Quite an amusing video:
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Didn’t watch the video.
Like Schrodinger’s cat, you won’t know until you open the box. Which leads to an important question, has Ft. Knox EVER been audited?
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Wouldn’t it be amusing if it were opened and the floors of the vaults were filled with Dogey coins?
Pete
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This story is picking up traction on gold site - the most popular outcome is that the vaults will be filled with paper IOY’s 
Will we ever know what is there?
A few years ago several countries had a hard time getting delivery of their gold which led me to believe that all the gold was not there. More recently I commented that the gold repositories might be using “fractional reserve banking.” Why not? It works for banks.
The Captain
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Yes. Most recently in 1953 and again in 1974 when some crackpots started musing about the evil government etc. know anyone like that?
There is a numerical audit every year, these other two audits audits (there may have been others, dunno) consisted of drilling and assaying random bars from random vaults. Even the crackpots slithered away.
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Until there is a bank run. Then you need the central bank to bail you out, or the bank is toast.
A central bank for gold? Good luck with finding one.
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How about the Federal Reserve Bank of New York’s gold vault?
Unfortunately, I think it was robbed by a brutally clever East German terrorist organization back in the 90s.
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Yeah, but he didn’t get far. (caution, coarse language)
Steve
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Central banks only bail out banks too big to fail [TBF]. The smaller banks go broke, depositors are protected by insurance, and the carcass of the failed bank is auctioned off. The solution to this dichotomy is to break up the TBF banks.
Of course not, where did you get the idea? What I hinted at is that gold depositories might be illegally lending out the gold. Where did I get that idea? From the history of banking! As I recall merchants in Holland deposited their gold for safe keeping and transacted business with their deposit receipts. The gold warehouse discovered that they could lend out some of the gold and fractional reserve banking was born. Or was that Italy?
Banco and banca are essentially the same word. Both are cognate with English bench . The financial institution got its name from medieval money changers who were called banchieri because the sat at banchi (here meaning: tables, desks, counters ) at the entrances of the markets.
The Captain
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Hence my comment - if there is a bank run (clients withdrawing their physical) there is no central bank that can bail them out.
Except crooked politicians acting based on „higher interests“ I suppose.
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You omitted the word “bunco”.
50 years is a long time. Like Reagan said, trust but verify.
Can’t find the article I read yesterday dealing with the Bank of England. You have one side saying they don’t have the gold they claim while the other says they have it but also have paper claims for “loaned bars” or some other accounting sleight of hand. You either have it or you don’t.
Did Ft. Knox do something similar? And where’s the harm in finding. out? And since the US dollar isn’t backed by gold, does it really matter?
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According to every blog I have ever read NO Fort Knox has never been audited.
According to the US Treasury they know where every pin of gold is.
Who are going to believe? A guy selling ad space on his unpopular blog or accountants?
Very difficult choice.
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