Ron Paul Is Currently Holding A Hearing On Legislation For A Full Audit Of US Gold Reserves, Aka The "Show Me The Tungsten" Bill

Tyler Durden's picture

Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul is currently holding a hearing on legislation calling for a full audit of U.S. gold reserves. H.R. 1495, the “Gold Reserve Transparency Act of 2011,” calls for an audit by the Treasury that gives a full and thorough accounting of the U.S. government’s gold reserves, requiring an inventory and assay of the gold reserves. The Treasury’s audit is subject to independent review by the Government Accountability Office, allowing them access to any pertinent records or locations, including Fort Knox. "The Treasury Department has been less than transparent with the results of its gold audits,” Paul stated.  “It is asking the American people to trust that all the gold is there, while not allowing site visits and not publishing all the data it holds on its audits and assays.  Since most of this gold was originally seized from the American people in the 1930s, they deserve more transparency than a handful of financial statements." 

The hearing will discuss recent audits of U.S. gold reserves; challenges to conducting a full audit; and impediments to an accurate assessment of the US gold position, including any leases, swaps or other encumbrances placed upon the gold reserves; and also examine changes to the legislative proposal that will ensure a full and accurate audit, assay, and inventory of U.S. gold reserves.


The hearing which can be watched, but barely heard due to the ongoing insistence of using Made in 1924 USSR microphones can be followed here:

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SparkySC's picture

Inventory and Assay!


That may be his Presidential motto!



TapperIsTicked's picture

Pls add after assay and prior to the exclamation:

and when done Hang the culprits as required!

That is a Presidential formula worthy of support.


wanklord's picture

By appealing to tons of bullshit about the Constitution and other patriotic crap, Congressman Ron Paul is able to seduce his brute and ignorant constituency and most important, to perpetuate himself in that position for years to come (a clever way to make easy money). Besides that, Americans are a bunch of stupid animals easy to manipulate and subdue. The sooner the US economy collapses the better, so these brutes will finally learn NOT to live beyond their means.

Abiotic Oil's picture

If you think Ron makes money from his seat then you need to do a little research. BTW he very clearly states he expects a total collapse. Stick to what you know.  Here, try wiki... "Paul proposed term-limit legislation multiple times, at first in the 1970s in the House  where he also declined to attend junkets or register for a Congressional pension while serving four terms. He also proposed legislation to decrease Congressional pay by the rate of inflation.

faustian bargain's picture

If his ideas were really all that seductive, everyone in government would be using them.

In fact, his ideas are about as seductive to the typical pro-government American (and let's face it, we wouldn't be here if they weren't) as would be an ugly troll trying to get a date by telling the girl he's got a tiny dick and she's got to pay for dinner.

jeff montanye's picture

and you say it like that's a bad thing.

YHC-FTSE's picture

I probably loathe most Americans I categorize as violent moronic apes, but Ron Paul actually seems like a decent human being - the type I can easily empathize with. You really ought to research him better. 


The trouble is, I don't think he has any choice but to appeal to the stuff which salivates the lowest common denominators in his country. He lives in a country full of stupid people who throw money at anyone who says "9-11", the constitution and jingoistic crap a few times in a speech. 

drB's picture

He gets elected very comfortably in his district so far. Consequently, he has at least some appeal to Americans..or more precisely Texans.

YHC-FTSE's picture

Well, either Texans are far smarter than the average American, or they just like voting along partisan lines. I'd say they are lucky that Paul chose their district. Doesn't matter, but I do wish he'll get elected to the highest office next year. He is definitely the only US politician I would trust in the White House not to make things worse.

drB's picture

It is probably a little bit of both. The powers try to unseat him in primaries and do not succeed - that may be the "smarter" part (although electing GWB as governor of TX in past would imply the opposite). They say here that "Paul may be off the wall, but he is our-kind off the wall guy".

The election does proceed by voting along partisan lines.

FreedomGuy's picture

I believe he is the only one running in a major party that will actually change the status quo. I listened to Hollywood Mit and I am sure he is part of the one party system under two names.

I also hate how Ron Paul in the debates gets the dumb or distracting questions on illegal drugs or gay rights or something minor. He is rarely allowed to talk on his strength, economics and the Constitution.

YHC-FTSE's picture

Welcome to the tiresome world of the msm. I can see what will happen when Dr.Paul is ahead in the polls during the primaries next year: A thousand "jokes" about another old white guy running for office, and not a word about how dire the economy has become - to which he seems to be the only sane solution. 


We all know what would most likely happen: Sarah Palin pops up at the last minute to win the republican nomination (Probably by repeating 9-11 a thousand times in a speech that brings a tear to every moron in America), and that would be the cue for all the nuclear armed countries in the world to reconfigure the targeting computers on their ICBMs. If there ever was a legitimate reason for a pre-emptive strike, that would be it. It's funny, but it could be horribly true. 

trav7777's picture

Paylin was no worse or better than any of the 3 other people involved in the last race

Jaciems's picture

please tell me youre joking...

jeff montanye's picture

hard to say what any of them but obama is/would have been like but he sets a very low standard.  and palin couldn't possibly have lied as much about her intentions.  that's like faster than a speeding bullet ....

Al Gorerhythm's picture

And that's it in a nutshell.

Tito Gobbilicious C's picture

"I probably loathe most Americans I categorize as violent moronic apes,..."

While I agree that we have a visible proportion of violent moronic ape-like beings (stop vilifying apes, please), it turns out that most of them are in our government and police forces, and therefore the most visible to troglodytes such as yourself. If, perhaps, you were to actually get out of your cave and off of your ass (or is that your face?) and come meet a few of us who (sadly) have to watch as Australian Media Moguls spin violent morons into positions of power, you might come to the conclusion that Americans are, after all, just like the rest of you hominid bipedal constructs - shortsighted, narrow-minded fucks who care nothing for your own children.

It has yet to be shown to me that any of the balance of you fucking twin-brained idiots are any better or any more in touch than are we. It has also not escaped my historical purview that most of you would be under Nazi rule or worse if not for the excess gullibility and compassion that our nation used to exhibit. I strongly suggest that you homo-ferox motherchildren go read a little of Sir Winston Churchill's speeches, get off your asses and start serving molotovs to your own banksters, poli-whores and effect, get the fucking board out of your own eye before you start worrying about the mote in ours.

YHC-FTSE's picture

Not bad! Not particularly good either, but not bad. If you had stayed off the poor old worn propagandised cliche about how we'd all be speaking German, I might even have given you a +1. We all know that the same generation of Americans (your great/grand pappies) happily supplied Hitler for a decade, and profited from the demise of the British empire by seizing her assets for supplying old wrecks and food while we fought the Nazis even as you counted the gold torn from the Jews for 3 yrs. WWII didn't start in 1942, ok? So for the last time, let's stop kidding ourselves about WWII. It's widely accepted now that if it weren't for the Russians, we would ALL probably be speaking German, and if it weren't for you, we would all be speaking Russian, just as if it weren't for us, you would all be speaking French, and ad infinitum. How fucking long are you people going to dine out on bullshit and steal credit from a past generation? Let's grow up shall we? 


"get off your asses and start serving molotovs to your own banksters, poli-whores and such"

....Now, what was I saying about violent moronic apes?

Nice effort though. For a deluded halfwit living in a bankrupt military industrial complex, you at least know your msm. 

A Nanny Moose's picture

If this is not sarcasm...

Project much? Only the guilt ridden former sycophant who has followed, and been duped by the fools for so long that he no longer feels, can respond in such a manner.

Live on your knees fool.

Problem Is's picture

I've said it before and I will say it again:

The 9th Rule of Fight Club:
Newbies have to STFU and read their 1st 26 weeks...

Mr. Trolling Wanker 9 weeker...

KennyG09's picture

To those who got all pissy about Ron Paul's announcement a few days ago:

From an email asking for contribution help:

<Snippet after talking about how much Romney has raised and setting a goal for $3million in contributions>

After the June 30th report, every reporter in America will know exactly what the Ron Paul campaign has raised.

Support for my Presidential campaign is growing every day.  You and I have a real chance to strike a blow for Liberty this year.

I think we're doing so well for a very important reason: People look back to my message of 2008, and they see I was right!

I predicted the housing crisis.  I predicted the disastrous actions of the FED and the effects of our incompetent monetary policy.

I clearly and forcefully stated that government spending was going to bankrupt us.  And I argued against trillion dollar foreign occupations.

All of these warnings and predictions have come true.  The American people are coming around to the ideas of sound money, balanced budgets, and a return to a truly conservative foreign policy.

You may have noticed that even the media is paying attention this time, after trying so hard to keep our message hidden last cycle.

That's why I'm hopeful.  I'm hopeful that we are in time to save America, to rebuild our economy, and to hand our children an even better country than the one we inherited.

I believe the time is right to return to the principles embedded in the United States Constitution.

As I like to say, freedom is popular, and now is the time to take action.

If elected, I will work hard to:

***     Stop the spread of socialist, big government health care;
***     Stop the growth of government spending, restrictive regulations, and interference in our lives;
***     Audit the Federal Reserve, which, I believe, will serve as an important first step toward finally ending the Fed once and for all;
     Ensure the federal government returns to its constitutional limits by eliminating departments and agencies that are not authorized by the Constitution;
***     Ensure a new, more humble foreign policy for our nation.  We cannot be the world's policeman.  We should not engage in "Nation-Building."  We cannot afford trillion dollar international boondoggles that cost us our lives, our fortunes, and our freedom;
***     Repeal Big Government schemes like the so-called  "PATRIOT" Act.
Of course, that won't be all.  But, as I hope you'll agree, that's a good start.

If you agree the time is right for our message of Liberty, I hope you'll also agree the time is right to help our campaign financially.

DollarMenu's picture

I donated to R. Paul, but I am afraid that I am just buying Hopium with a different label.

My hope is that he can at least get to the presidential ballot.

bigkahuna's picture

So did I. It is definately swimming upstream though. Last night I heard Mark Levin disparage Ron Paul and his supporters as just as bad as the socialists. There is some really ugly stuff going around on the MSM. Talking to a lot of people about Paul is like talking to talk radio. All they do is spout back what rush and levin and fox news put out. Our electorate does no research and does no critical thinking. We may be screwed.

High Plains Drifter's picture

all mark Levin ever talks about is poor Israel, boo hoo hoo

tellsometruth's picture

Booyah bitchez... I heart Ron Paul...he is not perfect but by far the best guy close enough to winning...nice market close btw

malalingua's picture

boo and yah... I heart him too.

fockewulf190's picture

I´ll go for the old standard: Trust but Verify!

A Nanny Moose's picture


Nice name BTW. Got to watch an FW-190 at Reno last year. Good Times.

strannick's picture

Inventory and Assay Bitchez!

Malachi Constant's picture

Nah, you're confusing it with the Fed's motto:

QEss my Assay

Botox4U2's picture

Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul has every legal right to show up at the front gate of Fort Knox with a bunch of other legislators and the media and demand entry. He doesn't need to have an audit bill. He should just show up with some accountants and demand entry. is there anyone in the country that outranks him on this and how stupid would they look if the refused him entry. If anyone out there knows the congressman please tell him ...JUST DO IT!

jeff montanye's picture

he is trying to build a constituency to oppose the most powerful people on earth (or he is pretending to very convincingly).  that takes time and some deft touches.

Ancona's picture

Inventory bitchez!

While it will never happen, I applaud Dr. Paul for his tenacity.

djsmps's picture

I'd prefer to see him live up to his promise of auditing the Fed.

baby_BLYTHE's picture

his legislation failed to clear the Senate. It was an historic acomplishment it made it through the House of Representitives with the 200+ co-sponsors it had.

He cannot sign executive orders, he is not the President (yet).

Dr. Richard Head's picture

I had a great opportunity to lambast Sen. Sanders - those beady little eyes - on his local radio show right after he turncoated that bill in the senate.  I guess the May flash crash  scared Mr. Sanders.  I used to have the recording, but it was ripped off of youtube. 

Good fun.  Of course, the call right after I called him out was from someone asking, "When can I start getting my free healthcare?"  Sigh.....

tmosley's picture

He never promised he would get the votes.  He just keeps trying to.

But then, you seem to be a part of the "Ron Paul is a regular lying politician" meme that is going around.  Some people just don't have any sense.

GoinFawr's picture

I'd bet those are some of the same ones that argued that 'Ralph Nader cost the Democrats the election in 2000'. Ron Paul and Ralph Nader in 2012! (Now wouldn`t that be the Yin-Yangiest administration). At least if there was another deflationary event none of the banks would get bailed out (over and above depositors).

THE DORK OF CORK's picture

What makes you think Paul would save the depositors ?

Dr. No's picture

Its an excellent question.  FDIC insured accounts are a direct result of fractional reserve bank runs.  Austrians typically encourage non-fractional reserve and a failure of FDIC could help promote a move to hard money.  Not that I think Paul has the power to make such a move.  FDIC will be the last stand of the Keynsians.

THE DORK OF CORK's picture

Well such a action in my opinion could only be justified when you have full deposit banks in operation and not before - there is no point in punishing a indivdual saver for the wild credit creation of bankers.

DosZap's picture

Dork Of,

Tell that to the PIIGS......................

THE DORK OF CORK's picture

We are very special PIIGS - we can fly to the darkside of the moon if we really want to.


Transformer's picture

Now, I wonder what he meant by that.  Damned Animals.

A Nanny Moose's picture

Regardless. Gravity will only be defied for so long.

GoinFawr's picture

"Yin-Yang". I can't see Ralph throwing gramma and her life savings under the bus, what makes you think Ron Paul would?

Besides, as noted by the good Dr.No, fractional reserve banking means that the one time cost of protecting depositors at a capped level is far less than throwing infinite FRN's at the insolvent.

DollarMenu's picture

When Ron Paul last attempted to run for president, I thought that Kucinich

would make a good VP.

The two are aligned on key basic principles and are not afraid to go against the flow in their defense of those principles.

I thought that for 4 years, they could ignore their differences and work together on their areas of common agreement.  

Can't get much done  in 4 years, but getting out of wars, closing down the FedRes, fixing Social Security/Medicare, eliminating TBTF entities - well,

that's a darn full plate, and they are both on the same page in these areas.

TheGoodDoctor's picture

Considering TPTB are trying to redistric Paul and Kucinich out of their districts this would be a nice "Fuck You" to the establishment. People might actually listen to them and vote for them.

Of course then you could have have Ralph Nader as the Secretary of Commerce and Jesse Ventura as the Secretary of Defense. Now before you laugh at the latter, he was a Navy Seal in Viet Nam and was a state governor. Hell, that is more than some past secretary's of defense have been. Anyway, we can dream some huh?

At least we know they are decent men in this time of a complete and utter lack of leadership pretty much as a whole in this country.

centerline's picture

Just making it painfully obvious that the Fed is above the law is a minor victory.  If it even begins to touch the mainstream - which it will on our current course - it is an even bigger victory.  The lack of transparity will at some be the system's Archilles heel.  Yeah - riddle me the usual stuff about some things being in the shadows for our own good...  I get all of that.  But, that works only where there is some degree of balance, particularly on the judicial side of things.  Clearly now, the laws do not apply to the rich and powerful the same as everyone else - and this point is made more clear every day in so many ways.