Are the gold bars in Fort Knox really made of the precious metal? Or has the U.S. government secretly sold off the nation's stockpile and replaced it with metal bars that are only painted gold? Ron Paul wants to find out. 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, ... 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. 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." CNBC asked for a tour of Fort Knox to film the gold. An official at the Mint told us that not he was not aware that any member of Congress had toured the facility since [1974]. Fort Knox is "a closed facility," the official said. And so the conspiracy theory continues...
Latest
Latest News
Each news summary is created according to strict standards. Here's how we do it.
Each summary is created using a consistent editorial procedure. The target length is approximately 16 lines of 11-point Arial text in a 650-pixel-wide column. Up to 25% of a summary may be set in bold to emphasize the most important ideas. Summaries are composed of verbatim excerpts presented in the same sequence as they appear in the original news source, with very minor editorial additions. Where material has been omitted between excerpts, the omission is indicated with ellipses (...). Any words added by an editor for clarity or context appear in [brackets]. Our original news editor was Fred Burks. Tod Fletcher edited most summaries from 2007 through 2014, and Mark Bailey has served as news editor since 2014.