US Coins

Ron Paul seeks audit of Treasury gold

Rep. Ron Paul, R-Texas, is seeking assurances that the Treasury’s holdings of gold are intact and has scheduled a hearing June 23 on legislation he introduced in April calling for an assay, inventory and audit of all U.S. gold reserves.

The 2 p.m. hearing before the House Financial Services Subcommittee on Monetary Policy and Technology, which Paul chairs, will address the Gold Reserve Transparency Act of 2011, introduced in the House April 12.

The Treasury Department holds 261,498,899.315 fine troy ounces of gold, according to a May 31 report by its Financial Management Service.

The Treasury Department’s Office of Inspector General audits the U.S. Mint’s gold holdings each year. However, Paul’s bill, H.R. 1495, seeks a more in-depth audit than is annually conducted. The act would direct the Treasury secretary “to conduct and complete, not later than six months after the date of enactment of this Act, a full assay, inventory, and audit of gold reserves of the United States at the place or places where such reserves are kept, together with an analysis of the sufficiency of the measures taken for the security of such reserves.”

In addition, the bill calls for a Government Accountability Office review of the audit results.

Rumors have dogged the status of the Treasury gold holdings for decades, including claims that the gold is missing from vaults. ¦

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