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IPFS News Link • Economy - Economics USA

Ron Paul Calls for Audit of US Gold Reserves

• Daniela Cambone

U.S. Rep.  Ron Paul , R-Tex., plans to introduce a new bill next year that will allow for an audit of US gold reserves, he told Kitco News in an exclusive interview.

Paul dropped the news in the interview, indicating that the bill still does not have an official name yet but will be unveiled at the start of the new U.S. Congress.

“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said of the Federal Reserve.

This is not the first time the congressman has made his pitch. “In the early 1980s when I was on the gold commission, I asked them to recommend to the Congress that they audit the gold reserves – we had 17 members of the commission and 15 voted not to the audit,” said Paul. “I think there was only one decent audit done 50 years ago,” he said.

Though Paul did not say whether there is any truth to claims that there is no gold in Fort Knox or the New York Federal Reserve, he said, “I think it is a possibility.”

“If we ever get around to deciding we should use gold in relationship to our currency we ought to know how much is there,” said Paul.  “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?” he said.


1 Comments in Response to

Comment by Jerry Alexander
Entered on:

Ron Paul had many opportunities during the campaign to put McCain in his place but! he didn`t.He tucked his tail,and hung his head and let McCain make a fool out of him....Who needs that?.....What kind of leadership is that?  Maybe someone like "Jesse Ventura" should shout Ron`s message...Ron is too weak.

Also! It dosn`t matter how much one has done for RON,if you don`t send him ,(C4L) money your put on the back of the bus.You are denied all the gifts of appreciation.One has to Pay to get the soon they forgets.