Free Republic

The US gold reserves - last "audited" in 1974 - remain shrouded in secrecy. Elon Musk's recent query sheds light on decades of opacity. Let's delve in. The 1974 “show audit” inspected only 6% of Fort Knox’s gold. Politicians and journalists held bars but none were assayed, tested for purity, or matched to serial numbers. Foreign gold stored there added confusion. Critics call it a “pep rally,” not proof. US gold is valued at $388B unrealized value at Fort Knox alone. The Treasury’s statutory rate—unchanged since 1973—ignores today’s ~$2,633/oz market price, masking trillions in potential national wealth.