{"id":5724,"date":"2015-02-14T09:06:50","date_gmt":"2015-02-14T14:06:50","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5724"},"modified":"2015-02-14T09:06:50","modified_gmt":"2015-02-14T14:06:50","slug":"second-thoughts-on-us-official-gold-reserves-audits","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5724","title":{"rendered":"Second Thoughts On US Official Gold Reserves Audits"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"https:\/\/www.bullionstar.com\/blog\/koos-jansen\/second-thoughts-us-official-gold-reserve-audits\/\" target=\"_blank\">Second Thoughts On US Official Gold Reserves Audits<\/a><\/h3>\n<p>What is not often covered in the media or blogosphere are the audits of the US official gold reserves stored at the US Mint, which is the custodian for 95 % (7716 tonnes) of the stash \u2013 nowadays also referred to as\u00a0<em>custodial deep storage,<\/em>\u00a0and at the Federal Reserve Bank Of New York that safeguards the remaining 5 % (418 tonnes). The lawful owner of the US official gold reserves is\u00a0<a href=\"https:\/\/www.bullionstar.com\/blog\/koos-jansen\/can-pretend-forever-gold-worth-42-22\/\">the US Treasury<\/a>.\u00a0<a href=\"http:\/\/www.ingoldwetrust.ch\/a-first-glance-on-us-official-gold-reserves-audits\">Part one<\/a>\u00a0covered the most recent records I could find published by the US government, in this post we\u2019ll examine more historical records and approach this matter from a more critical angle. Because of the amount\u00a0of information I found this post is\u00a0split in\u00a0multiple parts.<\/p>\n<h2><strong>What Is A Gold Audit?<\/strong><\/h2>\n<p>From\u00a0<a href=\"mailto:http:\/\/en.wikipedia.org\/wiki\/Audit\">Wikipedia<\/a>:<\/p>\n<blockquote><p><em>Auditing is defined as a systematic and\u00a0<strong>independent examination<\/strong>\u00a0of data, statements, records, operations and performances (financial or otherwise) of an enterprise for a stated purpose. In any auditing the auditor perceives and recognizes the propositions before him for examination, collects evidence, evaluates the same and on this basis formulates his judgment, which is communicated through his audit report.<\/em><\/p>\n<p><em>Due to constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits.<\/em><\/p><\/blockquote>\n<p>To be sure, I\u2019ve asked\u00a0<strong>several bullion dealers<\/strong>\u00a0about how their audits are being conducted. They all agreed an audit involves three parties: the owner of the gold, the custodian and an\u00a0<strong>external (independent)<\/strong>\u00a0<strong>auditor<\/strong>. The external auditor examines the gold, compares its findings with the statements of the custodian and then reports on the accuracy of the statements of the custodian to the owner of the gold. An example of an audit report by such an external auditor can be found\u00a0<a href=\"https:\/\/www.bullionstar.com\/file\/signed-final-audit-report-20141031.pdf\">here<\/a>.<\/p>\n<div><\/div>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Second Thoughts On US Official Gold Reserves Audits What is not often covered in the media or blogosphere are the audits of the US official gold reserves stored at the US Mint, which is the custodian for 95 % (7716 tonnes) of the stash \u2013 nowadays also referred to as\u00a0custodial deep storage,\u00a0and at the Federal [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3563,303,305,1294,374,3562,1865,3561,3564,2202],"class_list":["post-5724","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bullion","tag-fed","tag-federal-reserve","tag-federal-reserve-bank-of-new-york","tag-gold","tag-gold-audit","tag-gold-reserves","tag-us-gold-reserves","tag-us-mint","tag-us-treasury"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5724"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5724\/revisions"}],"predecessor-version":[{"id":5725,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5724\/revisions\/5725"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}