Featured Image: A stack of gold bars stored at the Federal Reserve Bank of New York. The Treasury Department recently completed an audit of its gold there. SOURCE: Federal Reserve Bank of N.Y.
We are told by the MSM that the sale of $650 million worth of Cypriot Gold has just caused a 3+% drop in the price of Gold (and more than 5% in Silver). Is this credible?
The Fed is creating $85 billion per month or close to $3 billion per day, 24/7. The Cypriot Gold at is only 1/5th of what our Fed prints EVERY day! The U.S. Treasury borrows some $4 billion per day to keep our well oiled economic engine running, ALL of the Cypriot Gold is about 1/7th of what the U.S. borrows each and EVERY day. Last month, China imported from Hong Kong alone some 97 tons or roughly 7 times the amount of Cyprus’s total Gold holdings, the Cypriot Gold is a mere 4 days worth of imports. One other way to look at this is that 14 tons is about 6 tenths of 1 percent of the global production of Gold for 1 year…it is nothing. No, $650 million in today’s world is LESS THAN NOTHING! . . . Read Complete Report