GougoodthingYes the problem is the RBA hasnt released the...

Gougoodthing

Yes the problem is the RBA hasnt released the results of its latest audit. It has been asked but has not produced it.
It has also not done a physical audit.

Gold from countries is often held at international locations like the BOE so as to make it available for leasing.
The problem with Gold being held here is the audit process.
The audit process consists of digital serial numbers of the Gold bars. Gold bars have serial numbers. The bars are leased the serial numbers recorded in a spread sheet. When it is returned it is not the same gold bars so it has different serial numbers and these are again recorded in the spread sheet.
Currently Australia is receiving very little return on its gold leasing at the BOE.
The biggest problem is no one is conducting physical audits.
This is not like holding cash in a bank and never actually seeing it. You can withdraw as much or as little of that as you like in physical cash. You have to follow the bank rules on that though and every transaction over $5000 is recorded in many different government departments. I think its $5000 or is it still $10000.
There has been no physical audit of the Gold to see how much is there.
Its not a big thing the RBA only has to fly some one to the BOE to physically count the Gold that is attributed to Australia regardless of the serial numbers. Apparently they wont and there in lies the seeds of doubt. 
Just go and count the bloody stuff and the problem is fixed.