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The Impact of ‘Audit the Fed’ on the Price of Gold

By   /   August 25, 2012  /   No Comments

In July, the House of Representatives passed Ron Paul’s Audit the Fed resolution, which calls for a full audit of the Federal Reserve System, including lending facilities and money operations.  The big questions is, will this bill ever reach the Senate, and if it does, and passes, how will it affect the price of gold.  At this point in time, it doesn’t look like the Senate will bring it to a vote this year, and likely not ever without serious pressure from voters.  If, however, the bill does pass it will likely have a major impact on gold.  Part of the legislation includes an audit of theUnited States’ actual gold inventory.  TheU.S.claims more reserves than any other country.  Proving those reserves are there would strengthen the U.S. dollar substantially.  On the flip side, if the gold reserves were less than claimed by the government, the U.S. dollar would be adversely affected.  Gold prices, commonly linked to the value of the dollar, would rise or fall accordingly.

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