Is there gold at Fort Knox?
Protected by a 109,000-acre U.S. Army post in Kentucky sits one of the Federal Reserve’s most secure assets and its only gold depository: the 73-year-old Fort Knox vault. Its glittering gold bricks, totaling 147.3 million ounces (that’s about $168 billion at current prices), are stacked inside massive granite walls topped with a bombproof roof. Or are they?
It’s hard to know for sure. That’s why Ron Paul (R-Texas), a 2008 presidential candidate known for his libertarian streak, wants to have a look around. Paul introduced a bill to audit the Federal Reserve, which includes Fort Knox’s gold. Despite conspiracy theories to the contrary, no serious Fed watcher thinks Fort Knox is wholly goldless — not even Paul.
And here’s an alternate answer, the conspiracy theory that keeps coming up in the form of allegations by people like Edward Durrell and Tom Valentine who suggest that the gold from Fort Knox was secretly sold and sent to London by president Lyndon Johnson in 1967 and 1968 to keep the prices of gold stable. Mr. Durrell suggested in 1970’s that only 1000 tonnes out of the 8,500 tonnes remained at the Fort Knox.
There are people who suggest that the huge amounts of gold being borrowed and loaned in the market suggests and endless increase in the gold trading activity which is only possible with the amounts of gold from Fort Knox being released in the market.
Fort Knox began losing its luster when the United States went off the gold standard in 1971. Before that, gold bars packed into a secure vault gave people faith in the country’s currency. Today, however, Fort Knox’s gold is now an asset on the Federal Reserve’s balance sheet, not a key part of our monetary system. But here’s the BIG question: Is There Any Gold Left In Fort Knox? Watch the video and decide for yourself.
So do you think is there gold at Fort Knox, give me your comments as I’ll really like to hear from you.
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