United States Gold Bullion Depository Fort Knox Kentucky
United States Gold Bullion Depository Fort Knox Kentucky
By Doug Whiteman Jan. 05, 2023
America's golden parachute: Fort Knox securely stores billions of dollars of gold 'just in case we need it.' But the vault is home to other priceless treasures — and secrets America's gold stockpile has fueled curiosity and conspiracy theories. How much do we know? We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.
You may be aware of Fort Knox from the James Bond movie Goldfinger, or from the old cartoon where Bugs Bunny tricks Yosemite Sam into digging up some of the gold bars and getting arrested.
But what do you really know about the U.S. bullion bunker in Kentucky?
United States Gold Bullion Depository Fort Knox Kentucky Michael Vadon / Flickr
The Fort Knox gold vault is one of the most secure and secret places in America. Because few people have ever gotten inside, the gold depository is a subject of fascination and speculation.
Here are 10 things we know — and maybe don't know.
1. It holds tons of gold — literally
Fort Knox currently houses 147.3 million ounces of gold. The government says the bullion has a "book value" of $6.22 billion.
However, that's based on a fixed price that officials set in 1973. Based on the current market value of gold, the reserves at Fort Knox are worth a far more impressive $273.7 billion, roughly speaking.
Much of the gold in the vault is in the form of 27-pound bars, while a percentage is in gold coins.
At one time, the point of having all of that gold was to provide backing for U.S. currency — but the dollar was taken off the gold standard in 1971.
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2. Is the gold really in there?
So why does the U.S. hang onto its gold stash?
"Just in case we need it," is the explanation a former Federal Reserve Board chairman reportedly gave.
Conspiracy theorists have insisted that the government secretly sold off the gold and that the gold bars are actually tungsten bricks painted to look like the precious metal.
There's no way for outsiders to say with absolute certainty if there's really bullion — or if it's all bull. Over the years, there have been few audits to test the gold, or inventories to count it.
3. Outsiders rarely get inside
In 2017, Treasury Secretary Steve Mnuchin led a rare visit by outsiders to peek at the gold reserves inside the Fort Knox vault.
He was accompanied by Senate Majority Leader Mitch McConnell, and the two of them were photographed holding gold bars.
Afterward, Mnuchin had an answer for the conspiracy mongers. "Glad gold is safe!" he tweeted.
The last time Fort Knox had opened its vault to civilians was more than 40 years earlier.
During her tenure as Director of the U.S. Mint, Mary Brooks led a tour of the vault for members of Congress and the news media in 1974. U.S Treasury Secretary William E. Simon allowed the visit in an effort to quell rumors that all the gold had been removed from the vaults.
4. Only one US president ever got inside
To continue reading, please go to the original article here:
https://moneywise.com/life/lifestyle/fort-knox-secrets
What's Really Inside Fort Knox?
https://www.youtube.com/watch?v=7-NRbPKwvxA
The Truth Behind Why Fort Knox Is Among The Most Heavily Guarded And Secretive Places In The World