Buy Gold: How much gold is left in the United States Bullion Depository?

Gold Investment - 24 October 2011

One cannot help to ask how much gold, if any, is really left in the vaults of the United States Bullion Depository, commonly known as “Fort Knox,” located in Kentucky in the United States. Some say none (or little) of the gold is left and others say all the gold is still there, safe and sound.

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The primary defense of those saying that all the gold is still in “Fort Knox” is that those who claim otherwise are “conspiracy theorists” or “conspiracy nuts” and are basing their concerns on “conspiracy theories” not based or grounded in facts. Well, let’s consider some of the facts for a moment, and ask ourselves why they are for one kicking so hard against the notion of having another public audit done of the gold bars stored in the vaults of the United States Bullion Depository? It is a fact that there “…has not been a public audit of the United States Bullion Depository since 1974” (Is Fort Knox Empty?, The Gold Report, 14 October 2011). To support this, in the statement of Eric M. Thorson, the Inspector General of the U.S. Department of the Treasury, before the House Committee on Financial Services Subcommittee on Domestic Monetary Policy and Technology on the 23rd of June 2011 at 02:00 PM, it is clearly stated that: “In 1974, in response to public and Congressional inquiries, the General Accounting Office (GAO), known as the Government Accountability Office since July 2004, in cooperation with the Department of the Treasury, conducted an audit of about 21 percent of the gold bars stored at the United States Bullion Depository, Fort Knox, KY, and concluded that the gold stored at that facility agreed with the records of the depository” (Publicly available from the website of The Financial Services Committee).

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Invest in precious metals today! Contact us for details.

Given the above, it is thus, not only an indisputable fact that the last public audit of the gold bars stored in the vaults of the United States Bullion Depository had taken place in 1974, but also that only more or less 21% of the gold bars stored in the given vaults were audited. Furthermore, although the audit was done “…in response to public and Congressional inquiries…,” it was done by “…the General Accounting Office (GAO), known as the Government Accountability Office since July 2004, in cooperation with the Department of the Treasury.” Now, while it is indeed stated on the website of the U.S. Government Accountability Office (GAO) that it “…is an independent, nonpartisan agency that works for Congress…,” how dependent and nonpartisan are they really if one considers that the “…head of GAO, the Comptroller General of the United States, is appointed to a 15-year term by the President from a slate of candidates Congress proposes”?  Is the United States Department of the Treasury not responsible for the printing and minting of all U.S. “…paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint”? If yes, then how the hell can the guys that print the fiat currency be trusted to do a proper and truly independent audit of the gold bars stored in the vaults of the United States Bullion Depository?

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