Fort Knox Gold: Everything You Need to Know

Fort Knox, a fortified vault building, is located next to the United States Army post of Fort Knox, Kentucky. The vault is operated by the United States Department of the Treasury, and it is used to store a large portion of the United States’ gold reserves as well as other precious items belonging to the federal government. Since its construction in 1935-1936, the facility has become an icon of American economic power and national security.

 

 

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The vault’s history is intertwined with the history of the United States. During World War II, the vault was used to store the original copies of the United States Constitution, the Declaration of Independence, and the Bill of Rights. Today, it remains a symbol of the country’s economic might and financial stability.

Sunlight gleams off rows of stacked gold bars in the high-security Fort Knox vault Security cameras and armed guards patrol the perimeter

The gold and other valuables stored in Fort Knox are claimed to be regularly audited to ensure their authenticity and security. The facility is also open to visitors, who can learn about the history, facts, and features of the Fort Knox Bullion Depository by taking a guided tour.

 

Key Takeaways

  • Fort Knox is a fortified vault building located next to the United States Army post of Fort Knox, Kentucky, that is operated by the United States Department of the Treasury.
  • The facility is used to store a large portion of the United States’ gold reserves as well as other precious items belonging to the federal government.
  • The gold and other valuables stored in Fort Knox are claimed to be regularly audited to ensure their authenticity and security, and the facility is open to visitors who can take a guided tour to learn about its history and features.

 

 

History of Fort Knox

The sun sets behind the historic stone walls of Fort Knox where the legendary gold reserves gleam in the fading light

Fort Knox, located in Kentucky, is a United States Army installation that has played a significant role in the country’s history. The installation is named after Major General Henry Knox, who served as the first Secretary of War under President George Washington.

 

Origins and Naming

Fort Knox was originally established as Camp Knox in 1918 during World War I. It was named in honor of Major General Henry Knox, who was instrumental in establishing the Continental Army’s artillery corps during the American Revolution. The camp was used for training troops and was decommissioned after the war. It was reactivated in 1932 as a permanent installation and renamed Fort Knox.

 

Role in World War II

During World War II, Fort Knox played a vital role in training soldiers for armored warfare. The size and terrain of the installation made it an ideal location for such training. In addition, the United States Bullion Depository was established at Fort Knox during the war to store the country’s gold reserves and other precious items.

 

Post-War Developments

After World War II, Fort Knox served as a training ground for soldiers. It also became the site of the United States Army Armor Center and School, responsible for training soldiers in armored warfare. In addition, the United States Bullion Depository at Fort Knox continued to store the country’s gold reserves.

Today, Fort Knox remains an active military installation and home to the United States Army Armor School. The United States Bullion Depository, also known as the Fort Knox Bullion Depository, continues to store a large portion of the country’s gold reserves.

 

 

The United States Bullion Depository

The United States Bullion Depository at Fort Knox holds a vast amount of gold bars stacked neatly in rows with armed guards patrolling the perimeter

 

Establishment and Purpose

The United States Bullion Depository, commonly known as Fort Knox, is a fortified vault located adjacent to the United States Army post of Fort Knox, Kentucky. It was established in 1935 by the Treasury Department to store the nation’s gold reserves and other precious items belonging to the government. The purpose of the Depository is to provide a secure location for the storage of gold and other valuable assets.

 

Design and Construction

The Bullion Depository was designed by Louis A. Simon and constructed between 1936 and 1937. The vault is built of granite, steel, and concrete, and is surrounded by a fence and armed guards. The vault door is made of steel and weighs 22 tons. The Depository is also equipped with an elaborate security system, including motion sensors, cameras, and alarms.

 

Gold Reserves and Security

The Depository holds a significant portion of the United States’ gold reserves, along with other valuable assets. According to the United States Mint, the gold is held at book value of $42.22 per ounce. The gold is stored in the form of bars, with each bar weighing approximately 400 ounces or 27.5 pounds. The Depository is secured by the United States Mint Police, who are responsible for ensuring the safety and security of the gold holdings.

The Depository is subject to regular audits to ensure the accuracy of its gold holdings. These audits are conducted by the Treasury Department. This is where the conspiracy that there’s no gold comes from; because the audits are internal. That’s like you stealing a loaf of bread and then doing an investigation to find that you, in fact, did not steal a loaf of bread.

 

 

Gold and Valuables Stored

Fort Knox gold and valuables stored in a secure vault surrounded by armed guards and high-tech security measures

Fort Knox is known for its impressive gold reserves, but it also houses other important valuables. Here is a breakdown of what is stored in the depository:

 

Gold Bullion Inventory

As of the end of 2023, the Fort Knox Bullion Depository holds 147.3 million ounces of gold, which has a book value of $6.22 billion. This gold is stored in the form of gold bars, also known as gold bullion. The gold bars are made of 99.5% pure gold and weigh approximately 400 ounces each. The gold is stored in a highly secure vault, which is protected by a number of security measures, including armed guards, electronic surveillance, and motion detectors.

In order to cover the national debt, which sits at 34.5 trillion dollars (as of March 2024), the 147.3 million ounces of gold must be revalued at $235,000/oz!

 

Historical Documents and Artifacts

In addition to gold bullion, the Fort Knox Bullion Depository also houses a number of historical documents and artifacts. Some of the most notable items include:

  • The original Declaration of Independence
  • The original Constitution of the United States
  • The original Bill of Rights
  • The Magna Carta
  • The Gettysburg Address
  • The Gutenberg Bible

These documents and artifacts are stored in specially designed containers that are designed to protect them from damage and deterioration. The containers are also equipped with climate control systems to ensure that the items are preserved in the best possible condition.

 

 

Security Measures

Security measures surround Fort Knox gold barbed wire fences armed guards surveillance cameras and motion sensors

Fort Knox is known for its high level of security, which is necessary to protect the gold reserves. The security measures include physical defenses, armed protection, and surveillance and access control.

 

Physical Defenses

The depository building at Fort Knox is designed to be highly secure. The walls are made of granite, steel plates, and steel I-beams, which provide a high level of protection against physical attacks. The building also has guard boxes and sentry boxes, which are used by security personnel to monitor the area around the building.

 

Armed Protection

The United States Mint Police and the military provide armed protection for the gold reserves at Fort Knox. The Mint Police are responsible for the physical security of the depository building, while the military provides additional protection for the surrounding area. The Secret Service also plays a role in protecting the gold reserves.

 

Surveillance and Access Control

Access to the depository building is restricted to authorized personnel only. The building is monitored by surveillance cameras, and access is controlled by a system of locks and alarms. The U.S. Mint Police and the military also patrol the area around the building to ensure that unauthorized individuals do not enter.

 

 

Fort Knox in Culture

The iconic Fort Knox stands tall surrounded by layers of security The golden glow emanates from within symbolizing wealth and power

 

Literature and Film

Fort Knox’s gold vault has been the subject of many books, movies, and television shows. One of the most famous examples is the James Bond film “Goldfinger,” where the villain attempts to steal the gold from Fort Knox. The movie helped cement the idea of Fort Knox as a secretive and secure location, which has persisted in popular culture to this day.

In addition to “Goldfinger,” Fort Knox has been mentioned or featured in many other works of fiction. For example, it appears in the novel “The Silence of the Lambs” as the location of the FBI’s Behavioral Science Unit. The vault has also been the subject of several documentaries and news reports, which have helped to further popularize the site.

 

Public Perception

Fort Knox’s gold vault has a reputation as one of the most secure locations in the world. This perception is due in part to the fact that the site is heavily guarded and difficult to access. However, the vault’s reputation has also been shaped by its portrayal in popular culture.

During the Cold War, the gold held at Fort Knox was seen as a symbol of American economic power and stability. The government’s refusal to allow the gold to be audited or inspected by outside entities only added to the site’s mystique. Today, the public perception of Fort Knox is still largely shaped by its association with gold and its reputation as a secretive and secure location.

 

 

Operations and Administration

The bustling activity of personnel and equipment in the administrative and operational areas of Fort Knox where the legendary gold reserves are stored creates a sense of importance and security

 

United States Mint and Treasury

As a federal facility, Fort Knox Gold is managed by the United States Department of the Treasury. The Treasury Secretary is responsible for overseeing the facility’s gold reserves and ensuring that they are properly accounted for. The gold stored at Fort Knox is owned by the U.S. government and is valued at over $200 billion.

The United States Mint, which is a bureau of the Treasury Department, is responsible for producing and maintaining the nation’s coinage and bullion. The Mint has several facilities throughout the country, including the Philadelphia Mint, the Denver Mint, the San Francisco Mint, and the West Point Mint. The Mint also operates the New York Assay Office, which is responsible for testing and verifying the purity of precious metals.

 

Audit and Transparency

The Federal Reserve conducts regular audits of the gold reserves stored at Fort Knox to ensure that they are properly accounted for. The Treasury Department provides regular reports on the status of the gold reserves to Congress and the public.

Fort Knox Gold is also subject to oversight by the Congressional delegation from Kentucky, which includes Senate Majority Leader Mitch McConnell. Mary Brooks, who served as the Director of the United States Mint from 1981 to 1991, was a native of Louisville, Kentucky, which is located near Fort Knox.

During the administration of President Franklin D. Roosevelt, the gold reserves at Fort Knox were moved to the facility from the Philadelphia Mint and other locations. Neal A. Melick, who was the Superintendent of the Philadelphia Mint at the time, oversaw the move of the gold to Fort Knox.

 

 

Fort Knox Military Presence

A line of military vehicles guards the perimeter of Fort Knox where the iconic gold bullion depository gleams in the sunlight

Fort Knox is a United States Army installation in Kentucky, and it is home to several military units. The post is home to the U.S. Army’s Armor School, which is responsible for training soldiers in the use of armored vehicles.

 

Cavalry and Armored Units

The installation is the headquarters of the 1st Cavalry Regiment, which is a mechanized cavalry unit. The 1st Cavalry Regiment is responsible for providing reconnaissance and security for the U.S. Army. The regiment is equipped with Bradley Fighting Vehicles, Stryker Vehicles, and M1 Abrams Tanks.

Fort Knox also houses the Armored Force, which is responsible for developing and testing new armored vehicles. The Armored Force is comprised of several units, including the Armor School and the Armor Center.

 

Training and Reserve Operations

The installation is also home to the Reserve Officer Training Corps (ROTC) program, which trains college students to become officers in the U.S. Army. The ROTC program at Fort Knox is one of the largest in the country, and it provides training to students from several universities in the region.

Fort Knox is also home to the National Guard, which provides support to the U.S. Army during times of war and national emergencies. The National Guard units at Fort Knox are responsible for providing logistical support, medical assistance, and other services to the U.S. Army.

In addition to these units, Fort Knox also provides support to several other military entities, including the U.S. Army Recruiting Command and the U.S. Army Cadet Command. The installation is also home to Stithton, which is a small community that provides housing and support services to military families stationed at Fort Knox.

 

 

Economic Significance

Fort Knox gold gleams in the secure vault symbolizing economic stability and national wealth The towering stacks of gold bars signify the importance of the reserve

Fort Knox, the U.S. Bullion Depository, is not only a symbol of American economic power, but also a significant contributor to the global gold market. The depository plays a vital role in safeguarding the nation’s wealth and economic stability. This section explores the economic significance of Fort Knox and its gold reserves.

 

Gold Market Impact

The gold held in Fort Knox is a significant contributor to the global gold market. According to the United States Treasury, the depository holds 147.3 million ounces of gold, which is worth around $200 billion at current market prices. This gold reserve is an essential asset for the United States, as it helps to maintain the stability of the global gold market. The gold reserves held in Fort Knox also impact the price of gold worldwide. The release or acquisition of gold from Fort Knox can have a significant impact on the global gold market.

 

National and Global Relevance

The gold reserves held in Fort Knox are a crucial component of the United States economy. The U.S. Constitution mandates that only gold and silver can be used as legal tender, making gold a vital asset for the country. The gold reserves held in Fort Knox also provide a sense of economic security and stability to the nation. In times of economic uncertainty, the gold reserves held in Fort Knox can be used to back the U.S. dollar, providing a sense of reassurance to the country’s citizens.

The Federal Reserve plays a critical role in the management of the gold reserves held in Fort Knox. The Federal Reserve is responsible for ensuring that the gold reserves held in Fort Knox are used appropriately to maintain the stability of the U.S. economy. The Federal Reserve also manages the gold reserves held by other countries, making it a crucial player in the global gold market.

 

 

Fort Knox and Medicine

Fort Knox stands tall surrounded by the Medicine Fort Knox gold glistening in the sunlight

Fort Knox has been known for storing gold, but it has also been used to store other valuable items. One of these items is medicine. During World War II, Fort Knox was used as a storage and distribution center for opium and morphine. Opium and morphine were used to treat wounded soldiers in the field and were considered essential for the war effort.

 

Opium and Morphine Storage

According to historical records, Fort Knox stored over 1.8 million ounces of opium and morphine sulfate during World War II. The drugs were stored in a secure location within the Fort Knox Bullion Depository.

The opium and morphine were stored in special containers and were carefully monitored to ensure that they remained safe and secure. The drugs were distributed to military hospitals throughout the country and were used to treat soldiers who had been wounded in battle.

 

 

Frequently Asked Questions

A pile of gold bars stacked in the vault at Fort Knox with a sign reading Frequently Asked Questions about Fort Knox Gold next to it

 

How secure is the gold at Fort Knox?

The gold stored at Fort Knox is considered to be one of the most secure stockpiles of gold in the world. The facility is protected by a multi-layered security system, including armed guards, electronic surveillance, and a fortified perimeter fence. The vaults themselves are made of steel-reinforced concrete and are designed to withstand natural disasters, such as earthquakes and floods, as well as man-made threats, such as explosions and attacks.

 

What is the current value of the gold stored in Fort Knox?

As of March 20, 2024, the gold stored in Fort Knox is valued at approximately $261 billion, based on the current market price of gold. The exact amount of gold stored at Fort Knox is not publicly disclosed, but it is estimated to be around 147.3 million ounces.

 

Has there ever been a theft at Fort Knox?

To date, there has never been a successful theft of gold from Fort Knox. While there have been several attempts to breach the facility’s security over the years, none have been successful. The most famous attempt was the 1950 heist depicted in the movie “The Asphalt Jungle,” but it was a fictional account and never actually happened.

 

What is the historical significance of Fort Knox?

Fort Knox has played a significant role in American history, serving as a military training ground and a storage facility for precious metals and other valuables. The gold stored at Fort Knox was originally intended to back the US dollar and ensure its stability. Today, the gold serves as a reserve asset for the US government and is used to stabilize the economy in times of crisis.

 

Who is the custodian of the gold at Fort Knox?

The gold stored at Fort Knox is owned by the US government and is managed by the US Mint. The Mint is responsible for the storage and security of the gold, as well as the processing of gold bullion and coins. The Mint is a bureau of the Department of the Treasury and reports directly to the Secretary of the Treasury.

 

How frequently is the gold inventory at Fort Knox audited?

The US Mint and the Inspector General of the Department of the Treasury audit the gold inventory at Fort Knox annually. The audits ensure the accuracy of the gold holdings and detect any discrepancies or irregularities.