May 19 2014
Gold In Fort Knox? How Much?
   When in 1963, 007 prevented Goldfinger from irradiating all the gold  in Fort Knox there certainly seemed like there was a lot of gold in there. But seriously folks. In 1933  Pres. Franklin Roosevelt issued an executive order which outlawed private citizens to own gold. Consequently people had to turn in their gold coins and  bouillon go  and  bars were created from the melted  coins .

Real?

Real?

   With all this gold and nowhere to put it the Treasury Department decided in 1936 to build the bullion depository at Fort Knox, Kentucky. The gold held by the Federal Reserve increased from $4-$12 billion between 1933 1937.

The first shipments arrived in 1937. The gold was shipped in on a special nine car train manned by machine gunners and loaded into army trucks protected by a US cavalry brigade.

 They were stored in the Fort Knox vault made of  granite which is protected by a blast proof  22 inch thick door which weighs 22 tons.
  Since that time not many people have been privy to what’s inside.
Pres. Roosevelt visited the Fort Knox on April 28, 1943. In September 1974 Mary Brooks the director of the U.S. mint ,six congressmen, and one senator took a tour of Fort Knox. This was not an inventory but simply a circus like tour.
Allegedly during World War II there was more gold stored in Fort Knox then at any other time. Approximately 20,205 metric tons were stored there.Other valuable items including the original Declaration of Independence and  the Constitution were also held there .  Also gold reserves from many European countries as well as the Hungarian crown jewels and  many other historic items during World War II were stored there to protect them from the ravages of war.

Welcome?

Welcome?

Today the holdings are apparently 4578 metric tons of gold.
There are  theorists who say there’s no gold it all in Fort Knox but just a bunch of bars made of lead painted in gold. A U.S. Mint spokesman recently said in an email statement to MoneyWatch that the accounting firm KPMG  “has been present in the vault at Fort Knox”.   The Mint won’t comment on exactly how much gold, if any, is in there though.
  A number of politicians ,including representative Ron Paul, have been interested in how much gold  is in Fort Knox and have introduced a bill to audit the Federal Reserve, which includes Fort Knox. They just want to know how much gold is in there even though they don’t think that there’s no gold ,they just want to know how much.
  For anyone interested in the accounting of the Feds gold , it’s valued at a very low figure .  According to “the books” just $42.22 an ounce .  This figure was set in  1973 two years after we left the gold standard primarily to avoid accounting swings.   Interestingly enough, two years later in 1975  private citizens were once again allowed to own gold coins.
United States holds more gold bullion than any other country with about 2.4 times more than the next leading country, Germany.
  For this reason for Knox will remain a mighty impregnable   fortress  When representative Ron Paul asked the former Fed Chairman Alan Greenspan why the Fed hangs onto its gold reserves in Fort Knox  Greenspan said “just in case we need it. You hold onto it because it’s the ultimate in money.”
  So why don’t most of us own more gold if it’s the ultimate in money?  They’re lots of ways to accrue gold.  From buying it directly from the US mint with a premium over bullion and from a number of other gold and precious metal dealers including but not limited to Apmex, E-bay, MoneX  ,  ASI  and Karatbars. That’s  a method  of  not only buying small quantities of gold that will be easier to use but also to participate in a marketing  venture to make money.
 Right now is an excellent time to buy as gold prices have gone down in the last several months.  Consult your financial consultant and do your  homework before making any major decisions.

 

 



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About Bill Kirmes

As a physician whose been in practice for over 30 years as a self employed doctor he sees patients with both acute and chronic musculo-skeletal problems. He enjoys gardening and riding a Harley and he's President of his local Kiwanis club. He's involved in internet marketing as a transition from medicine.

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