gold bars knoxRon Paul, who was a a well informed member of the US House of Representatives in 2011, proposed new legislation at the time to have yearly audits of the US official gold reserves: The Gold Reserve Transparency Act (not enacted).
Only during the preparation of the congressional hearing Dr Paul became aware there had been yearly audits in recent decades. Strangely the biggest proponent of a gold standard in US politics didn’t have access to this information prior to the investigation.

Submitted by Koos Jansen, In Gold We Trust: 

Apparently the official gold reserves of the United States are being audited every year. I thought the last audit was done in 1974, based on information from the mainstream and alternative media; darn media! Though I haven’t been the only one who has ever been misinformed on this subject.


Ron Paul, who was a a well informed member of the US House of Representatives in 2011, proposed new legislation at the time to have yearly audits of the US official gold reserves: The Gold Reserve Transparency Act (not enacted). Only during the preparation of the congressional hearing Dr Paul became aware there had been yearly audits in recent decades. Strangely the biggest proponent of a gold standard in US politics didn’t have access to this information prior to the investigation. From Paul’s opening statement at the hearing June 23, 2011:


In a way, it seems as though someone decided to lock up the gold, put the key in a desk somewhere, and walk off without telling anyone anything. Only during the preparation for this hearing was my office informed that the Mint has in fact conducted assays of statistically representative samples of gold bars, and we were provided with a sample assay report.   


…This information should be published and available to the American people. This gold belongs to the people, especially since much of it was forcibly taken from them in the 1930s, and the Government owes it to the people to provide them with the details of these holdings. We would greatly benefit from a full, accurate inventory audit and assay with detailed explanations of who owns the gold and who is responsible for ownership, custody, and auditing. 


After digging through a few documents (source 1source 2source 3) regarding the US official gold reserves and audits that have been done from 1974 till present, I decided to write a post purely based on data published by the US government. This post will be part one of a series.



All Official Gold Reserves Stored On US Soil


In total the US official gold reserves account for 8134 metric tonnes, this gold is owned by the US Treasury. It was handed over to the Treasury by the Federal Reserve in 1934, which in return receivedgold certificates. Currently these certificates on the balance sheet of the Federal Reserve are still valued at $42.22 – this statutory value was set in 1973. In my view the price of gold on the Fed’s balance sheet was never revalued to mark to market to deny gold’s true value and mask the weakness of the dollar in order to sustain the US dollar hegemony. Note, technically the gold certificates can’t be redeemed for gold, only for dollars.





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Currently the US Mint is the custodian for 95 % of the Treasury’s gold, this is stored in 42 vault compartments at three different locations in the US. 4583 metric tonnes is stored at Fort Knox, Kentucky, 1364 metric tonnes at Denver, Colorado, and 1682 at West Point, New York. Additionally the US Mint holds roughly 70 metric tonnes in blank coins and working stock.



Click here for an overview of all US official gold reserves, here for a bars list in PDF or xls held at Fort Knox, Denver and West Point. (click here for the excel sheet from my Google Drive)



The Federal Reserve Bank of New York is the custodian of the remaining 5 % of the Treasury’s gold. 418 metric tonnes rest at the bedrock underneath 33 Liberty street, New York. Build in the early 1920’s this vault has 122 compartments that have a combined maximum capacity of over 12,000 metric tonnes. Excluding the 418 metric tonnes of the US Treasury, at this moment 6196 metric tonnes are being stored at the NY Fed for 60 sovereign nations and the IMF. According to my findings it’s not known how much every single nation has deposited – except for Germany, 1520 metric tonnes, and The Netherlands, 300 metric tonnes.



Click here to track the total of official foreign gold deposits held at the NY Fed.



In the sreen shot below we can see the Federal Reserve values not only its own gold holdings at $42.22, but also the gold it stores for foreign nations. One could say this is done for the simplicity of accounting, I would say it supports the US dollar hegemony paradigm.



New York Federal Reserve foreign gold



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Some central banks disclose the floating value of gold on their balance sheet, this acknowledges the true value of gold and the anchor, or sun,  it represents in the monetary system; the value of fiat currencies can rise and fall relative to gold.  This is a screen shot of the balance sheet of the ECB, their gold is valued mark to market:



ECB balance sheet gold



How much gold from the IMF is stored at the NY Fed is also unknown. I tried to ask the IMF, but this institution appears to be impossible to penetrate regarding gold inquiries. They don’t handle any inquiries over the phone, the only entrance is an email address that repeatedly returned me the usual:


Given security concerns, the information you request is not available for public consumption.

We hope for your understanding.


Best regards,


Office of Public Affairs

Communications Department

International Monetary Fund

E-Mail: [email protected]



The WGC, surprisingly, was also unable to help.


At this moment the only information I have is from a statement in writing (page 64) by Eric Thorson, US Inspector General, in 2011:


The U.S. gold contributions to the IMF are not included in the U.S. gold reserves reported by the Mint or Treasury. From 1947 through 1970, the U.S. paid its initial quota subscription and subsequent increases to that quota subscription to the IMF in four separate contributions. Those contributions were in the form of gold and were each valued at the time the payments were made. Overall, the U.S. contributed 47.9 million ounces [1490 metric tonnes] of gold, to the IMF.



…It should be noted that once the gold contribution to the IMF was made, it became the property of the IMF. In return, the U.S. received a claim on the IMF equal to the amount of its gold payment. To reiterate, this amount is not included in the U.S. gold reserves. It is our understanding that the gold contributed by the U.S., as well as gold contributed by other countries to the IMF is commingled.



We have been told that the IMF holds its gold in the following Central Banks: the Federal Reserve Bank of New York, the Bank of England, the Bank of France, and the Central Bank of India.



If the IMF’s gold is stored at central banks I can’t understand the safety concerns they mentioned. Which of these central bank’s vault is not safe?



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Audits Of The US Official Gold Reserves


On September 23, 1974, members of Congress were invited to inspect the US official gold reserves stored at Fort Knox. Following the Congressional inspection, which involved removal of the seals and opening selected vault compartments, an audit was conducted in September and October 1974. The General Accounting Office (GAO), in cooperation with auditors from the Mint, Bureau of Government Financial Operations (BGFO), US Customs Service, and the Treasury Department’s Office of Audit conducted an audit of 21 % of the gold bars stored at Fort Knox. Assay tests were taken. In the report of the audit, the GAO recommended for continuing audits of the gold in custody of the Mint.


During the Congressional inspection the press was also allowed to enter Fort Knox and take pictures, which could have been the reason this audit kept buzzin around in the media for many decades as the last audit.


There have been several audits after 1974. On June 3, 1975 the Secretary of the Treasury ordered a committee, consisting of the Bureau of Government Financial Operations (BGFO), the Mint and the Federal Reserve Bank of New York, to conduct Continuing Audits of all United States Government-owned Gold. The order was designed to audit 10 % of the Treasury’s gold per annum.



Audits Of The US Official Gold Reserves At The Mint


As mentioned before the US Mint is the custodian of all the US Government-owned gold not stored at the Federal Reserve Bank of New York. In 1975 the staffs from the BGFO and the Mint were appointed to audit the gold stored at the Mint. During this process the gold bars were physically moved from one vault compartment to another. The melt numbers and the number of bars in each melt were verified with an inventory list (one melt averages about 20 bars cast from one crucible of molten gold). One in fifty melts was randomly selected for weighing and assaying.

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US gold reserves 1944 - 1981.png





US official gold reserves 1981




This was done from 1975 to 1986, placing all inventoried vault compartments that it observed and tested under Official Joint SeaI. In 1986, 97 percent of the gold stored at the Mint had been audited.


Statement Eric Thorson from the Office Inspector General (IG) in 2011:


In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. Government-owned gold for which Treasury is accountable. Pursuant to that order, the Committee for Continuing Audit of the U.S. Government-owned Gold performed annual audits of Treasury’s gold reserves from 1975 to 1986, placing all inventoried gold that it observed and tested under an official joint seal.    


…The committee was made up of staff from Treasury, the Mint, and the Federal Reserve Bank of New York. The annual audits by the committee ended in 1986 after 97 percent of the Government- owned gold held by the Mint had been audited and placed under official joint seal.


From 1986 to 1992, the Mint continued on it’s own to perform annual audits in accordance with its own policies over those compartments that had not been placed under Official Joint Seal by the committee.


In 1993 the Office Inspector General Department of the Treasury (IG) took over and began conducting the annual audits of the Mint’s gold, including the Mint’s financial statements. For the first time an independent private contractor, KPMG, was hired to verify all statements. Additionally KPMG accompanied the IG on a number of observations in the vaults. To my understanding the IG has only assayed the final 3 % of gold held at the Mint that wasn’t placed under Joint Seal before 1986 under supervision of KPMG. Assay test that are published were conducted by the private firm Ledoux & Company (2004) and a US army branch White Sands Missile Range (2005-2008). Furthermore the yearly audits consisted of checking the Joint Seals that were placed on 97 % of the Mint’s gold before 1986.


By 2008 all gold held at the Mint, 7715 metric tonnes, was placed under Official Joint Seal. I haven’t found anything about the IG ever breaking old Joint Seals (pre 1986) to re-audit and assay gold in those compartments under the supervision of KPMG.


In 2010 the IG decided to renew all Joint Seals of the 42 vault compartments of the US Mint in the presence of an auditor of the IG itself and staff from the Mint. KPMG did not attend this procedure although KPMG had been contracted to supervise the audits since 1993. I find this remarkable as KPMG’s job was mainly to check the Official Joint Seals every year. Why didn’t they attend when these seals were broken and renewed in 2010?


From a statement (page 48) by Eric Thorson (IG) in 2011:


As discussed earlier, by the end of fiscal year 2008, all of the deep storage gold reserves in the Mint’s custody had been 100 percent inventoried and audited. During our fiscal year 2010 and 2009 audits of the deep storage gold, our audit procedures consisted primarily of inspecting the Official Joint Seals on the previously inventoried compartments to determine whether they had been altered or compromised in any way. We found no exceptions.


More recently the Mint decided to replace all of the previously placed Official Joint Seals with new seals. The new seals are more durable, having a double security barrier seal that can only be removed by two cuts with a strong cable cutter.


The Mint replaced all of the previously placed Official Joint Seals with new ones during fiscal year 2010. The seal replacement process consisted of two steps: (1) inspection of all previously placed Official Joint Seals on all the compartments containing deep storage gold to determine whether they had been altered or compromised in any way, and (2) placement of a new Official Joint Seal. The seal inspection and replacement process was carried out for all 42 deep storage gold compartments, in the presence of a Treasury OIG auditor, by a Mint headquarter staff person, representing the Mint Director, and a Mint storage facility staff person, representing the facility’s Plant Manager. For each Official Joint Seal removed, the Mint headquarters representative, the Mint storage facility representative, and the observing Treasury OIG auditor signed an inspection report; the same parties also signed the new Official Joint Seal that replaced the one removed.

 Audits Of The US Official Gold Reserves At Federal Reserve Bank Of New York


US Treasury’s gold held at the NY Fed was audited periodically from 1975 to 1985 only by examiners of the Board of Governors of the Federal Reserve System. No independent private firm was contracted. The audit procedures followed were different from those at the Mint, as there were no assay samples taken to verify the purity of the gold. In 1985 the NY Fed ceased its audits completely.


It wasn’t until Ron Paul proposed The Gold Transparency Act in 2011 when he pressured Inspector General (IG) Eric Thorson to do an audit of the Treasury’s gold at the NY Fed. The hearing of Thorson, that was part of the investigation for the proposed legislation, revealed some remarkable facts.


Dr Paul confronted Thorson with the 31 U.S. Code § 5302 law (1982) on the Exchange Stabilization Fund (ESF) that states:


Subject to approval by the President, the fund [ESF] is under the exclusive control of the Secretary of the Treasury… Decisions of the Secretary are final and may not be reviewed by another officer or employee of the Government.


…The Secretary or an agency designated by the Secretary, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities the Secretary considers necessary.


Thorson responded that gold stored at the Mint can’t be used for such dealings, but he declined to mention that the gold at the NY Fed perhaps can. (Page 55)


Thorson also stated in 2011 (Page 55):


It should be noted that we are currently working with the Department and the FRB-NY to inventory and audit the Treasury gold that is on deposit with the FRB-NY. As part of the audit, we plan to obtain independent assays of a sample of the gold bars.


After this promise the IG published an audit report in 2012, done without the supervision of KPMG, of the Treasury’s gold stored at the NY Fed. In the report we can’t find any assay tests, though there has been a bar list of the 418 metric tonnes released. (page 129)


The NY Fed claims to have always done continuing audits on their own behalf (page 54):


The FRB·NY holds gold deposits on behalf of a number of account-holders, including the U.S. Govrnment. Upon depositing gold, FRB—NY matches the markings on each bar to the customer’s deposit manifest, and verifies the gross weight of the bars deposited. The FRB—NY refers to this process as earmarking the gold. Once the gold is earmarked, it is physically segregated, for the most part, by account holder. Once segregated, the gold is physically safeguarded and held under what the FRB-NY calls a triple control, continuous audit process. According to the FRB-NY, its continuous audit process includes three-party certification/presence anytime a vault is opened. So, when a vault is opened, it must be done in the presence of one representative from vault custodian team one, one representative from vault custodian team two, and one representative from the intemal audit staff. Furthermore, there are two separate combination locks (the combination of each known only to the respective vault custodian team representative), one audit lock, and an audit seal on every compartment containing customer gold. The FRB-NY also confirms the gold holdings of its respective customers upon request.



  1. Y A W N .
    Like it matters anymore? Gold hasn’t backed the Promissory Note in circulation for decades, if it ever has/had at all. The term “Note” is found on every fiat ‘dollar’ twice, for very good reason. According to Black’s Law Dictionary, the term note means a promise to pay in the future. So when using a fiat dollar, the debt has not been satisfied by law, ad NEVER WILL. But under the premise that a dollar was backed by a tangible monetary asset (by law, only physical Gold or Silver was/were eligible) it bore more ‘value’ to the recipient.

    Just assume that Gold has been gone since the seventies. The only thing backing our so called money is your labor…and your Military. Plain and simple, Slavery was NEVER outlawed, it just shifted in the vernacular of our society. We are all Slaves living on a giant “plantation” run by a corporation legally (not lawfully) incorporated/named “The United States”. Look it up folks, they made this difficult to discover but…it’s there.

    Want proof?

    Then here’s a brief (I promise) class:

    And here is M O R E . P R O O F –

    Sorry for the Truth, but it’s the Truth nonetheless.

    Keep stacking Folks, Keep Stacking!

  2. Regarding the ownership of the gold “8134 metric tonnes, this gold is owned by the US Treasury.”, I remember President Ronald Reagan asking “how much gold does the US government own a Fort Knox” …..and the answer was none, it was already pledged as collateral (for what ? fiat , printed out of thin air?).

  3. The more we pay in taxes the more we are enslaved.
    100% taxes–100% slave.
     100% on the federal titty—100% slave
    But there’s a dilemma, like being partially pregnant. If you only pay 50% of your income in taxes, are you half slave or half free.
    In my opinion, being 1% slave still makes you slave. There is no such thing as being a partial slave.

    How many people in the USA are not slaves?
     .003% of the population  
    That represents about 9000 people in the country who are not slaves.
      What does that make them?  
    Slave masters  or what used to be called house niggers
    That includes every national politician; senator, congresspimple, HNIC, all local and state politicians.  
    With 50 states that means there are about 150 people ruling each state and maybe 1,500 in DC
    Does that sound familiar?
     It should.  
    Slave states had only a few wealthiest plantation owners
    They were the top .01% of the state populations  (I am making this figure up but it is probably close to reality)
    There’s one slave master, whip holder, gunsel and overlord per 100,000 population in this country today.
    Does that not seem extremely strange???
    Yes it does
     (I’m listening to Ann Barnhardt on Reluctant Prepper right now so I’m pretty stirred up about this bull crap)  And I do not give a rat’s ass about the Fort Knox or Fed gold stocks. They mean nothing in the overall paper and debt paradigm scheme of things.  IT MEANS NOTHING NOTHING NOTHING
    Ask yourself this question
    How many people would it take, reasonably take, to remove 1 slave master?
    2, 4, 10, 20? A squad? A platoon?
    On a personal basis I expect that if I armored up and went to war I could take out 10 slave masters before they took me out.  
    Just sayin’ Mr. DHS but that is my calculation.
    You’re gonna need a bigger army.
     Going to war in an asymetrical fashion means the element of surprise.  
    Surprise!  mother clucker  
    So who is willing to remain a slave?  I don’t think anyone on this site would say “Yes, count me in as a slave to this bullcrap”.
    But we are all working under the slave master.  
    No one is rising up and rebelling.
     Where is our modern day Boston Tea Party?
    Where’s Paul Revere and Adams and Washington and the other who said STFU George III
    This gene pool dropout’s relatives are still running the show in this country through the IRS and the District of Columbia.
    Or maybe it should be called the District of Saxe Coberg Windsor
    That’s my rant for the day.  Cheers all ya’ll   See you on the other side of the river
    Rubicon or Potomac? I am not sure, yet.

    • Couldn’t have said it better.
      It’s OUR JOB to teach the masses, to awaken them. I found that for every one person that will listen, that we convert, it mathematically spreads like wildfire. Again, we must continue the fight to teach the word of Truth, the word of God can follow later. We must persevere and point out the obvious truth by any means necessary.  One example is that for every dollar converted to a physical monetary asset, it takes that dollar out of circulation! This must be taught at all levels across this once great Nation….and they HATE IT!  Converting their fiat notes into physical Gold or Silver is equivalent to loading a musket back in 1776. There was no Independence won back then, it was merely the creation of a British controlled Military Industrial Banking Complex!  Just Google  ( Britain owns America) and see what you get.
      We need to TEACH the Truth NOW, before it’s too late.
      ”In the beginning of a change the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot.”  ~ Mark Twain

    • Read Unintended Consequences… a small group started assassinations and published names and addresses of government employees… pretty soon others started to copycat the assassinations until the president was forced to meet with those demanding freedom. Time os close for just that to happen in real life.

    • @TheRedPill
      “…There was no Independence won back then, it was merely the creation of a British controlled Military Industrial Banking Complex!..”
      As a three-time Son of the American Revolution, it galled me to no end a few years back when on one of my radio network shows, we got into an area of discussion where we were joined by a guest, a gentleman who went by the title of  “The Informer.”  He provided a rather revealing rendition of history to underscore the reality that, even my early American history lessons of the early to mid 1960’s were already well-scrubbed and revisionist creations rooted in the political necessity to maintain an illusion rather than to inform us as to what actually happened back in our early founding years.
      The generally accepted view of early American history represents that our founding fathers created a new country out of their independent minds and spirit and will.  It never tells us that militarily, George Washington won the war against King George but that our new ‘nation’ was “Victorious in Defeat” as, at the Treaty of France in 1783 (?) our Founders, ever-revered even to this day as our mythic gods, simply gave our hard-fought gains back to the Crown.  Even if one could wrap their mental arms around such a travesty, most wouldn’t realize that King George was broke and in hoc to the bankers and the aforementioned “Crown” here, was not a reference to King George and his royalty, but rather was a reference to the Crown Bankers… descendants of Templar moneychangers whom, it is alleged, were thrown out of the square by one Jesus Christ. Indeed, it would appear that England’s colonization of the New World was financed with DEBT!!!
      No, the 13 colonies were not founded these small groups of commoners seeking religious freedom and a new life in a new world.  Are you kidding?  Consider who, in those days, would have been able to render the resources to build a fleet of ships like the Mayflower, the Nina, Pinta and the Santa Maria… hell, in those days, such ships would have had the financial costs of some of the major Caribbean Cruise ships of today.  Financed by a flock from the local parish???  NOT!!!
      No, these forays across the Ocean were, from the start, commercial mercantilist expeditionary ventures, conceived of, and fully financed by, the Crown banking establishment, through their agents, the royalty, predominantly of England, but also of France and Spain,  These expeditions, in search of trade routes and opportunities for commercial profit, gain and plunder sailed to the new world, carefully overseen by the Crown’s agents, forebears with names like Adams, Madison, and so on.  Their descendants became famous as our Patriot leaders…  Alexander Hamilton, a direct descendant of a banker family would go on to be installed as General Washington’s right hand man and then become the first United State Secretary of the Treasury, where he was instrumental in the establishment of the first “National Bank” a forerunner of the Central Banking model of today.
      The history is forbidden knowledge today, and with good reason, from the bankster’s perspective….

    • AGIIK –
      If you’ve never read it, I recommend the book Molon Labe by Boston Tea Party.  After you read it PM me and let me know who your favorite character was.

    • @AGXIIK
      “That’s my rant for the day.  Cheers all ya’ll   See you on the other side of the river  Rubicon or Potomac? I am not sure, yet.
      Styx.  Oh, and be sure to bring a gold coin with you to pay the boatman.  😉

  4. The above article is all nicely laid out and all but it doesn’t prove jack.  What we have here is a lot of numbers on paper.  Does that prove anything?  No, not really.  We already know that the Gov and the Fed LIE about a lot of the things that involve numbers… the number of people unemployed and the rate of inflation being just 2 of them.  Why would they have ANY compunction about lying about the amount of gold held by the US Gov?  No reason that I can see.  Until we get an INDEPENDENT audit with people known to be trustworthy and the entire episode filmed in real time, we really do not know what is gold and what is make-believe.  We do know that the Gov is VERY good at make-believe, so all this could be just one more opportunity to display their acting skills.  It would be most interesting, indeed, for them to open ALL of the vault doors for inspection of the gold at the SAME time… with none of the suspected shuffling of gold from one closed vault to another via a back door route so that a few bars can be counted as many.

    • CoIntlPro with old 1980 typewriter courier and helvetica typefonts for enhanced ‘believability appeal’  I think I saw that one a couple of the reports, the FTO tallies aren’t even equal.  Ron Paul calls for auditing the Fed for HOW MANY Years… whereupon someone bothers to clue him in that audits are already available?  BLS bookeepers must have finally had some time to cook up some new propaganda… oh, but wait, Ron Paul is no longer around in Congress to ask the important followups on this data, is he? Uh… NOPE!
      What inquiring minds around here REALLY want to know Koos, is WHY is this report of yours and the included data appearing here NOW???  TODAY???  Was this YOUR idea to research?  If so, when did you start and who did you contact for all this info?  Or… did you get a call from someone on the inside with this information that they had to get leaked out into the news-sphere now?  There’s a lot of unattributed commentary in all these documents… How much was verified or second-sourced, or otherwise confirmed?  Koos, you’ve been around now for a few months (at least it was a few months ago when you first crossed my radar)  Did they decide you’re cred time period was now complete and it was finally time to dump their payload out to the public sphere?  Why NOW??????  And, what else is there in the pipeling coming at us next???

  5. using fake data as your starting point well, is you know. So your exercise is worthless unless a physical audit with 3rd party verification can be done. This begs the questions on why Germany is unable to get it 300ish tons back. Gold imported via HK in 2013 exceed 1K ton, so moving 300 is chump change, yet it takes them 7 years.
    I’m not sure the motive of your article but its worthless mis-information based on your so called facts. Just to provide some credentials, I used to work at numerous wall street elite investment banks that bang out investor reports on companies and I can unequivocally tell you I can spin it anyway the want.
    Your article is like Bernie Madoff said all the money is safe and sound nothing to worry about!!
    For those uninformed, your greenbacks is not money but a promissory note linked to Saudi oil and the US military.

  6. Big bunch of he said she said. We are talking gold that the Federal Reserve has allegedly up and collateralized for their illegal loans to USA. Who gave the Fed permission to attach our gold? The Fed price fixes the price of gold. Can one entity go any lower? Nope. Well Setting up the rip off Madoff type system of the Federal Reserve. So anyone who takes the word of the Fed has brain damage IMO. US gold audited each year? Maybe yes.Maybe No. Apparently not one ounce of US gold reserves has been used to stamp one gold Eagles. The only way I would believe the US gold has been audited is if I was invited to audit the gold. Remember the Fed has never allowed a real independent audit of the Fed. The only thing that piques my curiosity is why the walk down lame street?    

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