Unlike the U.S. which refuses to conduct of public audit of its gold reserves, Russia happily shows the world its growing store of wealth

9:27 AM audit, fort knox, gold, reserves, russia, tranparency No Comments

When Treasury Secretary Steve Mnuchin went to Fort Knox last year and simply stated that the 'gold is safe', it actually spawned more questions than answers for the institution that has not conducted or allowed a full audit in over 60 years.  And ironically not even Congress has gone onsite to verify the gold in decades, which according to some records has since been disbursed between the locations of Kentucky, West Point, and the Eccles building at the New York Fed.

But for a nation like Russia, who in the past has been accused of being non-transparent in their financial reporting, they not only conduct frequent audits of their gold reserves but in a spectacular move on Jan. 10, actually showed pictures of their gold, which officially sits at around 1800 tons.

Photos from main gold storage of Central Bank of Russia. Almost 1800 tons of gold is stored here. This is the main storage of gold in Russia. This makes Russia to be number six in the world by gold storage. – Silver Doctors

Unlike the U.S.'s use of gold to backstop their massive debt owned to foreigners and the central bank, Russia, along with China, is eventually planning to use their gold to usher in a new monetary system that will carry some form of gold backing.