the Treasury announcement that they actually verified that the bars existed or went into the vault. So I don't know where the news reports came from about drilling bars and all of that kind of stuff because there was nothing whatsoever about that in the actual announcement from the Treasury itself. Again, it just looks like more disinformation or propaganda to make people (and countries) feel that the gold is really there, and that the Treasury did an audit, but they really didn't."

An excerpt from Turk's interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/2/19_So...

The Treasury Department report itself is posted at the department's Internet site here:

http://www.treasury.gov/about/organizational-structure/ig/Audit%20Report...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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