Have you ever wondered how much gold is in Fort Knox? Well, if you have, you are not alone. Fort Knox is one of the most well-known forts in the United States, and for a good reason.
Fort Knox is where the US government stores its gold reserves. Conspiracy theories surround the fort, with rumors of a 100-hour time lock, a 20-ton steel door, and a 90-ton steel cylinder filled with gold bars capturing the mind of those who dream of gold, gold, and more gold.
If you are curious about Fort Knox and the gold inside, you have come to the right place. This article will tell you everything you need to know about the fort and the gold inside.
Keep reading to become a Fort Knox expert.
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What is Fort Knox?
Also known as the United States Bullion Depository, Franklin Roosevelt established Fort Knox in 1936. It is in Kentucky, where the US federal government stores its gold.
The fort is also where the US Mint produces gold coinage and gold bars. FDR had the fort built due to the escalating volatility of world politics during the 1930s.
The government needed to store the US gold reserves in a safe place. The US treasury chose the fort’s location because it was far from any significant population center and near a military base.
The government has used the fort for other purposes throughout its history. For example, during World War II, the fort was used to store documents and artworks from the Smithsonian Institution.
The fort is now best known for its gold reserves—it stores gold bars and coins from around the world.
The government built the fort when the US was still on the Gold Standard. The Gold Standard is an economic system in which the value of a currency is based on how much gold it is worth.
The US abandoned the Gold Standard in 1971. Before that, the dollar was backed by gold. Nowadays, the US Government uses the fort to store a significant portion of its gold reserves.
It is one of the largest gold reserves in the world. The fort is also one of the most secure places in the world. The US Treasury named the fort after Major General Henry Knox.
He was the Chief of Artillery during the American Revolution. Now, Fort Knox also acts as a 109,000-acre U.S. Army Post, providing basic training for the U.S. Army.
Besides acting as a storage facility for gold, this active training center provides annual training events, including artillery training.
The fort is also home to the US Mint. The Mint is a production facility that produces gold coins and bars.
Fort Knox is not the only place where the US Government stores gold. In addition to Fort Knox, the US government has gold vaults at twelve Federal Reserve banks, the US Military Academy at West Point, and the US mints in Denver, Philadelphia, and San Francisco.
These precious metal bullion reserves hold thousands of pounds of gold and gold coins.
How Many Tons of Gold Are in Fort Knox?
No one knows precisely how much gold is in Fort Knox. The government did the last audit of the fort’s gold in 1953.
However, there are approximately 147.3 million ounces of gold inside the fort. If you convert that to tons, it’s almost 4600!
If you think one troy ounce of gold is valuable, the value of the gold inside Fort Knox is hard to wrap your head around.
The value of the gold inside Fort Knox is estimated to be approximately seven trillion dollars. Due to gold prices changing constantly, the actual value of the gold could be much higher.
The gold depository stores over half of all the US Government’s gold reserves.
The fort stores much more than just gold. The gold vault in Fort Knox stored the US Constitution and the Declaration of Independence during WWII.
There are also many priceless items inside the vault, including copies of the Gutenberg Bible and original copies of the Gettysburg Address.
Fort Knox also stores large amounts of rare earth metals and other valuable materials. You can think of Fort Knox as the US government’s piggy bank.
How Secure is Fort Knox?
Fort Knox is one of the most secure places in the world. There are armed guards, fences, and other security measures in place.
Non-authorized personnel is not allowed to enter the premises. Cameras also monitor the fort.
The fort’s security measures are constantly upgraded. For example, the fort added a fence in 2013 that can withstand a truck bomb.
There is a copious amount of razor wire around the fort. The US Treasury made the secure vault out of steel plates and steel-encased concrete.
The vault door is an impressive 21 inches thick and weighs over 20 tons. The fort is so secure that the government has used it as a model for other security facilities.
The US government has even used the fort’s security measures as a template for how to secure its nuclear facilities.
The fort’s security measures are top secret. However, we know that the fort has its power plant, water supply, and adequate supplies for fort personnel to be self-sufficient in an emergency.
Ironically, one of the most significant security measures that the fort has is the weight of the gold itself. Gold is a heavy metal; if someone were to break into Fort Knox, it would take a long time and lots of workforce and machinery to move all the gold bars.
Due to these security measures, no one has ever broken into the vault at Fort Knox.
Summary
Fort Knox is one of the world’s most well-known and secure places. The fort is home to many of the US government’s gold reserves.
No one knows precisely how much gold is in Fort Knox, but estimates put the value at around seven trillion dollars.
The fort is also home to other valuable items, such as the US Constitution and the Declaration of Independence. Fort Knox has some of the most secure measures, making it impossible for anyone to break in.
FAQ’s
These are some commonly asked questions about Fort Knox.
