Ron Paul to Fed, Ft. Knox: Show Me the Gold

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Congressman Ron Paul is in the news today doing what he does best: dropping firebombs on the Fed.

The Republican from Texas told Kitco News that he plans to introduce a bill next year that will allow for an audit of U.S. gold reserves. Paul reportedly said that, in his opinion, it’s a “possibility” that there in fact isn’t any yellow metal in Fort Knox or the New York Federal Reserve.

“If we ever get around to deciding we should use gold in relationship to our currency we ought to know how much is there,” the lawmaker said. “Our Federal Reserve admits to nothing and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit?”

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September 1, 2010