Yes. In fact, they don't need anyone's approval to dispose of our gold. If in fact we still have any. In fact, I don't know that they even have to report the sale anywhere.
For the goldbugs. I had read this piece many years ago, and I could not find it. Tonight I saw that Dave in Denver had linked it.
This might be the most enlightening piece you will ever read about U.S. gold especially in light of the fact that the U.S. is not returning the Bundesbank's gold back immediately. Very. Good. Stuff. -http://www.gata.org/node/4259