Fort Knox

[Deja Q]

How much, in dollars, is the value of the gold within?

Must be trillions.

Why not pay off the national debt with that?

[savemefromdumbya]

1. Bush would just spend it

[O.M.B.inOhio]

2. Why do that when we can just sell off National Forests instead?

[C_U_L8R]

3. No gold

Just an IOU - signed by the CHIMP

[Deja Q]

4. Ah, so THAT gold is what ensures our Dollar is viable?

:wow:

[lovuian]

5. Well heres a question??? How does the normal American

know how much gold is in Fort Knox??? Is there a record??? and who determines if we sell it and when... Federal Reserve???

[Igel]

7. Links.

http://www.usmint.gov/about_the_mint/fun_facts/index.cfm?flash=yes&printer=yes&printer=yes&printer=yes&printer=yes&printer=yes&printer=no&action=fun_facts13
If you believe it, of course; why they would lie, I don't know.

http://en.wikipedia.org/wiki/Official_gold_reserves

http://en.wikipedia.org/wiki/Fort_Knox_Bullion_Depository
Wikipedia's with links.

[lastknowngood]

12. that is 117804million dollars at 800 per ounce. about half what

they will spend this year. for aprox 27 trillion in debt.

[tocqueville]

6. no but billions

As 22 September 2005, the largest gold holdings in tonnes as reported by the World Gold Council <1>. The United States holding of gold is worth approximately $162.7 billion as of February 3rd 2006.

1 United States 8,133.5 (tonnes)
2 Germany 3,427.8
3 IMF 3,217.3 International Monetary Fund
4 France 2,892.6
5 Italy 2,451.8
6 Switzerland 1,290.1
7 Japan 765.2
8 Netherlands 722.4
9 ECB 719.9 European Central Bank
10 China, Mainland 600.0


the US debt is: As of March 2006, the total U.S. government debt is approximately $8.3 trillion ($8,283,025,171,750 or in scientific notation $8.3×1012).

so it's no way it could cover it

(sources wikipedia)

[mzteris]

8. 147.3 million ounces:

Amount of present gold holdings.


edit to add:

On Friday, gold hit $US594.60 an ounce and analysts predict it will soon hit $US600.

That's let's see: 147.3 million time $594.60

$87,584,580,000.00

doesn't seem like much, does it? Esp considering how much in debt we are not. Remember back when - under Clinton - the deficit was down and we had a balanced budget?


(now - back to our regularly scheduled posting.)

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.

In the past, the Depository has stored the Declaration of Independence, the U.S. Constitution, the Articles of Confederation, Lincoln's Gettysburg address, three volumes of the Gutenberg Bible, and Lincoln's second inaugural address.

In addition to gold bullion, the Mint has stored valuable items for other government agencies. The Magna Carta was once stored there. The crown, sword, scepter, orb, and cape of St. Stephen, King of Hungary also were stored at the Depository, before being returned to the government of Hungary in 1978.

The Depository is a classified facility. No visitors are permitted, and no exceptions are made.

[Elwood P Dowd]

9. Gold hasn't backed the dollar since Nixon

I think there is actually more gold in the NYC Federal Reserve Bank than there is at Ft Knox.

The Federal Reserve - It ain't Federal, and it has no reserve!

[Acebass]

10. Unfortunatly...

it's already spoken for. If I remember my econ, or was it history, this is suppost to back up our paper money to make it worth something.

Amount of present gold holdings is 147.3 million ounces (1 troy ounce equals about 1.1 avoirdupois 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 highest gold holdings was 649.6 million ounces, on December 31, 1941.

http://www.globalsecurity.org/military/facility/fort-knox-depository.htm

[bridgit]

11. hm, says here, "Fort Knox hides only a modest hole in the ground...

"There's not much gold left elsewhere in the ground, either. Approximately 50,000 tonnes (about a third of what is already out) remains un-mined and will cost in excess of $300 an ounce to extract. Meanwhile, after steadily more detailed worldwide surveys, the mining industry consensus is that large mineral deposit discoveries are now a thing of the past."

http://www.financialsense.com/fsu/editorials/tustain/2004/0315.html

at today's price that's $92,160,000,000 and that's still a shit pile of bling-bling :thumbsup: