The stated goal of the Gold Reserve Transparency Act is to “provide for the first true audit of gold owned by the United States in more than 65 years, and subsequent audits every 5 years.”
It’s understandable why one might think America, the country with the largest gold stockpile, would occasionally audit its vault holdings, similar to the way any private depository would. However, since the last credible audit in the 1950s, America’s gold reserves have been subject to limited, flawed, and theatrical inspections.
In 1974, the government conducted a highly publicized inspection of Fort Knox gold—wherein members of Congress and a few media viewed just a single gold compartment—that did not qualify as an audit in any respect. This public relations spectacle was followed by a somewhat more credible process by the General Accounting Office and the Department of the Treasury that kicked off in 1974 and concluded in 1986.
Disgraceful!! That there hasn’t been an audit of OUR gold, not the governments’ gold, the gold that was taken from the American people by FDR is totally disgraceful. The only reason I could think of for not auditing the gold stockpile every year is that someone is stealing it. How much did THEY steal and who are THEY? I think I have said I’m paranoid, didn’t I? Let’s pass that law and do the audit, immediately and catch the dastardly hypothecating theives.