Far as I know, all the gold in California is in a bank in the middle of Beverly Hills in somebody else’s name. But that's just not good enough for Dallas' William J. Murphy III, who happens to be the chairman of something called the Gold Anti-Trust Action Committee.
Yesterday, the GATA done sent to the Federal Reserve and the U.S. Treasury Department some Freedom of Information Act requests, seeking "access to all documents in their possession that have been generated since 1990 and mention swaps of gold involving the U.S. government." Says Murphy, the requests are only the first in a series of missives, because GATA wants "a full accounting of the U.S. gold reserve," and it wants it pronto so investors can get a handle on a reserve they claim hasn't been audited since the 1940s. Me, I'm more into collecting giant balls made of tin foil, so I am far less troubled. --Robert Wilonsky
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