The Phaserl


A First Glance On US Official Gold Reserves Audits

by Koos Jansen, In Gold We Trust:

I probably missed this story because I didn’t have blog when this came out in 2011, but apparently the official gold reserves of the United States are being audited every year. I thought the last audit was done in 1974, based on information from the mainstream and alternative media; darn media! Though I haven’t been the only one who has ever been misinformed on this subject.

Ron Paul, who was a a well informed member of the US House of Representatives in 2011, proposed new legislation at the time to have yearly audits of the US official gold reserves: The Gold Reserve Transparency Act (not enacted). Only during the preparation of the congressional hearing Dr Paul became aware there had been yearly audits in recent decades. Strangely the biggest proponent of a gold standard in US politics didn’t have access to this information prior to the investigation. From Paul’s opening statement at the hearing June 23, 2011:

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