Sure There’s Gold in Fort Knox

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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.

Reprinted with permission from Economic Policy Journal.

2011 Economic Policy Journal