What’s in Your Vault? Uncle Sam Audits Its Stash of Gold at the New York Fed
For decades, the U.S. government has stashed gold five stories beneath Manhattan in a vault under the Federal Reserve’s fortress near Wall Street.
Or has it?
Some conspiracy theorists suspect that the billions of dollars’ worth of bullion might have been looted in a dramatic heist, a la the movie “Die Hard: With a Vengeance.” Others claim that the gold has been used in a shadowy government transaction, or swapped with gold-painted bars. It’s even caught the attention of politicians like Rep. Ron Paul and members of Germany’s Parliament.
Now all of us may finally get some answers.
The federal government has quietly been completing an audit of U.S. gold stored at the New York Fed. The effort included drilling small holes in the bars to test their purity.
The Treasury Department has refused to disclose what the audit has revealed so far, saying the results will be announced by year’s end. But as one former top Fed official said recently, the testing may finally prove that “Goldfinger didn’t sneak in at night” and take the gold.
“The calls for audits are saying, ‘We don’t trust the government for the last 200 years,’” said Ted Truman, a former assistant Treasury secretary and Fed official. He called perennial questions about the country’s reserves “the gold bug equivalent of the birther movement.”