First ever NY Federal Reserve gold audit results in

US Treasury audit of the New York Fed's gold reported that the bars are secure. Some of the gold was also said to be purer than originally thought.

Until this report, the NY Fed had rejected calls to conduct audits of its gold supply, a fact that led to much speculation about the gold's whereabouts.

Rumours of secret government deals, dramatic looting heists and gold-painted bars crept into media coverage of the massive trove of gold held 5 stories underneath Manhattan's streets.

Unfortunately for the NY Fed, their gold audit has neither satisfied critics nor laid to rest certain theories.

Naysayers point to the fact that no independent body was involved, that only a small sample of the NY Fed gold was examined, and that no other US federal gold reserve holdings were part of the audit.

The gold under the New York Federal Reserve accounts for roughly 5% of total US government gold. Other major reserve holdings are in Fort Knox, West Point and the US Mint in Denver, Colorado.

No US gold story would be complete without mention of US Congressman Ron Paul, who has for decades called for various Federal Reserve audits.