Gold Held In NY Fed Vault Drops To Lowest In 21st Century After Biggest Monthly Withdrawal Since 2001

Posted by frodo_b 9 years, 10 months ago to News

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Posted by Zenphamy 9 years, 10 months ago

How do they get away with the valuation of 42.22/oz. That's nuts or is it magic accounting?

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  Posted by edweaver 9 years, 10 months ago
  
  Just normal government accounting. :)
  
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    Posted by Robbie53024 9 years, 10 months ago
    
    Just normal gov't. Certainly not GAAP accounting.
    
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      Posted by edweaver 9 years, 10 months ago
      
      What is gaap?
      
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        Posted by Robbie53024 9 years, 10 months ago
        
        Generally Accepted Accounting Practices - what all accountants use as their set of standard practices.
        
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        Posted by edweaver 9 years, 10 months ago
        
        Okay you were being serious. I thought you knew me well enough to read my sarcasm in that comment. :) I won't assume in the future.
        
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        Posted by Robbie53024 9 years, 10 months ago
        
        We really need a sarcasm emoticon.
        
        How about this ;-s Kinda like Dana Carvey squirrling up his mouth as Church Lady (Now, isn't that special?)
        
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        Posted by frodo_b 9 years, 10 months ago
        
        I've started using /s at the end of my sarcastic statement.
        
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Posted by Zenphamy 9 years, 10 months ago

How much of that government gold can I buy at 42.22/oz? I could use a lot of that.

Has anyone seen any reports of the amount of gold the Fed has leased out?

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Posted by fivedollargold 9 years, 10 months ago

Of course it did. $5Au increased his holdings.

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Posted by frodo_b 9 years, 10 months ago

Is it a mistake? The only price per ounce that I see in the article is $42.22 which is correct. That's not the market value of an ounce of gold, but that is the official value that the Treasury department uses.

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  Posted by khalling 9 years, 10 months ago
  
  it's kinda odd that it corresponds almost precisely to price/gm. I am unaware that the Treasury/Fed prices it differently. Is there a cite for this? thanks
  
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    Posted by Robbie53024 9 years, 10 months ago
    
    mere coincidence, although it does point out that the dollar is now only 1/31.1 the value of what it was back in '73.
    
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    Posted by khalling 9 years, 10 months ago
    
    found it. http://www.federalreserve.gov/faqs/does-...
    
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      Posted by Robbie53024 9 years, 10 months ago
      
      Correct. The statutory value of an ounce of gold has nothing to do with the spot price. Which probably doesn't matter, as the gov't has likely sold off all the reserves that we had (and the reserves of other nations held in trust as well - illegally - hoping that they could always replace it later).
      
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Posted by khalling 9 years, 10 months ago

one thing that is glaring. "price per ounce" It should read "gram" It's a significant mistake that should be corrected in the article

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Gold Held In NY Fed Vault Drops To Lowest In 21st Century After Biggest Monthly Withdrawal Since 2001

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