As many know, the (supposed) hoard of U.S. gold at Fort Knox has not been independently audited for over fifty years. It goes without saying that if the U.S. actually has the gold it claims to have there could be no possible reason for preventing independent verification.

With the natural presumption being that the U.S. government is lying about the actual amount of gold remaining at Fort Knox, let me add some additional history. Several years ago, the U.S. government changed the description of the gold at Fort Knox from “gold reserves” to “deep-storage gold”.

This change alone caused a mixture of fury and amusement among “gold bugs” - because it occurred at a time when the U.S. government was “forward-selling” gold into the market (depressing the price of gold) – in return for buying the future production of some of the world's largest gold miners.

Thus, what “deep storage gold” obviously referred to was gold that had not even been dug out of the earth, let alone refined. Obviously, then, if the gold was still contained in ore that had not even been taken out of the ground, then it could NOT have been in the vault of Fort Knox.

More recently, the U.S. government has again changed the way it describes its gold from “gold reserves” to “gold and gold-swaps” with NO break-down on how much gold has been “swapped” (i.e. lent to a 3^rd party), and how much gold the U.S. government actually “possesses”.

In short, with no audits, and NO public disclosure of how much gold has been “swapped”, we have no idea of what percentage of Fort Knox gold is claimed to be “owned” by more than one owner.

The request by GATA for an independent audit of Fort Knox gold (under the “Freedom of Information Act”) is nothing new. What is new is that the U.S. media is paying attention to this issue for the first time in fifty years (see this Fox News interview of a GATA official).

An independent audit of Fort Knox gold is but one of many potential catalysts for breaking the Manipulators' grip on gold forever, and having gold finally rise to its equilibrium value (somewhere between $3000/oz and $10,000/oz). A default by the Comex-criminals, or by the fraudulent, bullion-ETF's would accomplish the same thing – as would any realistic statement of the actual severity of the U.S. economic collapse.

Thus, a Fort Knox audit is in no way essential to a proper revaluation of gold. It is merely one more avenue to pursue in ending the concerted, criminal suppression of gold (and silver). Unless/until gold becomes fairly priced, in a free and open market, the best days clearly lie ahead for all holders of precious metals (and precious metals equities) with the exception of the fraudulent, bullion-ETF's.

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