Posted originally on Apr 10, 2025 by Martin Armstrong
There has been ongoing speculation about America’s holdings of foreign gold reserves. Elon Musk’s request to audit Fort Knox pushed the issue into the headlines once more. Now, the new incoming German government is discussing pulling their gold reserves from the New York Fed due to a lack of transparency and the public is asking—where is the gold?
I personally toured the New York Fed many years ago, and while there is gold there, I cannot verify the quantity or quality; no one has ever accomplished such a feat. The last full audit of US gold reserves occurred in 1953 under President Eisenhower. Auditors from the US Treasury and Mint verified domestic and limited foreign-held gold at the New York Fed and Fort Knox. Third-party auditors were not permitted, but there were US Congressional observers. Treasury Secretary George M. Humphrey and Mint Director William H. Brett were in charge of overseeing this audit.
Now, the government declared the audit to be a “full” inspection. However, only 3 of the 22 compartments at Fort Knox were examined, accounting for only 13.6% of gold holdings. Around 88,000 bars (34.4M oz) were meticulously counted, and auditors weighed around 9,000 bars (130 tons). Only 26 gold bars, selected at random, were drilled to confirm purity. Auditors confirmed that US gold certificates matched physical holdings at the New York Fed, but due to limited sampling and a lack of transparency, suspicions rose. “We have no reason to believe other melts would differ [from assay results],” the joint commission stated.
The gold examined was mainly domestic. Germany’s holdings, for example, were not part of the audit. Public confidence in the US government was on the decline at this period amid Cold War secrecy. Around the same time of the audit, the CIA admitted it to Operation Ajax—a covert operation to overthrow Iranian Prime Minister Mohammad Mossadegh and install Shah Mohammad Reza Pahlavi. This was the first time that the US government openly admitted to orchestrating a coup and installing a leader in a foreign nation. How could the public and/or foreign nations trust the US under these conditions?
(Sources: Treasury 1953 Report, Sound Money Defense League, FRASER).
The GAO/Treasury conducted the next audit in 1974, reviewing 21% of gold holdings at Fort Knox. This occurred in the post-Bretton Woods period after Nixon abandoned the gold standard. Again, third-party auditors were not permitted to attend, and this time, auditors did not weigh bars. Some called the September 1974 examination a “show audit” and a publicity stunt as only 1 of the 13 vaults was examined. The “real” audit occurred the following month by a joint GAO-Treasury committee, but as mentioned, only 91,404 bars of 367,500 were examined. Random samples were tested for purity, but there was no assaying or weighing.
Continuing audits were ongoing, and the US government pledged to inspect 10% of its gold holdings annually from 1975 to 1983. As of 1985, the government stated it had audited 89% of its gold holdings, but only through seal verifications and limited sampling. Again, only the US government had access to these vaults.
The matter was ultimately laid to rest until 2012, when US politicians like Ron Paul and foreign governments demanded another audit. Germany was threatening to relocate their US holdings at the time due to a lack of transparency, and had been increasingly calling for an audit in the decades leading up to 2012. To appease doubters, the Treasury OIG conducted another limited audit.
The 2012-2013 NY Fed Audit scope included 34,201 US-owned gold bars (418 tons). Less than 1% (367 bars) were tested for purity. Auditors did not weigh the gold, nor did they conduct a full inventory. All compartments were to remain sealed unless they had reason to suspect tampering. Again, no independent assayers were admitted. Worse, foreign holdings were not inspected. Germany’s gold, for example, was not reviewed but they maintained trust in the US government despite some backlash.
Fast-forward to 2025: DOGE is uncovering government waste and mismanagement and has set its sights on Fort Knox. The US Treasury declared any audit a breach of national security. A true audit of Fort Knox, not including the NY Fed, would take 18-24 months and require 44,000 hours. Foreign governments now have a seemingly plausible reason to point their finger at the US and call “FOUL PLAY!”
Here’s the thing–no nation completely audits its gold holdings. The UAE, for example, implemented mandatory annual audits but only examined 10-20% of its holdings. There is limited transparency as their audits are classified, but they do permit third-party audits and follow London Bullion Market Association (LBMA) standards. Switzerland also follows LBMA standards and conducts regular audits, but auditors only check seals as there is no physical count. Switzerland is far more transparent about its auditing process, but again, they are only looking at a small percentage of overall holdings and not weighing or physically assessing the gold. Any nation could point the finger at another and question the validity of its stockpile.
As for US gold holdings, there have not been any official sales. If anything is missing, then that means it was stolen. However, the media is honing in on the US without understanding that no foreign nation conducts a full audit of their gold holdings. It all comes down to trust in the government, not only the current administration but every administration that has come to pass.
Posted originally on Apr 8, 2025 by Martin Armstrong
James Garrison served in the U.S. Army Air Forces during World War II, joining the year before the Japanese attack on Pearl Harbor. Jim Garrison’s military career trained him as a pilot and was assigned to the 8th Air Force in Europe. He flew reconnaissance missions over Nazi-occupied territories, contributing to intelligence-gathering efforts. His role involved photographing enemy positions and assessing bomb damage. By the end of the war, he attained the rank of lieutenant and was honorably discharged.
After WWII, Garrison joined the Louisiana National Guard while pursuing his legal education at Tulane Law School (graduated 1949). He remained in the National Guard throughout the 1950s, rising to the rank of lieutenant colonel. He retired from military service in 1957 to focus on his legal and political career. After the war, he obtained a law degree from Tulane University Law School in 1949. He then worked for the Federal Bureau of Investigation (FBI) for two years, stationed with the Seattle office.
His military experience informed his leadership style, but did not directly overlap with his later role as District Attorney of New Orleans (1962–1973). Garrison is better known for his controversial investigation into President John F. Kennedy’s assassination, which overshadowed his military contributions. Garrison’s military career demonstrated a commitment to service, though it remains a lesser-known aspect of his life than his legal and political endeavors.
Jim Garrison stepped into the middle of the Neocons’ nest of corruption. During the 1960s, they were scheming to get us to (1) invade Cuba, and (2) invade Vietnam. In both cases, they assumed the Russians were behind both and with all of their conspiracy theories that Russia was trying to destroy the United States, thanks to Kruschev’s boast We will bury you, which launched their attempt to seize control of the United States’ foreign policy.
President Kennedy violated the NEOCON FIRST RULE – NEVER TALK TO A RUSSIAN!. Kennedy and Khrushchev first met at the Vienna Summit in June 1961. Before meeting face to face, their contact began when Khrushchev sent Kennedy a message on November 9, 1960, congratulating him on his presidential election victory and stating his hope that “relations between [the US and USSR] would again follow the line along which they were developing in Franklin Roosevelt’s time.”
There were some Russians who were anti-Khruschev and risked their lives to inform the US about his plans for Cuba and what became known as the Cuban Missile Crisis of 1962. What the Neocons ignored was that there was a coup in Russia to overthrow Khruschev. They hated all Russians, no matter what.
I was just 10 years old when my father took me to Willingborough, New Jersey, during the 1960 campaign to listen to JFK. I shook his hand, but unlike Bill Clinton, that did not make me want to become president. I remember the hatred of those days. First, it was that the Pope was going to run the United States because he was Catholic. Then later, I remember people calling him a traitor for meeting with Khruschev.
Then the CIA proposed on March 13th, 1962, to kill Americans to create a false flag to blame Cuba to justify an invasion. This was Operation Northwoods. JFK concluded that these Neocons were deranged, evil, and had no problem killing people to create war. He wanted to terminate the CIA. The CIA was pulling off covert operations that were never authorized. Established in 1961 by President John F. Kennedy to unite several foreign assistance organizations and programs under one agency, statute law places USAID under “the direct authority and policy guidance of the Secretary of State.”
The goal of this agency was to counter Soviet Union influence during the Cold War and to advance U.S. soft power through socioeconomic development. USAID was subsequently established by the executive order of President John F. Kennedy, who sought to unite several existing foreign assistance organizations and programs under one agency. Anyone dealing with Washington has always heard that this was a mega slush fund. It started with the CIA, but the Democrats used it to promote their Marxist agenda. Kruschev was right, our enemy would come from within. Despite Marxism failing every time, the Democrats still preach the class warfare hatred of Karl Marx.
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Then, on June 10th, 1963, after the Cuban Missile Crisis, Kennedy made what has been called his Peace Speech. That seemed to have been the turning point when I would hear people talking, calling him a traitor. Then, about 5 months later, the Neocons assassinated JFK. John F. Kennedy, the 35th president of the United States, was assassinated while riding in a presidential motorcade through Dealey Plaza in Dallas, Texas, on November 22nd, 1963
Beginning in March 1964, Supreme Soviet presidium chairman and thus nominal head of state Leonid Brezhnev began plotting Khrushchev’s removal with his colleagues. Brezhnev had initially considered having Khrushchev arrested for treason. Cooler heads prevailed, and it was decided that persuading members of the Central Committee to support the ousting of Khrushchev was the better choice to avoid civil war. Khrushchev was absent from Moscow between January and September 1964, allowing the dissent to fester inside Moscow.
Garrison said in response to an NBC program that was highly critical of his pursuit of the alleged Kennedy assassination conspirators in New Orleans. On July 15, 1967, NBC allowed Garrison to give that response on the air.
Oliver Stone’s famous film, JFK, followed the prosecution of Jim Garrison and the tremendous effort to cover up the assassination of Kennedy and the immense effort to exonerate the CIA and maintain that Oswald was a lone shooter. Oliver Stone did a second film, a documentary, JFK Revisited.
The day after Kennedy was assassinated, Johnson had a meeting about going to war in Vietnam, all because the Neocons assumed that Russia was behind that. Robert McNamara, before he died, apologized, saying that they were wrong – it was just a civil war, and Russia was not involved.
Some say there is an unanswered question about the following timeline:
On March 1, 1967, Garrison arrested and charged New Orleans businessman Clay Lavergne Shaw with conspiring to assassinate President Kennedy, with the help of Lee Harvey Oswald, David Ferrie, and others.
On July 15, 1967, NBC allowed Garrison to give his response to NBC’s critical program about him.
On January 29, 1969, Shaw was brought to trial in Orleans Parish Criminal Court.
On March 1, 1969, a jury took less than an hour to find Shaw not guilty.
The question is, when did NBC obtain the evidence that Oswald could not have shot Kennedy, because NBC has a photo showing Oswald on the street at the time shots rang out? If that evidence was in the hands of NBC before July 15, 1967, then NBC let Garrison perform a dog and pony show when he gave his response to NBC’s “highly critical” program about him on air on July 15, 1967. If NBC obtained the evidence after July 15, 1967, but before January 29, 1969, it withheld crucial evidence from a criminal trial and thereby acquired every bad attribute, badge, and brand that anyone who withholds evidence must bear forever – obstruction of justice involving the assassination of a president.
After JFK’s assassination, Marina cooperated with authorities, including the Warren Commission. She testified that Lee owned a rifle resembling the murder weapon and acknowledged his pro-Castro sentiments and erratic behavior. Her testimony contributed to the Commission’s conclusion that Oswald acted alone.
Expressed Doubts Over Time:
In subsequent years, Marina began to express doubts. She questioned whether Lee could have acted alone and suggested the possibility of a conspiracy. In her 1978 book “Marina and Lee” and interviews, she speculated about external influences or a setup, though she did not outright deny his involvement.
Later Statements:
By the 1990s and 2000s, Marina continued to voice skepticism about the official narrative, emphasizing gaps in evidence and the plausibility of a broader plot. However, she stopped short of definitively exonerating Lee, often maintaining ambiguity about his exact role.
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One document that the CIA has been hiding is the Gary Underwood document that states plainly that the CIA ASSASSINATED Kennedy. The reason this is important is that the Neocons are still running the show, lie about everything, and are in complete control of Europe, and are moving to achieve their ultimate goal – the total destruction of Russia, which is not fulfilling Ukraine’s ethnic cleansing of all Russians.
For example, Stone’s 1991 film “JFK” faced harsh pushback from historians for its suggestions that Kennedy’s death was the result of high-level conspiracies. Here, Oliver Stone appears after the most recent testimony before Anna Paulina Luna’s commission.
Conclusion:
Marina Oswald never categorically denied Lee’s involvement but evolved from initial cooperation with the official investigation to expressing persistent doubts about the lone-gunman theory. Her later remarks leaned toward skepticism, hinting at conspiracy possibilities without entirely absolving her husband.
World War III is unfolding before our eyes because the Neocons have been protected since the JFK assassination!
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