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Wednesday, June 22, 2011

Goldbricking.

No, this post is NOT about Ramsey's city council.

It's ---- fanfare ---- Ron Paul, goldbricking. "Fort Knox Fever" version. This story:

He wants to throw open the doors to Fort Knox.

Paul isn't so sure the nation's supply of gold is all accounted for and thinks it might not exist at all. He has introduced legislation that would require an independent count of the 5,000-plus tons of gold bullion that's sacked away in the Kentucky vault, as well as smaller amounts held in government facilities in Denver, West Point, and New York City. Paul also wants a lab to test the bars, to prove it's as pure as the U.S. Treasury Dept. says.

Paul, who has said he thinks it's possible there is no gold at Fort Knox, told Bloomberg Businessweek the government is asking the American people to trust that all the gold is there, while not allowing site visits and not publishing all the data.

As chairman of a House Financial Services subcommittee that oversees the gold stores, Paul called a hearing on the matter for June 23. One man who's looking forward to refuting the congressman's doubts: the person in Washington who has actually held those gleaming, 27-pound gold bars in his own hands. Eric M. Thorson, the inspector general of the Treasury, is responsible for keeping track of the U.S. Mint's deep storage gold and silver reserves. Last September, he became the first outsider in 37 years to be granted full access to the U.S. Bullion Depository, as Fort Knox is formally known.

Opened in 1937, the vault is encased in 16,000 cubic feet of granite and 4,200 cubic yards of concrete. The depository is a classified facility, the Mint notes on its website. No visitors are permitted, and no exceptions are made. Until September, even Thorson and his team of auditors had never stood in the presence of all the gold. Their annual reviews mostly consisted of making sure the locked compartments hadn't been opened. At the time, the tamper guards were decidedly 18th century: Each door was secured with special tape and sealing wax.

That is from the middle of the story, near the start. This link again, for the full item.