Can we even ask about Fort Knox, KY.?

islemangu

Any gold coins there or mostly in bar form?

Deadhorse

As far as I know, it's been empty for decades. I recall reading something many years ago about the waste of tax dollars protecting Fort Knox, when in fact it had contained no gold for many years.

ddink

The conspiracy theorists maintain that Fort Knox has no gold. However, every time Congress audits them and comes to inspect the base first-hand, somehow there is always gold there. Naturally it would be remiss of me to point out that the conspiracy theorists believe the gold is simply on temporary loan by the Trilateral Commission

At any rate, assuming there is gold there (which I believe), it's all in bar form--either in 400 ounce (28 pounds) or 1000 ounce (69 pounds) ingots. Remember though, Fort Knox's main function is as the foremost armored training grounds in the country. It's here that those who drive our tanks truly become elite soldiers. And of course, the knowledge, or at least the belief, that our government owns tons of gold gives people somewhat more faith in our "fiat" currency--even though the dollar isn't backed by gold, people rest more easily knowing that our government at least does have SOME assets (no matter how comparitively miniscule).

sumnom

I think the Three Stooges were involved with a robbery attempt at Fort Knox.

ScarsdaleCoin

FYI The gold stored in the Depository is in the form of standard mint bars of almost pure gold or coin gold bars resulting from the melting of gold coins. These bars are about the size of an ordinary building brick, but are somewhat smaller. The approximate dimensions are 7 x 3-5/8 x 1-3/4 inches. The fine gold bars contain approximately 400 troy ounces of gold, worth $16,888.00 (based on the statutory price of $42.22 per ounce). The avoirdupois weight of the bars is about 27-1/2 pounds. They are stored in the vault compartments without wrappings. When the bars are handled, great care is exercised to avoid abrasion of the soft metal.

ddink

<< <i>$16,888.00 (based on the statutory price of $42.22 per ounce) >>



That's interesting--why is the statutory price only $42.22 per ounce, when the bars' actual market value is $168,880 each?

roadrunner

ddink, one possible reason for maintaining the old price is that in the event of federal confiscation of gold (as in 1933), they can take the public's gold, and pay you $42.22/oz for it...legally. Whether that would happen today is another debate. In 1933 they confiscated gold at the listed $20/oz price and then immediately turned around and declared gold worth $35/oz. Net effect was a windfall for the govt, and a devalued dollar for all holders of US dollars and dollar denominated instruments.

The US has certainly sold off large hunks of its gold over the past 15 years (along with the world's central banks) in order to depress the price of gold to maintain the gold leasing game intact. This was a no-loss game for all players (except the public of course) who would lease the gold from central banks for 1% and then sell the gold on the open market at say 6%, and pocket the difference. In the event that gold started to move up in price and threatened the "game," (the game ends when the banks/financial institutions/hedged gold companies lose money by having to pay back their loans in gold as POG rises above the contractual price), the central banks and govts would sell more gold to depress the price. This was one of the major reasons gold prices stayed constant (manipulated) through the 1990's and why gold reserves have been depleted.

How much gold is left in Fort Knox? Inquiring minds want to know!

roadrunner

Rampage

Very educational thread thus far. Any other input?