The article is based on a summary of a testimony exchange between Dr. Ron Paul and Scott Alvarez, an attorney of house counsel to the Federal Reserve at a hearing before House Financial Services Subcommittee on Monetary Policy. The actual transactions involving ownership of US Gold which were implemented at the time the Federal Reserve Act of 1913 was adopted have been shrouded in an effort to obfuscate the long term rights of the parties. The historical received wisdom has been to believe that the Fed owned the US gold subject to a right in the Treasury to get the...