As of 12/31/2012 the US Treasury claims to hold 261 million ounces of gold at Denver, Fort Knox, West Point and at the Federal Reserve Bank of New York. This bullion was last subjected to a full physical audit in 1953. In recent years, there has been speculation by many as to whether or not there is any gold still in the vaults. The full amount of gold stored in all government-controlled vaults needs to be assayed and weighed. Once the gold is verified, the paper trail must be audited to determine who really owns the gold (i.e. how much has been loaned, sold or swapped to non-Treasury entities including foreign governments). The audit must include select members of the public, press and professional third-party auditors outside of the Mint, Treasury and other government-related entities.



