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Judge Orders Fed to Release Gold Records to Court


Jesse’s Café Américain

The New York traders are trying hard to keep a lid on silver and gold here.

Gold is struggling to break through the 1375 pivot and hold its gain, and silver is toying with the 29 handle.

Unless there is another liquidity market panic I expect these metals to follow their charts higher.

District Court Judge Orders Federal Reserve to Hand Over Gold Records

“If the U.S. gold reserves are just sitting somewhere, inert, unencumbered, and unused for surreptitious market intervention, what’s the problem with full disclosure?”

Both Bernanke and Greenspan have testified that there have been no transactions in gold. Yet the Fed refuses to disclose documents that suggest circumstantially that there have been.

Even moreso, since the US bullion reserves belong to the people and not to a private banking cartel, there should be no records of any transactions by the Fed. Any transactions should have been handled by Treasury.

How Much Gold Does the US Have In Its Reserves?

How can the Fed be a trusted government regulator, given its position as a quasi-private banking cartel and an obsessive predilection for secrecy in its own dealings with what are clearly public assets?

If the Fed comes back and argues that it is not able to disclose its records of any gold transactions including sales, loans, and swaps because it was acting as agent for another party, whether it be the Treasury, BOJ, ECB, or the Bundesbank, then its time to audit the reserves by a third party answerable to the people.

Personally I am tired of their obfuscation, cronyism, and ad hominem attacks on even honest critics. If there is nothing to hide then disclose what are essentially public documents about public assets. If there is something to hide, it is time to come clean and stop the coverup.

As an aside, ex-Congressional powerbroker Tom DeLay was sentenced to three years in prison today for conspiracy and money laundering.

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