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The missing Gold Hoax--a look back [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-02-24
In a prior life, I worked for the GAO (General Accounting Office—now Government Accountability Office), an investigative/audit office in the legislative branch. Back in the mid 70s, some congressional republicans became convinced that the gold stocks were missing from Fort Knox. This lead to an actual recount of the gold by some of the staff I worked with. (Spoiler Alert—no gold missing) As a later testimony (2011) summarized:
In 1974, in response to congressional interest and in conjunction with the Mint, GAO assisted in the planning and observed the inventory of gold reserves of the United States maintained by the United States Bullion Depository at Fort Knox.4 GAO selected 3 of the 13 compartments at this depository to be audited. The audit procedures included observing and participating in a physical inventory of the entire contents of the three compartments. GAO did not report any differences between the gold stored in these compartments and the Fort Knox depository’s records. In addition, GAO’s procedures included observing the assaying of a sample of gold bars. The results of the assays indicated that the recorded finenesses were within the tolerances the Mint established.
Based on the testimony it appears that the gold is there and under periodic audit to assure that Goldfinger does not get it. In 2011 the US had over 260 million troy ounces.
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