Skeleg. I tend to share your view on the possibly inflated level of U.S.-held (and owned!) gold bullion reserves. Over the years, Congressional and private efforts calling for an audit of stated U.S. gold holdings have been vigorously rebuffed by the Executive Branch (The Treasury). One wonders why. And countries that have stored bullion in the U.S. during the Cold War period (read Germany) are actively debating making demands for the physical return of their bullion...fearing that during a worldwide financial collapse, the U.S. would be tempted to confiscate such holdings...and having anxiety whether or not the gold is physically still in the U.S., or if there is a dispute as to who is the rightful owner at this point in time.

Obviously, we all hope the generally accepted tons of gold the U.S. supposedly holds (and owns!) is accurate, but...

Cinderella Man