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Feds Open Vault, Double-Check Giant Gold Stash

Auditors drilling into Uncle Sam's NY Fed holdings

By Rob Quinn,  Newser Staff

Posted Aug 2, 2012 11:51 PM CDT | Updated Aug 5, 2012 7:00 PM CDT

(Newser) – Have Die Hard-style criminal masterminds made off with part of the world's biggest stash of gold? Probably not, but the federal government has been quietly double-checking its holdings in the New York Federal Reserve's vault anyway, the Los Angeles Times finds. The fortress deep below Manhattan holds close to a quarter of the world's official gold reserves, including 34,000 or so bars belonging to Uncle Sam—more than in Fort Knox.

The inventory check, which began in January, involves weighing the bars and drilling into several hundred of them for samples. The results of the audit will be released later this year, and are expected to show that "Goldfinger didn't sneak in at night" and steal gold, quips a former top Fed official. But some, including Ron Paul, won't be satisfied until there is an independent audit of all US gold. "If the gold is there and everything is in order, they should welcome an audit," he says.

The Manhattan vault contains 122 cages that hold some 530,000 gold bars.
The Manhattan vault contains 122 cages that hold some 530,000 gold bars.   (Federal Reserve)
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COMMENTS
Showing 3 of 32 comments
gilgordan
Aug 6, 2012 3:04 PM CDT
It's all fake, FDR went off the G standard because we used all the gold in the 30's and 40's
TonyCardinal
Aug 6, 2012 5:39 AM CDT
AND YOU BELIEVE ANYTHING THE GOVERNMENT SAYS, WHY??? AND YOU BELIEVE ANYTHING THE MEDIA SAYS, WHY???
RLM357
Aug 5, 2012 10:25 PM CDT
But will we ever learn the truth?   China made us pay them when they discovered the Gold paid them from this exchange was plugged.  The Media stopped reporting on that after two days!  ~Rick Magee,FL
 

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