Ron Paul Stokes Rumors the Gold in Fort Knox is Fake (GLD)

Controversial Republican congressman Ron Paul has time and time again questioned the faith and credibility of Ben Bernanke and the Federal Reserve; now he is questioning the faith and credibility of the entire U.S. government.

Giving credence to long-held Internet rumors which suggest the gold held at Fort Knox is fake, Paul has asked administration officials to audit the purity of the 700,000 gold bars in storage, according a report from CNBC’s Steve Liesman.

Paul is seeking testimony from the U.S. Treasury Department and the U.S. Mint at a June 23rd House subcommittee meeting about the authenticity of the nation's gold hoard.

It would cost $15 million, 350,000 man hours, and six months to conduct the requested audit, according to a Treasury document.

Gold is up $6.60 to $1,522.30 Tuesday; SPDR Gold Trust ETF (NYSE: GLD) shares are up 0.3% to $148.23.

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