| 00:00:00 | THE MARKETS. |
| 00:00:02 | DURING THE CRISIS OR ANY TIME THAT YOU ARE AWARE OF HAS THE FEDERAL RESERVE OR THE FEDERAL RESERVE PARTICIPATING GOLD SWAP ARRANGEMENTS? |
| 00:00:14 | >> THE FEDERAL RESEARCH DOESN'T OWN ANY GOLD AT ALL, WE HAVEN'T OWNED GOLD SINCE 1934 S WE HAVEN'T ENGAGED IN ANY GOLD SWAPS SO IT APPEARS ON THE BALANCE SHEET THAT YOU HOLD GOLD. |
| 00:00:28 | >> APPEARS ON BALANCE SHEET IS GOLD CERTIFICATES. |
| 00:00:29 | WHEN WE TURN IN BEFORE 1934 WE DID THE FEDERAL RESERVE DID OUR GOLD WE TURNED OVER BY ALL TO THE TREASURY WE'VE RECEIVED AN TERM FOR THAT GOLD CERTIFICATE OF THE TREASURY ENTERED INTO BECAUSE UNDER THE EXCHANGE FUND I WOULD ASSUME THEY PROBABLY HAD THE LEGAL AUTHORITY THEY DIDN'T DO IT THEN BECAUSE YOU HAVE THE SECURITIES FOR ESSENTIALLY OUGHT GOLD OWNED BY THE TREASURY. |
| 00:01:04 | >> WE HAVE A DOCUMENT CALLED GOLD CERTIFICATES THAT REPRESENTS THE VALUE AT A STATUTORY RATE AND STILL WE GAVE TO THE TREASURY IN 19 -- >> STILL MEASURED $42 AN OUNCE WHICH MAKES NO SENSE WHATSOEVER BUT THE CONVENTIONAL WISDOM TODAY SAYS THAT GOLD IS REALLY NOT MONEY. |
| 00:01:25 | IF YOU'RE FOR THE GOLD STANDARD THERE'S SOMETHING WRONG WITH YOU, AND YET WE HOLD THE GOLD, AND THERE HAVE BEEN SUGGESTIONS MADE IN A SORT OF ENCOURAGE THE SUGGESTION GOLD IS NOT MONEY. |
| 00:01:40 | IT'S AN ASSET BECAUSE IT ON YOUR BALANCE SHEETS, WOULD YOU HAVE A POSITION ON THIS QUESTION IN THE TREASURY JUST GIVE IT BACK TO THE PEOPLE, THE PEOPLE ADDED AT ONE TIME WOULD YOU HAVE ANY OF OBJECTION TO THAT, WOULD YOU ADVISE US AND SAY NO, THAT'S NOT GOOD, WE OUGHT TO HOLD THE GOLD OR DO YOU THINK HOLDING THE GOLD IS A GOOD IDEA OR A BAD IDEA? |
| 00:02:06 | >> I HAVE NO POSITION ON THAT. |
| 00:02:10 | >> NO POSITION. >> IT'S A MATTER FOR THE TREASURY. |
| 00:02:12 | IT'S NOT IN THE PURVIEW OF THE -- >> WHAT YOU HAVE AN OPINION? |
| 00:02:16 | >> I WOULD AGREE WITH MR. |
| 00:02:21 | ALVAREZ. |
| 00:02:22 | >> IT'S AMAZING BECAUSE I ASK QUESTIONS AND THE FEDERAL RESERVE. |
| 00:02:34 | >> I ASKED MR. |
| 00:02:35 | BERNANKE BUT IT'S ALWAYS KNOW, WE HAVE TO HOLD ON TO THESE ASSETS. |
| 00:02:39 | BUT IF IT'S NOT MONEY AND WE DON'T NEED IT WE AREN'T GOING ON THE GOLD STANDARD, I MEAN, I WOULD THINK THAT THEY SHOULDN'T BE HOLDING IT. |
| 00:02:48 | THE REASON I ASK THAT IS THE TRUTH IS GOLD IS MONEY AND PEOPLE DON'T THROW IT AWAY AND PEOPLE TO CLING ON TO IT, BUT I WOULD BE -- REALLY THERE'S A LOT OF PEOPLE WHO SUSPECT BECAUSE THE LACK OF TRANSPARENCY THAT THERE'S GOING TO BE A TREMENDOUS AMOUNT OF GOLD AND LOANS MADE AND CENTRAL BANKS SOLD A LOT OF GOLD TO US AFTER THE LAST TEN YEARS, A LOT OF THE GOLD HAS LEFT THE WEST AND HAS GONE TO THE EAST AND THE CENTRAL BANKS THAT NOW HAVE POSITIVE TRADE BALANCE BY OF THE GOLD. |
| 00:03:19 | THERE HAS TO BE A MESSAGE IN THERE AND A SIGNIFICANT AND SIGNIFICANCE EVEN FOR THOSE WHO WANT THE RESTRAINTS OF GOLD THERE HAS TO BE A MESSAGE OUT THERE THAT WE SHOULD LOOK AT IT BECAUSE WE ARE IN A FINANCIAL MESS IT HAS TO DO WITH OUR MONETARY SYSTEM IS BEING REFLECTED TODAY IN RISING PRICES AND WEAK ECONOMIES AND JUST PUTTING ALL THIS MONEY ISN'T DOING ANY GOOD. |
| 00:03:43 | ALL THIS STUFF THAT'S BEEN DONE FOR THREE YEARS AND DEAL WITH THE ECONOMIC STATISTICS TO YOUR PORTABLE, AND THESE PEOPLE WHO LOST THEIR JOBS ARE STILL UNEMPLOYED, THE PEOPLE WHO BOUGHT STOCKS IN THE YEAR 2000, IF THEY HELD ON THEY PROBABLY HAVEN'T EVEN BROKEN EVEN. |
| 00:04:02 | THEY PROBABLY LOST PURCHASING POWER. |
| 00:04:05 | SO EVENTUALLY I THINK -- I KNOW THIS IS OFF THE SUBJECT A LITTLE BIT, BUT IS THIS REFLECTED ONLY IN THAT WE DON'T KNOW EXACTLY WHAT GOES ON, AND WHEN THEY DON'T KNOW THEN THEY GET SUSPICIOUS AND SAY IT'S KEPT SECRET FROM US WHY AREN'T WE ALLOWED TO KNOW, AND WE JUST MARCH ON, AND THE TIDE OF DOLLARS WE ARE TALKING ABOUT AND WHEN WE HEAR ABOUT THIS GOING TO THE CENTRAL BANKS AND THE BANKS THAT GADDHAFI WAS PART OWNER THIS STUFF IS IT REALLY STIRS UP THE DEMOTION OF A LOT OF PEOPLE. |
| 00:04:39 | BUT I DO APPRECIATE YOU BEING HERE, AND I KNOW THAT THERE WILL BE A LOT OF QUESTIONS. |
| 00:04:45 | THERE WILL BE WRITTEN QUESTIONS SUBMITTED AND WE WOULD APPRECIATE YOUR COOPERATION AND SEND OUR ANSWERS BACK AND I THINK YOU. |
| 00:04:55 | >> THANK YOU, CHAIRMAN. |
| 00:05:17 | >> THIS HEARING IS ADJOURNED. |
| 00:05:53 | >> [INAUDIBLE CONVERSATIONS] |
| 00:07:45 | [INAUDIBLE CONVERSATIONS] |
| >>> |
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