Written by Rob Carter   

Is Gold in Fort Knox Real? Ron Paul Wants to Know
Steve Liesman @steveliesman Tuesday, 14 Jun 2011 CNBC June 23 AP Ron Paul questioning.


Ron Paul Restarted the Discussion ~ Are 700,000 Gold Bars in Fort Knox all real? Or are they a high Percentage Wolfram (Tungstan) Centers the Gold sold to keep USA totally wrecked economy from Failure & Default of Debt Obligations.

Are the gold bars in Fort Knox really made of the precious metal? Or has the U.S. government secretly sold off much of the nation's stockpile and replaced it with metal bars that are only painted gold? Or Gold Outside and Tungsten centers?

Giving legitimacy to an Internet conspiracy theory that the gold in Fort Knox is fake, the iconoclast Republican congressman from Texas has asked adminstration officials to audit the purity of the nation's 700,000 gold bars held in Fort Knox, according to an internal Treasury document obtained by CNBC. Paul, a presidential candidate who chairs the House's subcommittee on Domestic Monetary Policy, had previously called for the U.S. gold reserve to be counted and for a return to the gold standard. He now appears to be going a step further in his request that representatives from the U.S. Treasury Department and the U.S. Mint testify at a subcommittee hearing on June 23 about the authenticity of the nation's gold.
The Treasury document says it would cost 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 take 400 people working for six months, according to the document. The Mint is audited annually by the Treasury's Office of the Inspector General. An audit of the"Schedule of Custodial Deep Storage Gold and Silver Reserves" was published in September 2010. 400x35x26=364,000 hours 35hour weeks for 6 months 400 men not exact quoted. Then 15,000,000/364,000=$41 per hour are bloody ecpensive men? Even the average $60,000/2x400=$12,000,000.00 they say $15 cost and argue a waste of money, I argue small price to pay for the public assurance and Government reputations in the eyes of the World & USA 310mn people is just 5 cents per each.
A Google search of the phrase "Is the gold in Fort Knox fake" returns 623,000 results. Many of them reference a single, unverified report in 2009 that the Chinese received a fake shipment gold that, in fact, was tungsten. Some SRV Vietnam Gold shop operators were jailed a few years back to doing that on a private gold market here. Ethiopian Government was caught out in 2008. One report tells how USA could be doing it with detection unlikely.
"How to Make Convincing Fake-Gold Bars"The "masterminds" behind the false-gold scandal at the Ethiopian central bank might not have gotten caught if they'd used Theo Gray's formula ~ By Theo Gray Posted 03.14.2008.

Pure gold bar Olegvolk ~ On Wednesday, the BBC reported that millions of dollars in gold at the central bank of Ethiopia has turned out to be fake: What were supposed to be bars of solid gold turned out to be nothing more than gold-plated steel. They tried to sell the stuff to South Africa and it was sent back when the South Africans noticed this little problem.

The standard gold bar for bank-to-bank trade, known as a "London good delivery bar" weighs 400 troy ounces (over thirty-three pounds), yet is no bigger than a paperback novel. A bar of steel the same size would weigh only thirteen and a half pounds.

Now, for me the more interesting question is, how do you make a fake gold bar that at least passes the pick-it-up test? The problem is that there are very few metals that are as dense as gold, and with only two exceptions they all cost as much or more than gold. The first exception is depleted uranium, which is cheap if you're a government, but hard for individuals to get. It's also radioactive, which could be a bit of an issue. Impossible to hide from a detector.

The second exception is a real winner: Wolfram (Tungsten) it is vastly cheaper than gold (maybe $30 dollars a pound compared to $12,000 a pound for gold right now). And remarkably, it has exactly the same density as gold, to three decimal places. The main differences are that it's the wrong color, and that it's much, much harder than gold. (Very pure gold is quite soft, you can dent it with a fingernail.)

One conspiracy theory says that no one has actually seen the gold since the 1930s. But in a letter to Paul in September, the Treasury Inspector General said he had "personally observed the gold reserves located in each of the deep storage compartments."
As a postscript to the story, CNBC asked for a tour of Fort Knox to film the gold, since our only footage of Fort Knox is from 1974. An official at the Mint told us that not he was not aware that any member of Congress had toured the facility since that year. Fort Knox is "a closed facility," the official said. It s even a National secrete just how much gold is stored there and who it belongs to is even TOP SECRET And so the conspiracy theory continues..
~~~~~~~~~~~Rob Carter view ~ Not pe-paid tax, but USA Net Worth share MATTERS MOST~~~~~~~~~~~~~~~~~

No I can't agree the logic I just read, that the paper Dollar is a Government substitute for barter trade, ie. we can transport the paper Worldwide for nothing unless TTR etc.,  But if the coffin maker transfers coffins to buy bread the baker pays freight plus wood and profit and labor value. Then he must pay transport a second time to send the surplus coffins to USA to buy wheat or flour ultimate the wheat farmer can only use a few coffins, so on many he pays freight a 3rd time to buy fertilizer and so on till the miner bringing bird droppings to make fertilizer may be selling coffins at 100 times the real cost of coffins. So other coffin users buy coffins direct from China at a fraction of phosphate miner price. So Government uses import duties and dumping duties and WTO and TPP cunning legal rhetoric to help miner sell coffins against Chinese cheaper coffins.
 
If the paper dollar is just as recently stated "prepaid tax", then what is the half billion cash the billionaire has in Bonds and banks? He will never pay $500,000 future tax at 15% (or zero for offshore bank incomers) to pay $1/2 bn tax he has earned taxable in USA $3,000,000,000 and that after $500,000 tax leaves him with another paper $2,500,000,000 prepaid tax.  That sure doesn't compute.
 
What the paper $1 represents is our share of pre-earned gold in Fort_Knox (which I suspect may already be gold plated tungsten) or other USA net worth of all Government assets, gold, land, buildings, computers and uniforms, guns and Mars rovers. Now where the trouble of inflation and loss of net worth comes for a nation like USA is that Americans have proselytizing to disseminate on an unsuspecting Universe, they have a desire to win more states like new Mexico, Texas, Hawaii, Alaska and Israel.  

Thus I believe USA has been for years patching econmics with their own gold stolen and profits used as the Knox stock is still audit counted as a full Gold asset value, some 100 times over real worth.

Not sufficient as Ron Paul questioned in 2008/9 and now the 7/7/2014 disclosure that some Fort Knox holdings of serial numbered bullion appears to have also been stolen, when Germany requested it's gold to be now repatriated. Viz., [IS ANYONE BRAVE ENOUGH\ TO CLAIM USA MORALS WOULDN'T DO THAT EVEN UNDER "HARVARD GREED DOCTRINE"/ NO I THOUGHT NOT?] USA has the audacity to admit it will take till 2032 or 2020 earliest to transport back to Frankfurt. Christ the 300 mt could fit on aircraft and take less than 20 hours to go back. If they can't locate the German serial numbered set (and claim to have lost the serial number list also) then they could send back USA gold from the 700,000 bars they claim to have in storage. the German 24,000 bars not being just 12% of the USA claimed stock, so why not repatriate in 20 hours? I SUGGEST BECAUSE ALL THE STOCK IS TAMPERED WITH GREATER THAN 50% TUNGSTAN CENTERS?

John Lounsbury Gave a Hat tip to Rob Carter for the story lead:-
Is Germany Missing 45% of its Gold 'Stored in US'?
July 8th, 2014 ~ in econ_news, syndication GEI retold.

Econintersect:  The question of whether gold owned by Germany and presumably stored by the New York Federal Reserve Bank actually exists is a recurring one.  The latest report on the subject was presented Monday (07 July 2014) by RT.com.   Two weeks ago Bloomberg reported that Germany had decided not to proceed to with plans to move all of its gold stored in London and New York back home by 2020.  Conspiracy theorists have suggested that Germany can't move its gold home from New York because there is no gold (or, at least a lot less than on the books) there.

Is all the gold German has stored in the U.S. safe?  German government officials thinks so.  Some others are suggesting that is not the case.