Ron-
The U.S. treasury and Fed combined holds roughly 275 million ounces of gold or $485 billion at current prices (though carried on the books for only about $11 billion). http://www.fms.treas.gov/gold/current.html.

I don't think U.S. official holdings of gold has increased since 1971 but instead has shrunk moderately.

Of course, had the U.S held onto all of its gold post WWII on the onset of Bretton Woods, it would have 2.5x as much or $1.2T at current prices.

Monetary Gold Stock in the U.S. at official prices ($20/oz, then $35/oz, now at $42/oz)

http://research.stlouisfed.org/fredgraph.png?g=aUx

Compare this to a ~$2.7T monetary base (understated because of Gold's low mark and likely to rise with QE n+1) and you can understand why past and future increases in the monetary base result in past and future increases in the price of gold.

See my post http://www.valuerestorationproject.com/2012/09/qe-n1-what-the-fed-is-re… for the logic behind $4,500/oz gold as the proper price for gold IF the Fed sufficiently increases the monetary base to fully reserve for bank loans as has been the standard debt deflationary experience.