It's true. The Fed, the Treasury, and most central banks, when it comes to Fort Knox gold, only hold IOUs issued by bullion banks that have already sold the borrowed metal. Over the years ...

The gold in deep storage is held as an asset of the United States at a book value of $42.22 per troy ounce. The book value has been a constant $42 2/9, or $42.2222, per fine troy ounce since 1973, ...