Fort Knox and conspiracy theories

Ft. Knox hasn't been independently audited since 1953 when Eisenhower was President. Many conspiracy theorists, including Ron Paul, believe the official numbers released by the Federal Reserve Bank are vastly overstated. GATA posits that each ounce of gold has been sold, swapped, or leased many times, as part of a surreptitious gold price suppression scheme, orchestrated by central banks with the help of bullion banks.

Even if the inventory numbers are true, Societe Generale believes the true value of gold is $6300/oz., based on USDollars floating in financial systems worldwide vs. above-ground gold tonnage.

As an aside, it was French President Charles de Gaulle who forced President Nixon to close the gold window, as the French wanted to redeem their USDollars for gold prior to 1971. Nixon had to end the gold standard, as the US Treasury had printed too many dollars to be backed by gold stored in Ft. Knox's vaults.

In any case, since the above-ground gold numbers are vastly overstated, $6300/oz. may be a conservative estimate for the price of gold.