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Why Won’t Powell Discuss US Gold Exodus?

Submitted by GoldFix

Authored by Dave Kranzler for Investment Research Dynamics

The unsustainable will not be sustained, except through ever-increasing force and fraud

The gold “held” in custody by the Federal Reserve on behalf of the U.S. Treasury Taxpayer has not been formally and independently audited since President Eisenhower was in the White House. Anyone who has studied this issue, particularly GATA, does not take the official published numbers seriously. Many of us question if the gold is still there, having likely been leased to bullion banks in the official effort to keep the price suppressed.

The following is yet another Dispatch by GATA, which has tirelessly and relentlessly uncovered the facts backed by both circumstantial and hard evidence showing that the Federal Reserve operates in conjunction with the BIS, ECB and BoE to suppress the gold price in an effort to prevent gold signalling the onset of economic and financial trouble:

If mainstream financial news organizations ever work up the courage to report honestly about monetary gold, the commanding heights of the issue will have been mapped out for them by U.S. Rep. Alex X. Mooney, R-West Virginia.

After all, where can investigative journalism start better than with questions that already have been shown to be too politically sensitive for the highest government officials to answer, even when a member of Congress is asking?

Thanks to Mooney, in 2020 the U.S. Commodity Futures Trading Commission was shown refusing to answer whether it has jurisdiction over manipulative trading in the commodity futures markets when such trading is undertaken by or at the behest of the U.S. government:

CFTC Letter

And now, also thanks to Mooney, Federal Reserve Chairman Jerome Powell has been shown refusing to answer questions about the repatriation of gold vaulted by other nations at the Federal Reserve Bank of New York, repatriation being something that would signify foreign loss of faith in the Fed, the U.S. government, and the dollar.

In December Mooney wrote to Powell to ask:

“Has the Federal Reserve or the Federal Reserve Bank of New York repatriated any gold to foreign nations this year? If so, to which countries and how much?

And:

“How much gold is the Federal Reserve vaulting for foreign nations now and how does this compare to the amount vaulted at the end of 2022?”

Mooney’s letter to Powell is posted here:

Rep. Mooney letter to Powell

Powell replied to Mooney last week without even acknowledging the congressman’s questions:

“Thank you for your letter of December 14, 2023, regarding the gold market. The Federal Reserve Bank of New York provides gold custody on behalf of certain official-sector account holders, which include the U.S. government, foreign governments, other central banks, and official international organizations. The Federal Reserve Bank of New York does not own any of the gold it holds as custodian, and no other part of the Federal Reserve System owns gold.”

The Fed chairman’s reply to Mooney is here:

Powell’s reply to Mooney

In not even acknowledging Mooney’s questions, Powell was arrogant and insolent, especially insofar as the Federal Reserve in previous years has disclosed the tonnage of custodial gold vaulted at the New York Fed and the number of countries vaulting gold there. Indeed, even now the New York Fed’s internet site claims that it is vaulting 6,331 tonnes of gold for foreign nations:

NY Fed’s gold vault

Is that data no longer accurate? The Fed chairman’s refusal to acknowledge the congressman’s questions suggests as much.

But Powell’s refusal to acknowledge Mooney’s questions also demonstrated absolute confidence that his arrogance and insolence would never be noted and challenged by mainstream financial news organizations, which seem to understand the Fed’s position that gold price suppression is crucial to maintenance of the dollar as the world reserve currency, that it is the foremost weapon of U.S. imperialism and economic exploitation of the rest of the world, and thus is “the elephant in the room” — something that must never be discussed.

In turn the cowardice or collaboration of mainstream financial news organizations, their refusal to press critical questions to central banks, is central banking’s greatest advantage — an advantage greater even than central banking’s power to create and allocate infinite money.

Mooney’s latest exposure of the Federal Reserve’s unaccountability has been added to GATA’s extensive file of documentation of gold price suppression policy —

GATA articles about gold suppression

— whose history is summarized (if at length) here:

Gold market manipulation: why, how and how long

If you know any financial journalists with integrity and courage, please forward this dispatch to them as an invitation to start trying to do their job of speaking truth to power instead of being afraid of power.

CHRIS POWELL, Secretary/TreasurerGold Anti-Trust Action Committee Inc.CPowell@GATA.orgd

Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.

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