Tuesday, June 14, 2011

U.S. Mint Tells CNBC: Fort Knox is a Closed Facility

Is there any gold in Fort Knox?

Steve Liesman is reporting that Congressman Ron Paul is calling before his House Subcommitte on Monetary Policy representatives from the U.S. Treasury Department and the U.S. Mint to testify at a subcommittee hearing on June 23 about the authenticity of the nation's gold that is supposed to be held at Fort Knox.

This is great news. But get a load of this. Liesman, as part of his story, requested permission to film at Fort Knox, he reports the response:
As a postscript to the story, CNBC asked for a tour of Fort Knox to film the gold... An official at the Mint told us that not he was not aware that any member of Congress had toured the facility since [1974]....Fort Knox is "a closed facility," the official said.
What the hell does that mean? Bottom line: CNBC was not allowed a to tour or to film at the facility.

Ron Paul wants a full audit of the gold supposedly at Fort Knox. According to a Treasury document, Liesman reports, it would cost only about $15 million to conduct an audit. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that would would take 400 people working for six months, according to the document.


  1. It's probably empty. And what about the Fed's holdings? Those Fed lawyers in the last subcommittee hearing were saying the Fed's gold is actually gold certificates and they don't have any actual gold.

  2. At least it wouldn't be a waste of money.

  3. Who owns the gold at fort knox?

  4. "Closed facility"? Who has the authority to prevent the U.S. Congress, the President and the media from accessing a government facility? Does America have a government that we haven't been told about?

  5. All of this is still Bushes fault

  6. Lord knows, I'm not one to defend anyone in government, but I can understand the logic in prohibiting a video tour of Fort Knox. Banks generally don't like it if you start taking pictures of their vaults, either.

    I can also understand them not wanting to conduct tours for members of the general public, but does anyone know if they have refused to allow members of Congress to tour the facility? If they are doing that, then I definitely smell a rat.

  7. Or the bars could be counted (to verify the number) with no testing whatsoever.

    Then a random sample of the gold could be tested.

    This would result in an immensely reduced cost than a full audit!