Fort Knox, Germany, and Mnuchin’s Visit

Sharing a tidbit that may have escaped notice with the hurricane coverage

Smaller denominations of gold plates: 1 gram, 5 grams, 10 grams, 20 grams, and 1 troy oz of gold.

Here’s what one tonne of gold looks like. At $2,000 per oz, it’s worth $64.3 million.

 

 

 

 

 

 

 

 

At the end of August, Trump’s Treasury Secretary made an unusual and rare visit for a Treasury Secretary to one of the most secure storage sites in the world for gold — Fort Knox. 

Two stories happened which made small ripples in the news during those latter days of August.  As usual, MSM carried little if anything about the visit, except to suggest that his trip was being closely examined by the IG.

First, Germany demanded their stored gold in New York be returned to a German repository. Germany’s central bank, in what might be construed as a “political” move, recently completed its plan to repatriate the country’s gold reserves from New York and Paris.  They initially wanted the gold back in five years time, but the U.S. Federal Reserve renegotiated for a seven-year timeline. The repatriation of the gold actually began in 2013 from New York and Paris, France. Initially expected to take until 2020, the plan involved returning 374 tons of gold from Paris, and 300 tons from New York though now the timetable has been moved up.

Second, in a rare visit, Mnuchin visited Fort Knox. In a tweet, he said, “We have approximately $200 billion of gold at Fort Knox,” Mnuchin said as reported by Bloomberg.  The last time anybody went in to see the gold, other than the Fort Knox people, was in 1974 when there was a congressional visit.

Mnuchin said there’s a reason why he needed the see the gold in person. (WDRB)

“I have to attest that the gold is part of our national assets, and we have approximately $200 billion of gold at Fort Knox,” he said.

Mnuchin led a delegation of Kentucky politicians, including Senate Majority Leader Mitch McConnell, to the United States Bullion Depository. McConnell even held a gold bar in his hands.  Kentucky Gov. Matt Bevin was also there and tweeted, “All I will say is that it is freakishly well secured. The gold is safe.”

While his visit does help to alleviate the wild speculative rumors for the last forty or more years., there has not been a comprehensive audit of the facility nor its precious gold since 1953 which has led to all sorts of “depleted gold” rumors and especially ones pointing to Obama. For instance in 2013, Wall Street Daily ran an article questioning “what if….there were no gold in Fort Knox”.

Fox News and other outlets did report in September 2016 about Iran receiving cash and gold payments totalling $33.6 Billion” possibly over a period of time from Obama as a part of their “deal”. If there was gold, then one would wonder where that gold had been housed and how much actually made it into the Iranian coffers.

Back during the early days of campaigning both Trump and Cruz took on the call for a return to the gold standard. US News was agitated over their rhetoric chosing to say their comments on the topic were irresponsible and dangerous .  “A gold standard prevents hyperinflation, as a government can only print new money when it is backed by gold. But that by no means protects against significant inflation or deflation,” they wrote.

In February 2017, a Forbes article “President Trump: Replace The Dollar With Gold As The Global Currency To Make America Great Again” may lend insight into current gold interest and possibly explain a little bit about why Mnuchin visited Fort Knox.

The author Ralph Benko wrote about a statement that Trump made at a CPACmeetin he spoke at which sparked his interest and seemed to allude to a direction Trump might have been considering. As Benko wrote–“As it happens, there is a global currency. It’s called the “U.S. dollar.”

Global cooperation, dealing with other countries, getting along with other countries is good, it’s very important. But there is no such thing as a global anthem, a global currency or a global flag. This is the United States of America that I’m representing,” noted Trump.

Benko noted Donald Trump shows a strong affinity for gold. He has also shown a keen intuitive grasp of  how the gold standard was crucial to having made America great:

Donald Trump: “We used to have a very, very solid country because it was based on a gold standard,” he told WMUR television in New Hampshire in March last year. But he said it would be tough to bring it back because “we don’t have the gold. Other places have the gold.”

Trump’s comment to GQ: “Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We’d have a standard on which to base our money.”

 

At about the same time as Mnuchin’s visit to Fort Knox,  US Today ran an article titled “Mining company wants Trump to shrink national monument to make more room for its gold mine”. There had already been articles written about the possibility of reopening Alaska’s gold mines and EPA responses. Obama had designated several large areas as national monument sites using the Antiquities Act which placed them off-limits to commercial and business.

One of the many first actions of Trump was an executive order in March 2017 to promote energy and economic growth and then followed by one to revisit those site classifications for again reopening them in his executive order of April 26, 2017.

Marketing blogs yesterday ran quick blurbs about Bitcoins which had been seeing a meteoric rise in value but inexplicably took a downward plunge according to KitCo News on September 14, 2017. They were speculating that this might be a signal of a gold rally since Bitcoins had been cutting into the gold market prices.

Surprisingly, marketing as yet has not noted a significant change in gold prices even with the latest North Korean missile launch and a volatile world economy. Some experts are sending out mixed feelings that gold may soon see a tremendous rise in value if war comes in the near future.

So could there have been more to the Fort Knox visit–any thoughts would be pure speculation. However, given his determination and promise to bring back prosperity and make the US great again, I certainly don’t doubt that Trump has given this thought nor that the Treasury Secretary had more than one reason to visit Fort Knox.

Our country worked for a very long time with gold backing its paper money. It may not stave off inflation or recession but gold has always been seen as a powerful tool in our country and across the world to maintain stability and meet demands.

Paper or computer-generated wealth are not the best answer in the long run for a country to rely upon. As Venezuela and other countries have shown–having wheelbarrows full of the stuff won’t guarantee a person can survive. Bitcoins and other computer-generated currency has time after time proven that they can be manipulated and stolen in the blink of an eye. Socialism is great for turning a blind eye to real issues like starvation, economy, and suffering–mainly because those at the top of that food chain have made sure THEY are well cared for and the rest of the world can cease to exist except as slave labor.

So what is left? Solid valuable minerals such as gold. It takes an assurance of physical wealth combined with paper or exchanged goods — solid things that we each might require to make our economy work. International banks, speculators, and online coin purchase groups simply hope the public never sees the truth. But in times of extreme need such as a war, I guarantee paper is nearly worthless and who knows if access to internet is removed how these online coins would ever be reclaimed.

–Uriel–

 

 

 

 

About Uriel

Retired educator and constitutionalist
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14 Responses to Fort Knox, Germany, and Mnuchin’s Visit

  1. Shar says:

    Very interesting article. Glad to know that gold is still there. I often wondered if it vanished with other monies under Barry. Returning to gold standard sounds like a good idea to keep spending in check. Major swamp draining needed before we can proceed.

  2. vonMesser says:

    Germany wants her gold.
    How much does Germany owe the US?
    5I suggest we collect full payment from the BRD before turning over any more gelt.

  3. Shar says:

    Ditto Von, good question. Where do we find the answer?

  4. SafeSpace says:

    “McConnell even held a gold bar in his hands.” Might have been more appropriate if he had held a gold brick….

    • Uriel says:

      Lol. Thanks for the great adds SafeSpace. That was at 2011 on the stats. Wonder where it is now. I think I remember Germany was said to have one of the top financial stats of any nation. Probably not so much now though

  5. Shar says:

    Great info Safespace, thanks. Angie should fork over some of that trade surplus to the UN as DJT reminded her & others at the summit. Sad that we lead in debt. In light of the damage done by recent hurricanes the US should stop foreign aid until we are back on our feet. Lets face it, most of them hate us any way.

  6. $200 billion is all the gold in Ft Knox?
    How much was there when Nixon took us off the gold standard?

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