Ron Paul Calls for Audit of U.S. Gold Reserves

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"I think there was only one decent audit done 50 years ago."

U.S. Rep. Ron Paul, R-Tex., plans to introduce a new bill next year that will allow for an audit of U.S. gold reserves, he told Kitco News in an exclusive interview.

Paul indicated the bill does not yet have an official name, but it will be unveiled at the start of the new U.S. Congress.

"If there was no question about the gold being there, you'd think they would be anxious to prove gold is there," he said of the Federal Reserve.

This is not the first time the congressman has made his pitch. "In the early 1980s when I was on the gold commission, I asked them to recommend to the Congress that they audit the gold reserves—we had 17 members of the commission and 15 voted not to the audit," said Paul. "I think there was only one decent audit done 50 years ago," he said.

Though Paul did not say whether there is any truth to claims that there is no gold in Fort Knox or the New York Federal Reserve, he said, "I think it is a possibility."

"If we ever get around to deciding we should use gold in relationship to our currency, we ought to know how much is there," he said. "Our Federal Reserve admits to nothing and they should prove all the gold is there. There is a reason to be suspicious; and, even if you are not suspicious, why wouldn't you have an audit?"

The gold audit follows his crusade last year looking to audit the Federal Reserve, which he says is the chief culprit behind the economic crisis.

"I don't think the Federal Reserve should exist. It would be best for congress to exert its responsibilities—and that is to find out what they are doing."

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