Friday, 31 October 2014

Has The Gold In Fort Knox Disappeared?

The United States Bullion Depository Fort Knox, Kentucky.
• Amount of present gold holdings: 147.3 million ounces.
• The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years.
• The gold is held as an asset of the United States at book value of $42.22 per ounce.
• The Depository opened in 1937; the first gold was moved to the depository in January that year.
• Highest gold holdings this century: 649.6 million ounces (December 31, 1941).
• Size of a standard gold bar: 7 inches x 3 and 5/8 inches x 1 and 3/4 inches.
• Weight of a standard gold bar: approximately 400 ounces or 27.5 pounds.
• Construction of the depository:
Building materials used included 16,000 cubic feet of granite, 4,200 cubic yards of concrete, 750 tons of reinforcing steel, and 670 tons of structural steel. The cost of construction was $560,000 and the building was completed in December 1936.
• The Depository is a classified facility. No visitors are permitted, and no exceptions are made.
In 1950 the US owned about 20,000 metric tons of gold – approximately 640,000,000 troy ounces. By August 15, 1971 when President Nixon “temporarily” closed the “gold window” that hoard had decreased to about 8,100 tons.
1974 file photo gold bars are seen at the U.S. Depository in Ft. Knox, Ky.
President Nixon had a choice – default on the US promise to redeem dollars with gold, or reduce spending. Like any prominent politician he chose to continue spending and to blame the problem on someone else – the “international money speculators” but it might as well have been the Russians, Democrats, the French, Communists, an ethnic group, or the weather.
The US government spends roughly $3.5 Trillion per year and adds nearly $1 Trillion each year to the national debt. The official 260,000,000 ounces of gold are currently valued at about $340 Billion. The President and Congress would burn through the market value of that gold in slightly more than a month.

The Federal Reserve has “printed” well over $3,000,000,000,000 since the financial crisis of 2008 – about ten times the current market value of all the gold that the US supposedly still has in its vaults. Global annual gold production is about 2,500 tons, about 80,000,000 ounces or about $105,000,000,000. One hundred five billion dollars in global gold production is produced through the considerable efforts of the global gold mining community. But the Fed chose to “crank up the printing presses” and effortlessly created over $3 Trillion in new digital dollars since 2008.
The biggest question mark of all has been why no one has been able to see the gold for almost 40 years now. The last time anyone had access to inspect the deposits was on September 23, 1974. Members of Congress and news media were allowed access on that date and pictures were taken of the vaults with the gold deposits intact.
Ever since that day, there has not been anyone allowed access to confirm the gold amounts that are supposedly stored at the Fort.

Recently a team of Congressmen from several key states have been trying to gain access to Fort Knox for a visual inspection and confirmation of the gold reserves stored there. According to several of the Congressmen, they are having a difficult time even getting responses out of the United States Treasury and Mint departments and when they do, they are denied immediately.
THE CONSPIRACY THEORISTS fear that Ft. Knox is emptied, a process that started 50 years ago. Some gold bugs go even further, claiming that Ft. Knox's gold bars have been replaced with fakes filled with super-dense tungsten.