In closing, based on the work performed by my office and my own personal observations, I can assure the Subcommittee or anyone else for that matter, that both the quantities and value the U.S. Government's deep storage reserves held and reported by the mint are reliable and sufficiently audited," Thorson declared. Therefore, he feels the inventory and audit requirements proposed in Paul's bill, H.R. 1495 are redundant of the work that is currently performed.


Rep. Blaine Luetkemeyer, R-Missouri, asked several questions regarding the pledging of U.S. gold reserves to the IMF and exactly in whose custody the gold is held-the U.S. Treasury or the IMF. It is estimated that 17% of total U.S. gold reserves are pledged to the IMF. Both Leutkemeyer and Paul questioned if gold pledged to the IMF is considered part of the U.S. gold reserve holdings.

Personally I feel most likely what has happened is that the US always kept custody of its physical gold, but has possibly engaged in illegal "swaps" with other major central banks (like Germany) to effectuate selling their physical gold into the market. Thus, the fraud is probably misdirected so that nothing is "missing" physically. Still, if not, the US government should simply make the audits it is supposedly already doing more transparent.

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