Legislation Requires Full Audit Of America’s Gold Reserves

By Stefan Gleason – Re-Blogged From Gold Eagle

Washington- U.S. Representative Alex Mooney (R-WV) introduced legislation this week to provide for the first audit of United States gold reserves since the Eisenhower Administration.

The Gold Reserve Transparency Act (H.R. 2559) – backed by the Sound Money Defense League and government accountability advocates – directs the Comptroller of the United States to conduct a “full assay, inventory, and audit of all gold reserves, including any gold in ‘deep storage,’ of the United States at the place or places where such reserves are kept.”

HR 2559 requires more than just a physical assay, inventory, and audit, however. Even if all United States gold can be physically accounted for, it may nevertheless be encumbered with third-party obligations – or otherwise be impaired by bank financialization.

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Peak Oil, Abiotic Oil & EROEI: Real(ish) Things That Don’t Matter, Part One: Peak Oil

By David Middleton – Re-Blogged From WUWT

The plots of the Seinfeld TV show often revolved around trivializing important things and blowing trivial things out of proportion. While not a Seinfeld fanatic (I’m more of a Frasier fanatic), I thought the comedy routines were generally brilliant and quite effective.

Peak Oil, abiotic oil and EROEI (energy returned on energy invested) are largely academic concepts. They are the subject of books, academic publications and Internet “debates” The “debates” about Peak Oil, abiotic oil and EROEI are a lot like the Seinfeld show. They magnify the trivial and trivialize things that actually matter. The “debates” often divide into two camps:

  1. It’s the end of the world (Peak Oil, EROEI).
  2. It’s our salvation from the end of the world (Abiotic oil).

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World’s Monetary Reserves And The End Of An Era

By Hugo Salinas Price – Re-Blogged From Gold Eagle

We had been observing the evolution of the total of Central Bank Monetary Reserves for several years, and noted a peak on August 2, 2014, when these Reserves reached a maximum of the equivalent of $12.032 Trillion dollars, according to Bloomberg.

As of April, 2019, a review of Central Bank Monetary Reserves, according to Bloomberg, yields some interesting information.

In August 2014, the dollar amount of CB Monetary Reserves was, as we just said, $12.032 Trillion dollars, and as of April 19, 2019, CB Monetary Reserves had fallen by $479 Billion dollars, to $11.553 Trillion dollars.

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China Gold Reserves Rise To 60.26 Million Ounces

By Mark O’Byrne – Re-Blogged From Gold Eagle

China increased its gold reserves for a third straight month in February, data from the People’s Bank of China (PBOC) showed this morning.

The value of China’s gold reserves rose slightly to $79.498 billion in February from $79.319 billion at the end of January, as the central bank increased the total amount of gold reserves to 60.260 million fine troy ounces from 59.940 million troy ounces.

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Don’t Worry About The Gold Price…China’s Got Your Back

By Jeff Clark – Re-Blogged From Gold Eagle

I read a mainstream report about a decline in gold imports into Hong Kong, with the journalist concluding that gold demand in China is therefore down.

The interesting thing about the article is that the figures stated were accurate; Hong Kong imports into China are down. But here’s the thing: the message is wrong. It’s incomplete, misleading, and as I show below, misses the forest for the trees on what’s really happening with gold inside China. If an investor makes a decision because of that article, they may not be basing it on false raw information, but on an entirely faulty conclusion.

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Russia Massively Buying Gold

By Bloomberg – Re-Blogged From Newsmax

Russia is rethinking what counts as a haven asset as it duels with the U.S.

Although investors usually seek safety in U.S. debt, Russia cut its holdings of Treasuries nearly in half in April as Washington slapped the harshest sanctions to date on a selection of Russian companies and individuals. In a shift Danske Bank A/S attributed to a deepening “geopolitical standoff,” Russia is instead keeping up its purchases of gold.

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The Truth About Bundesbank Repatriation Of Gold From US

By Mark O’Byrne – Re-Blogged From http://www.Gold-Eagle.com

– Bundesbank has completed a transfer of gold worth €24B from France and U.S.
– Germany has completed domestic gold storage plan 3 years ahead of schedule
– In the €7.7 million plan, 54,000 gold bars were shipped and audited
– In 2012 German court called for inspection of Germany’s foreign gold holdings
– Decision to repatriate from Paris and New York was ‘to build trust and confidence domestically’
– 1,236t or 37% of German holdings remain in New York Fed facility
– Bundesbank wants to hold gold bullion
– U.S. government declines to audit gold reserves … doesn’t want world to realise gold’s importance in the global monetary system

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