NEW YORK (Commodity Online): Is the gold reserves held by the United States a hoax? It looks the US, that claims to possess the largest quantity of gold reserves in the world, may not be owning that much yellow metal, if a new report is to be believed.

According to a news report published in Fox News, Texas Republican Ron Paul has questioned the official claims of America possessing robust quantities of gold as foreign exchange reserves. Casting aspersions on America’s gold reserves, Paul said that the US people have the right to know whether indeed gold is there or not.

The US Federal Reserve has been claiming that the country’s gold reserves are held at Fort Knox and other fortified vaults of America. But refusing to believe this, Paul has demanded an independent audit of the US gold reserves.

Are the American gold vaults empty?

Following is the Fox News story in which Paul has questioned the existence of US gold reserves:

There's gold in them thar hills. Or is there?
Texas Rep. Ron Paul, suggesting America's reserves may not be as robust as officials claim, is calling for an independent audit of the U.S. gold held at Fort Knox and other facilities.

The Republican congressman known for his fierce opposition to virtually everything the Federal Reserve does says the public deserves to know what's behind the fortified walls of America's gold vaults -- particularly in case gold is ever reintroduced as a basis for U.S. currency.

"It'd be nice for the American people to know whether or not the gold is there," Paul told Fox Business Network. And if it is all there, he said, the public should know whether any of it has been obligated.

A spokeswoman told FoxNews.com the congressman wants to introduce the bill in September when Congress returns from recess.

Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is encased in 750 tons of reinforced steel, as well as thousands of cubic feet of concrete and granite. No visitors are allowed.

Though Paul no doubt wants a more thorough inspection, the U.S. Mint is subjected to regular audits, including at Fort Knox. The Mint claims gold is removed in "very small quantities" for this purpose alone, and that no other gold has been transferred in or out of the facility for a long time.

The latest audit, conducted by KPMG, did not appear to detail U.S. gold holdings -- dealing more with gold and silver sales, coin circulation, workplace environment, and other issues -- but did state that gold and silver continue to be held at Fort Knox.
Scrutinizing U.S. monetary policy, though, is nothing new for Paul. Last year he pushed on Capitol Hill a bill to audit the Federal Reserve, an effort that ended with a Fed audit provision tucked inside the financial regulation package.

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