Eric King:  “Chris Powell noted that they had not discussed the leases or swaps at all (in the so-called audit of gold at the New York Fed).”


Turk:  “That’s really the important point.  There’s no indication whatsoever that the gold isn’t double-counted, encumbered, pledged, swapped, hypothecated, re-hypothecated, or any of the other things that happens to gold in various assets these days....

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“So, again, it’s just another failing in terms of what this report supposedly conveyed.  And the fact that it did get broadcast around in the mainstream media the way it did, to me it just suggests that this is pure disinformation and propaganda. 

It wasn’t an audit, it was just a report, and it was just a report of what the government says it owns in the Fed, but not actually going into the Fed.  So to me the whole thing was just total rubbish.”

Eric King:  “James, we recently had the Queen tour the Bank (of England) vault over in England.  A lot of photos taken, a big show was put on there, another form of propaganda.  So when you see this happening now in the United States at the New York Fed dealing with their gold, and this sort of just popped up out of nowhere, but this type of propaganda, this has to do with countries looking to repatriate their gold and trying to instill some confidence in the system that the gold is sitting there.”

Turk:  “Yes, it clearly does, Eric.  And I think your comparison to getting the Queen to actually tour the vault at the Bank of England is probably a very, very good comparison.  As I said to you at the time when we spoke about it, ‘Why did they send in the Queen instead of sending in auditors?’

And here (at the Fed in New York) they didn’t send in auditors, they just did a report of some paper at the Treasury’s office.  So, again, don’t necessarily believe what you read in the newspapers.  You really have to look behind the facts to make a determination as to what the picture truly is.

We can basically conclude from both of these episodes, the Queen going to the vault, and this release of the report by the Treasury, again, it’s trying to make people (and countries) feel comfortable that the gold is really there.  Maybe it’s also as you say to try to stop what appears to be a trend where central banks are actually requesting their gold back (from both London and the Fed). 

But the logic is why should they keep gold in other vaults?  We’re not on a gold standard anymore.  We don’t need to have gold stored in different vaults around the world to settle international payments.  The gold is really just a country’s reserve, and the only way you can make certain that you have control of that reserve is to store it in your own central bank’s vault.

I guess the Treasury is doing everything it can to fight with disinformation and propaganda, whatever you want to call it, make-believe news reports, just to put a different spin on what’s actually happening behind the scenes.”

This is the final piece of the stunning written interview series which KWN has released today.  Turk’s extraordinary audio is available now and you can listen to it by CLICKING HERE. 

© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The interviews with James Turk, Bill Fleckenstein, Egon von Greyerz, Felix Zulauf, John Hathaway, Gerald Celente and Eric Sprott are available now.  Also, be sure to listen to the other recent KWN interviews which included Art Cashin, Michael Pento, MEP Nigel Farage, Michael Belkin, James Dines and William Kaye by CLICKING HERE.

Eric King

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© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast,

rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

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