Ignore Yellen and Buy the Dip in Precious Metals

Investors worldwide have been on pins and needles in eager anticipation of a speech from our economic overlords. Friday morning FED chair Yellen finally opened her mouth and said a whole lot of nothing.

Markets didn’t know exactly how to react to her nothingness. Stocks were up and then down. Gold was down and then up. The USD index plunged and then rallied nearly 1%. Will the FED raise rates in 2016 or not? The drama continues as Yellen of Oz pulls the levers behind the curtain.

But the central banker has no clothes. She is the woman behind the curtain, largely a mouthpiece for the real powerbrokers behind the scenes. And even they are just buying time with this unsustainable monetary experiment. It ends badly, but good luck guesssing when.

The key sentence from Yellen’s speech that got the most attention was probably this one:

“In light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months.”

But the more telling sentence went largely unoticed by the financial media:

“future policymakers may wish to explore the possibility of purchasing a broader range of assets.”

They may indeed, if they wish to keep the entire market from collapsing on their watch. And that seems to be the goal for the time being… extend and pretend.

What Does It Mean for Gold Investors?

I think the best thing investors can do is to ignore Yellen and her ramblings. She is not going to be able to raise interest rates by more than 25 basis points in 2016, if at all. This isn’t enough to stop a new bull market cycle in precious metals. In fact, there isn’t much reason to believe that rising rates will be bearish for gold anyway. There is a fairly strong historical trend of gold prices rising along with interest rates, as we documented here.

But you don’t have to go too far back in history to understand how gold might react to a hike in interest rates. The last time the FED made a move, in December of 2015, it was followed by one of the strongest rallies the precious metals market has ever experienced. Mining stocks in particular enjoyed a huge run, with the Gold Miners ETF (GDX) doubling in roughly 3 months. Several mining stocks that we have highlighted went up 1,000% or more in a very short time period.

After a few very minor dips, gold and silver have finally experienced a more substantial correction over the past few weeks. The Gold Miners ETF is down roughly 15%, but still up 98% year to date.

Picking the bottoms of these corrections is largely guesswork, but let’s see what the charts suggest.

The gold chart shows a pullback of roughly $50 from around $1,375 to a low of $1,321. This is still well above techincal resistance at $1,305 and the 100-day moving average at $1,295. The RSI is still not oversold, so there could be a bit more downside ahead.

The silver chart shows a drop of around 13% from $21.23 to $18.50. As with gold, silver is also above key technical support on the chart and the uptrend remains intact. The RSI dipped towards oversold levels just above 30, the lowest reading since late 2015. A bit more downside is possible, but it seems that the correction in silver has largely run its course.

The Gold Miners ETF (GDX) chart also signals what could be the end of this multi-week correction. The share price of GDX has dipped towards the 100-day moving average and the RSI bounced off oversold levels. I believe mining stocks are likely to come roaring back in September, so this appears to be a good buying opportunity. I don’t think it makes sense to go “all in” quite yet, but I am slowly edging into new positions.

Summary

The media loves to mock gold investors and parade ‘expert’ gold bears on television with every minor pullback. They come up with all sorts of reasons why the advance is over and gold will fall back below $1,000 now. Even Harry Dent has found his voice again.

Of course, nobody knows for sure what happens next. But we added a new junior silver miner to the Gold Stock Bull portfolio on Friday and I utilize these opportunities to buy quality mining stocks at a discount.

Misguided investors panic sell when they are convinced that the FED will start raising rates aggressively. But this broken record keeps on spinning. Fool me once, shame on you. Fool me twice…

Even assuming the FED decides to raise rates, which is not likely before the election, the gold bears have their logic all wrong. Interest rates climbing from zero to just above zero will have a muted impact on gold and silver. It is mostly anticipation of the hike and fear of uncertainty, not the actual rate increase that causes gold prices to decline. And as long as we remain above prior resistance and it turns into suppport, there is no invalidation of the uptrend.

So go ahead and hike, or don’t, either way I expect much higher gold and silver prices over the next few years. If you missed your opportunity to buy the first time around, you might want to consider using this dip to your advantage. If you want my ramblings on a more frequent basis, plus intant access to our model portfolio of 15 stocks, trade alerts whenever we buy/sell and our top-rated contrarian newsletter, click here to become a Gold Stock Bull Premium Member.

We all know how this story ends and those sure look like gold bars to me.

In a 1964 article, educator and historian Henry Littlefield outlined an allegory in the book of the late 19th-century debate regarding monetary policy. According to this view, for instance, the “Yellow Brick Road” represents the gold standard, and the silver slippers (ruby in the 1939 film version) represent the Silverite sixteen to one silver ratio (dancing down the road).

Moreover, following the road of gold leads eventually only to the Emerald City, which may symbolize the fraudulent world of greenback paper money that only pretends to have value. It is ruled by a scheming politician/central banker (the Wizard/FED Chair) who uses publicity devices and tricks to fool the people (and even the Good Investors) into believing she is benevolent, wise, and powerful when really she is a selfish, evil humbug.

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source http://goldsilverintel.com/ignore-yellen-buy-dip-precious-metals/

Dutch Central Bank Refuses To Publish Gold Bar List For Dubious Reasons

My hunt for the gold bar list of the Dutch official gold reserves started in 2015. On September 26 of that year I visited a conference in Rotterdam, the Netherlands, called Reinvent Money. One of the speakers was Jacob De Haan from the Dutch central bank (DNB) Economics and Research Division – you can watch his presentation by clicking here.

In his presentation De Haan repeatedly talked about the importance of transparency in central banking. These statements raised my eyebrows, as I submitted a FOIA request at DNB in 2013 to ask for all correspondence between DNB and other central banks in the past 45 years with respect to its monetary gold, which was not honored. From my experience DNB was anything but transparent.

Slide from is Jacob De Haan (DNB) at the Reinvent Money conference September 26, 2015. Red frame added by me.

After the presentation I approached De Haan and asked him, if transparency is so important to DNB, why has it never published its gold bar list – an act of transparency that could be accomplished within minutes. De Haan offered me he would look into that. He gave me his email address and we agreed to stay in touch. 

September 26, 2015, at the Reinvent Money conference. On the left is Jacob De Haan, on the right in the orange sweater is me.

The next day I send De Haan an extensive email explicating my request at DNB to publish the gold bar list of the Dutch official gold reserves in excel sheet format. I wrote him it wouldn’t take DNB any effort, as I assumed the bar list was readily available.

De Haan never replied to me over email, so I called his office in December 2015 to ask what the status was of my request. De Haan’s secretary answered my inquiry was not rejected but still being processed. Weeks passed but I didn’t get any reply from De Haan.

On February 24, 2016, I decided to call DNB’s press department to ask about my inquiry. DNB’s spokesman, Martijn Pols, told me over the phone the subject was still being discussed internal; he even confirmed De Haan was involved in the decision making. DNB was considering releasing the document while carefully weighing al pros and cons, he said.

In the conversation Pols stated DNB was aware the German central bank (the Deutsche Bundesbank) released a bar list in October 2015 and there was a wish in Amsterdam to mutually harmonize this policy. I added that if DNB would go ahead with the publication their action would only be credible if the Dutch bar list would be complete (disclosing of all bars the refinery brands, refinery bar numbers and year of manufacturing), in contrast to the incomplete list the Germans published. Pols was aware of the format the Germans had chosen and took note of my comment. An ensuing question from my side what was holding back DNB in releasing the list could not be clearly answered.

Months passed without any news from DNB. On August 8, 2016 I decided to call Pols again for a status update. He said he would reply over email. A few days later I received an email from DNB Head of Commutations J.W. Stal.

His email translated from Dutch to English reads:

Dear Mr Jansen,

…. We can share the following information with respect to our gold reserves.

DNB is transparent about the amount (weight) and the value of our gold assets. This information can be found in our annual reports. Thereby, several media have visited the gold vaults and video recordings have also been made. However, we do not intend to publish a gold bar list. This serves no additional monetary purpose to our aforementioned transparency policy, however it would incur administrative costs. 

If you have any further question please contacts us.

Kind regards,

J.W. Stal

Naturally, in this day and age any gold bar list from a central banks should be readily available excel sheet format, and releasing a sheet would not incur any administrative costs.

My response to Stal translated:

Dear Mr Stal,

If the sole reason not to publish the gold bar list is that such an action would incur administrative costs I must conclude DNB doesn’t have the list readily available. Or is my conclusion erroneous? Does DNB have a complete gold bar list readily available or not?

If not, this is worrying because the gold bar list forms one of the most important checks on the existence of the Dutch official gold reserves, which provide essential stability to our economy.

If the list in your possession or not?

Kind regards,

Koos Jansen

Stal replied:

Dear Mr Jansen,

In response to your email of August 11, 2016, to De Nederlandsche Bank (DNB), we can inform you as follows on our gold reserves and the related gold bar list. DNB has internal gold bar lists, however the conversion of internal lists to documents for publication would create too many administrative burdens.

We maintain our previous email, in which we stated publishing a gold bar list serves no monetary purpose other than transparency. As previously noted, there are other ways for DNB to transparently communicate about our gold stocks.

We trust to have informed you sufficiently.

Kind regards,

J.W. Stal 

If DNB has its gold bar list properly (digitally) archived there should be no administrative cost whatsoever for publication. The arguments presented by Stal make absolutely no sense to me. If one owns over 600 tonnes of gold, why not have the physical assets properly inventoried? 

What could possibly be the problem to release the bar list of the Dutch gold located in Amsterdam, New York, Ottawa and London?

I would like to remind you that DNB is the only Western central bank that in recent years has successfully repatriated a significant amount of gold (122.5 tonnes) from the Federal Reserve Bank Of New York through a covertly executed operation. This underlines DNB is fully aware of the importance of its gold reserves in our current brisk financial climate. I think DNB does have the bar list readily available, but it chooses not to publish it for political reasons – think, tensions between its custodians in New York and London.

DNB claims to be transparent but is anything but.

Below you can see the most recent video recording made inside the DNB vault at the Frederiksplein in Amsterdam on April 26, 2016. The gold you see in the video aggregates to 189.9 tonnes and includes the 122.5 tonnes repatriated from the Federal Reserve Bank of New York in November 2014. Note, that the gold at the Frederiksplein has been relocated to a different compartment inside the vault room – due to the increased volume by the repatriation – if we compare the most recent video images to footage from before November 2014.

Courtesy RTLZ. Original source.

A few noteworthy comments from the DNB employee in the video:

…gold is the ultimate insurance and anchor in the monetary system… If there will ever be any financial instability we can use the gold to build a new monetary system and offer trust to the public.

Koos Jansen
E-mail Koos Jansen on:
Follow @BullionStar
Follow @KoosJansen

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source http://goldsilverintel.com/dutch-central-bank-refuses-publish-gold-bar-list-dubious-reasons/

A Bit More Downside Potential in Gold Stocks

Last week we projected 5% to 10% downside in the gold stocks. Well, not to butter my own bread but GDX and GDXJ both lost 9% on the week. That being said, I believed that the weakness would be limited and miners could rebound to new highs in September. While that possibility remains, there is a chance this correction could go a bit deeper and perhaps last longer.

The weekly candle charts below show that the miners are correcting after failing to break into a “thin zone” of resistance. GDX has broken below its July lows and corrected as much as 16%. It has support at $25-$26 and that includes the Brexit gap. Also, the 38% retracement of its entire rebound is just below $25. Meanwhile, GDXJ has yet to break its July low in the $43s. It has corrected as much as 17% but could end up testing $39-$41. The 38% retracement of its entire rebound is a hair below $39.

GDXJ, GDX Weekly Candles

Whether the correction lasts longer or evolves into a long consolidation, precious metals will remain in a bull market. It is hard to argue against the chart below. We plot Gold, Silver, GDX and GDXJ along with the 400-day moving average which is an excellent indicator of the primary trend. The sector sits comfortably above the 400-day moving averages which are sloping upward for the first time in years.

While we expected this correction, we did not anticipate there would be a chance for a larger correction. If you believe we are in a new bull market, as I do, then the path to financial success is buying and holding and buying weakness. (Our guidance for selling, we’ll get to another time). If I were holding too much cash or missed the epic rebound, I would be taking advantage of further weakness. Buying 20% to 25% weakness in a bull market (especially one that is only months old) will likely payoff in the long run. For professional guidance in riding the uptrend in Gold, consider learning more about our premium service including our favorite junior miners which we expect to outperform in the second half of 2016.

Jordan Roy-Byrne, CMT, MFTA

Jordan@TheDailyGold.com

About Jordan Roy-Byrne CMT, MFTA

Jordan Roy-Byrne CMT, MFTA is the editor and publisher of The Daily Gold.

This post first appeared in The Daily Gold.

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source http://goldsilverintel.com/bit-downside-potential-gold-stocks/

New Gold Discoveries are Still Hiding in America – Wade Hodges Interview

This is a unique opportunity we don’t come across often; maybe once in a whole year for all the companies we examine. A new technique that will innovate gold discovery and shoot companies profits through the roof, right here in the United States! And we have the inventor right here today: Wade Hodges of Nevada Exploration, Inc.

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source http://goldsilverintel.com/new-gold-discoveries-still-hiding-america-wade-hodges-interview/

$1.5 Billion Paper Gold Dumped Day before Janet Yellen’s Speech – Andy Hoffman Interview

The biggest expert in overall gold & silver markets is finally back to talk about the manipulation that just occurred in this rush emergency transmission. Andy Hoffman of Miles Franklin details how central banks are used by the gold cartel and the timing was perfect this time right before Janet Yellen’s speech and options expiration dates.

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source http://goldsilverintel.com/1-5-billion-paper-gold-dumped-day-janet-yellens-speech-andy-hoffman-interview/

The Precious Metals Sector and the Fed. . .

Technical analyst Clive Maund reflects on how Federal Reserve statements may affect markets, and explains why he thinks the precious metals markets are due for a correction.

Chart courtesy of www.sentimentrader.com

While the Fed is almost powerless these days, as it has succeeded in “painting itself into a corner,” the markets still seem to think that its utterances are important and react, sometimes violently, to its apparent stance, or implied stance. For this reason we have to treat Fed statements as important, even though they really aren’t. Today we have the Fed making pronouncements and the markets can be expected to gyrate around and react as usual.

In general they are not expected to “rock the boat.” Powerful vested interests—what may be described as the status quo—want Hillary Clinton as the next President, as she will serve as their marionette and do their bidding. Trump can talk a lot, but even if he gets in won’t make much difference for two reasons. One is that he is the candidate for the Republican Party, and the same plutocrats control the Republican Party that control the Democrats—they are two sides of the same coin. So if elected Trump will have to buckle down and do as he is told. If he tries to seriously take on the military-industrial complex that runs the U.S. he will end up like JFK. In any event, he has already indicated that he will yield and comply, by talking about “beefing up our great military” and by paying homage to “our great friend in the region (Mid-East) Israel.”

So whoever gets in, the outlook for the ordinary American citizen remains hopeless, despite all the mindless pre-election hype and razzmatazz. Of the two candidates the powerful vested interests, of course, prefer Hillary, so we can expect the Fed to do as little as possible to upset the markets ahead of the elections (i.e., nothing of any consequence). This being so, today’s Fed remarks might be greeted with a sigh of relief and spark another up-leg in the broad market, which is now supported by a gigantic slush fund.

Although at first sight it looks like we are being presented with a buying opportunity in the precious metals sector, which has reacted back over the past couple of weeks, we have to careful here. There has been no major correction in this sector all this year, which is inflated after months of rallying, and we will look at some evidence here that the correction may have considerably further to go, in points terms if not in time terms.

We will start by looking at the eight-month gold chart. As we can see, although stocks have been slammed over the past couple of weeks, gold has barely dropped yet, although it has broken down from a Triangle as predicted at the start of the week in Gold and Silver Probable Short-term Scenario. If the dollar rallies, gold could get whacked back to the vicinity of its 200-day moving average, now at about $1,220. Such a drop would lead to further heavy losses in PM stocks over a short-term time frame, and would be expected to be followed by a reversal to the upside, and thus present a MAJOR buying opportunity.

The latest gold Hedgers chart (a form of COT chart, shown at the top of the article) shows an extremely lopsided situation that normally calls for a significant drop, and it has contributed to our cautious stance of recent weeks…

On the latest 8-month chart for GDX the sector looks like it is at another buy spot. It may be, depending on how markets react to the Fed later, but other factors such as the gold chart above, and sentiment readings that we will look at in a moment, urge caution and suggest that instead the sector could break down into a short-term plunge that sees GDX correct back to the vicinity of its 200-day moving average. If the sector reacts positively after the Fed, it will be in order to buy it, but prudent to set quite close stops.

i

After the latest retreat the Gold Miners Bullish Percent Index is still at an uncomfortably high reading of

75% bullish, which increases the risk that this correction is not done yet and could end with a nasty flushout that will also throw up a great buying opportunity.

One thing worth pointing out here is that it looks like a breakout by Treasuries is imminent, and it may well be triggered by the Fed’s remarks today. On the 8-month chart for Treasury proxy TLT we see that the neat Symmetrical Triangle that has been forming in recent weeks is now closing up. Various factors suggest an upside breakout, although the gap between the moving averages is now large, so the opposite outcome is possible, depending on the market’s interpretation of the Fed. . .

So let’s see how the markets react after the Fed later today.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years’ experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

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Disclosures:
1) Statements and opinions expressed are the opinions of Clive Maund and not of Streetwise Reports or its officers. Clive Maund is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the content preparation or editing so the author could speak independently about the sector. Clive Maund was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.

Charts provided by Clive Maund

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source http://goldsilverintel.com/precious-metals-sector-fed/

Is there any gold bullion stored at the US Mint in Denver?

Anyone with even a passing interest in US official gold reserves will probably recall that the US Treasury claims to hold its gold (8,133.5 tonnes) over four locations in continental United States, namely at three US Mint facilities in Fort Knox (Kentucky), West Point (upstate New York), Denver (Colorado), and at the New York Fed (Manhattan, New York City).

The claimed gold holding locations and summary quantities held appear in a never-changing monthly Treasury report titled “Status Report of U.S. Government Gold Reserve”.

This report states that 4,582 tonnes of US Treasury gold are stored in the US Mint’s bullion depository in Fort Knox, 1,680 tonnes at the West Point bullion storage facility, and 1,362 tonnes in the US Mint facility in Denver, for a total of 6,623 tonnes of gold. The US Treasury further claims that 417 additional tonnes of its official gold reserves are held at the Federal Reserve Bank vault in New York. An additional 87 tonnes, a working stock figure (which never changes), comprises the balance.

While Fort Knox and the NY Fed vaults regularly take the limelight in terms of volume of media coverage, and to a lesser extent the West Point vaults do so also, there is very little if anything devoted to coverage of the US Treasury gold supposedly held in Denver. It is therefore of interest that none other than the US Mint on its own website recently ceased claiming that it stores gold bullion at its Denver facility.

On August 11, 2014, the US Mint’s Denver web page contained the following statement:

“Today, the United States Mint at Denver manufactures all denominations of circulating coins, coin dies, the Denver “D” portion of the annual uncirculated coin sets and commemorative coins authorized by the U. S. Congress. It also stores gold and silver bullion.”

US Mint – Denver page on website August 2014

Less than a month later, on September 8, 2014, the above paragraph had been subtly changed to the following, and the words ‘gold and’ had been removed:

“Today, the United States Mint at Denver manufactures all denominations of circulating coins, coin dies, the Denver “D” portion of the annual uncirculated coin sets and commemorative coins authorized by the U. S. Congress. It also stores silver bullion.”

US Mint – Denver page on website September 2014

The amended wording remains on the Mint’s present day Denver web page i.e. with just the “It also stores silver bullion” sentence.

US Mint – Denver page on website August 2016

At the very least this change in wording between August and September 2014 is very unusual. Why would the Mint have authorized and made such a wording change and deleted the reference to gold bullion? I asked the US Mint to clarify but the query went unanswered:

@usmint why does your website state that Denver Facility “also stores silver bullion”, but not gold? No gold there? pic.twitter.com/k3PwVfwGnV

— Ronan Manly (@ronanmanly) October 15, 2015

Given that the Denver Mint does not produce any gold or silver coins, the Mint does not have a need to store either gold or silver bullion working stock in Denver, so the above wording cannot be referring to metal being stored for fabrication supplies. The only commemorative coin produced in Denver is an uncirculated clad half dollar made of copper and nickel.  While the above change of wording on the US Mint’s website could have an entirely different explanation, it does raise the possibility that there isn’t any US Treasury gold bullion stored in Denver. This possibility would also subscribe to a view that has been expressed for quite some time now by well-known gold author and commentator James Rickards. Since at least 2010, and probably prior to that, Rickards seems to think that the US gold reserves are nearly exclusively stored at West Point and Fort Knox. Some tweets of his illustrate the point:

Almost all U.S. #gold is either in Ft. Knox or West Point, both Army bases. So U.S. gold is effectively controlled by the military. — Jim Rickards (@JamesGRickards) September 1, 2010

@cetarro Right, but to put a finer point on it, #gold is really controlled by the military because it’s all at Ft. Knox and West Point

— Jim Rickards (@JamesGRickards) November 6, 2010

@JohnyGodard @amaeryllis It’s not at the Treasury either. The Army has it. #FtKnox #WestPoint

— Jim Rickards (@JamesGRickards) August 5, 2011

@CraiWai @elboertjie @kuston U.S. gold is divided between Fort Knox and West Point. It’s there. The gold at NY Fed belongs to other nations

— Jim Rickards (@JamesGRickards) July 26, 2016

This view, that the US gold is kept at West Point and Fort Knox, actually makes quite a lot of practical sense and is entirely logical. It also makes Denver look like the odd man out.

The US Mint facilities at Fort Knox and West Point are located adjacent to US military installations, namely the US Army base, Fort Knox, and the US Military Academy, West Point. The Fort Knox bullion depository, which opened in 1936, was actually built on land that was previously part of the Fort Knox military base, and that had been deeded to the Treasury Department. The West Point bullion facility, which opened two years later in 1938, was built on land formerly occupied by the West Point military facility, and that had also been deeded to the Treasury Department.

Having large quantities of gold stored in facilities next door to US military facilities is a natural security advantage for protection and also as a deterrent against any would be gold heists. In contrast, the US Mint facility in Denver is located on a city block at 320 West Colfax Avenue, between Delaware St and Cherokee St. It’s near a court-house and a police station but no sign of any US military facilities in the immediate vicinity.

US Mint Denver facility

US Mint Denver rear view

The US Mint in Denver is also the odd one out (of the three) in that it offers public tours of the facility, something unheard of at Fort Knox and West Point. Arguably, the NYFed offers a gold vault tour, but out of US Mint facilities that the Treasury claims to store gold at, Denver is the only one with a public tour. The supposed location of the gold vaults in Denver is also a complete mystery with no photos or images of any vaults or contents of vaults (as far as I can see) ever on the web. A review of the Denver Mint tour (here) mentions supposed gold storage in the lower decks of the building but this seems to be merely supposition as it is inferring that 3 gold bars on display in Denver came from the building’s vaults. However, they did not. These three gold bars actually came from West Point, as CoinWeek stated in May 2012:

“Denver Mint plant manager David Croft pointed out that the three bars were shipped in from the U.S. Mint’s working gold supply at West Point and did not come from the gold that is in deep storage in Denver.“

Which begs the question, why? The US Mint would probably answer, so as not to ‘break the seals’ on the Denver vault doors, but this shipping of 3 gold bars from upstate New York to Denver would seem completely unnecessary if Denver was storing  a couple of tonnes of gold, let alone 1,362 tonnes. The more accurate answer may be that the US gold, if it even exists to the extent to which the US Treasury claims, is held adjacent to US military bases at West Point and Fort Knox. 

Ronan Manly
E-mail Ronan Manly on:
Follow @BullionStar
Follow @ronanmanly

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source http://goldsilverintel.com/gold-bullion-stored-us-mint-denver/