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How much gold is in Fort Knox and who owns it?
bvw | 29 March 2009 | bvw

Posted on 03/29/2009 11:07:39 AM PDT by bvw

Sorry, not taking Wikipedia as a source. Nor are spurious "conspiracy theory" comments welcomed. It's an honest question.

Answers should cite primary sources and such primary sources should cite date and type of audit. I also expand this question to include all US stores, where the gold is owned by the US.

Answers must distinguish between "holding" and "ownership", the question is to ownership!

I note that a great failing of our times is that people do not know how to keep books anymore, and even less how to audit. Too many make assumptions, or give a cheap pass to references that are poor, weak, secondary, misread, and often false in detail, as sources.


TOPICS: Education; History; Society
KEYWORDS: bahog; fortknox; gold; goldbug; nixon; richardmilhousnixon; richardnixon
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1 posted on 03/29/2009 11:07:39 AM PDT by bvw
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To: bvw

2 posted on 03/29/2009 11:09:26 AM PDT by Perdogg (Go Tarheels)
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To: bvw

I sure hope BO and his comrades didn’t send all of it to that “Cash 4 Gold” guy on TV.


3 posted on 03/29/2009 11:09:28 AM PDT by FlingWingFlyer (Say goodbye to "BIG business" and hello to BIG, BIG government!)
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To: bvw

Fort Knox is just a decoy. The gold is in my shed.


4 posted on 03/29/2009 11:10:54 AM PDT by Conspiracy Guy (I voted Republican because no Conservatives were running.)
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To: bvw

Ask Ron Paul I’m sure he will have a totally sane and coherent answer for you.


5 posted on 03/29/2009 11:11:52 AM PDT by exist
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To: bvw
The Federal Reserve or The Rothschild's
6 posted on 03/29/2009 11:12:10 AM PDT by 1believer (even with sheep you must watch out for the ram)
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To: Conspiracy Guy
According to Die Hard: With a Vengeance there is more gold in the FRB in New York.
7 posted on 03/29/2009 11:12:52 AM PDT by Perdogg (Go Tarheels)
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To: bvw

This is going to be a very short thread, given your insistence on primary sources. Those would have to be the Federal Government, owner and operator of the Gold Vault. Unfortunately, they aren’t saying and haven’t done for as long as the vault has been in operation. They allowed a group of politicians and reporters in during the 70’s to look around, but not since.


8 posted on 03/29/2009 11:20:07 AM PDT by centurion316
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To: bvw
Not sure on the ammount of gold. Good luck getting your hands on a few bars though.....I think there is a heavy penalty for early withdrawl....
9 posted on 03/29/2009 11:20:19 AM PDT by jakerobins
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To: All

Oh, I’m also taking the idiocy temperature of Free Republic with this thread. So far — very high.


10 posted on 03/29/2009 11:20:21 AM PDT by bvw
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To: bvw

This sounds like a test question from school.

You don’t want much do you?


11 posted on 03/29/2009 11:20:30 AM PDT by Jeffrey_D.
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To: Perdogg

The FRB in New York is another decoy. My shed is where the gold is kept


12 posted on 03/29/2009 11:20:41 AM PDT by Conspiracy Guy (I voted Republican because no Conservatives were running.)
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To: bvw

“Gold As Theatre”

http://www.onlygold.com/articles/ayr_2001/So_Whose_Gold_is_it_at_Fort_Knox(September_1_2001).asp

I don’t know how much this will help you, but it is an interesting read.


13 posted on 03/29/2009 11:20:50 AM PDT by Califreak (111th Congress: Destroying America With Reckless Abandon)
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To: Jeffrey_D.

Yep, I expect a lot.


14 posted on 03/29/2009 11:21:34 AM PDT by bvw
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To: bvw

The answer is, millions if not billions of times what the world will ever need for electrical connectors and jewelry, which are the only two rational uses for the stuff, i.e. the value of gold is based on psychiatry and not economics or physics or any such.


15 posted on 03/29/2009 11:21:41 AM PDT by wendy1946
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To: wendy1946

Actually, gold is an average conductor at best and silver is the best.


16 posted on 03/29/2009 11:23:32 AM PDT by newfreep ("Liberalism is just Communism sold by the drink." - P.J. O'Rourke)
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To: bvw
Here's a Gold Cuff Link!

Click her butt!

17 posted on 03/29/2009 11:23:41 AM PDT by Young Werther (Julius Caesar (Quae Cum Ita Sunt. Since these things are so.))
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To: bvw

The Illusion of Gold Reserves - Deep Storage, Deeper Holes, Deepest of Troubles

http://www.marketoracle.co.uk/Article661.html


18 posted on 03/29/2009 11:25:01 AM PDT by Califreak (111th Congress: Destroying America With Reckless Abandon)
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To: wendy1946

Sorry, doll, but the primary use of gold throughout history — for at least four thousand years — is as a store of value, trading and coinage.

That’s rational too. The reasons being that Gold is rare and highly limited supply, it does not tarnish and it can be divided up quite well. All rational reasons.


19 posted on 03/29/2009 11:25:23 AM PDT by bvw
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To: newfreep

Actually.... there actually is one other plausible use for gold but it would never happen: it would be the most perfect possible metal for waterfowl shot, half again more dense than lead and totally inert. You could kill geese with 2.75” shells.


20 posted on 03/29/2009 11:26:14 AM PDT by wendy1946
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To: Young Werther

Sorry, young pervert, but that butt takes one to Wiki, which is not a primary source.


21 posted on 03/29/2009 11:26:25 AM PDT by bvw
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To: wendy1946

Yes, that’s a great idea too — also for fishing weights.


22 posted on 03/29/2009 11:27:03 AM PDT by bvw
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To: bvw; All
Yep, I expect a lot.

Sounds like you expect everyone else to do your damn research for you.

Nice scam if you can get 'em to go for it.
23 posted on 03/29/2009 11:28:26 AM PDT by mkjessup (You're either with our Constitution, or you are with TKU ("The Kenyan Usurper"). CHOOSE!!!)
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To: bvw

Do you think the US Mint is a bad source?

If so this link provides the answer:

http://www.usmint.gov/about_the_mint/fun_facts/index.cfm?flash=no&action=fun_facts13


24 posted on 03/29/2009 11:29:21 AM PDT by aft_lizard (One animal actually eats its own brains to conserve energy, we call them liberals.)
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To: Califreak

Helpful, but looking for more primary source stuff. Especially on audits.


25 posted on 03/29/2009 11:30:34 AM PDT by bvw
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To: bvw

26 posted on 03/29/2009 11:31:11 AM PDT by JoeProBono (A closed mouth gathers no feet)
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To: wendy1946
--as an aside to this, (having really been a gold miner for some part of my life) , I get a kick out of the sometimes assertion that gold is in short supply, inasmuch as virtually all of it that has ever been mined , minus some wear , is still in existence, in the form of jewelry or stored bars--

--it's mostly available , dependent on what amount of paper or whatever you trade for it, subject to the holder's wishes--

27 posted on 03/29/2009 11:32:51 AM PDT by rellimpank (--don't believe anything the MSM tells you about firearms or explosives--NRA Benefactor)
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To: aft_lizard

No that’s no the answer. Too vague. Yes, it is close to a primary source, but it does not specifically speak either to ownership or audit records.

I was taught to read financial statements from the back to the front. The last thing in a financial is the auditor’s statement — who, where, when, how.

That US Mint web site is just a blurb.


28 posted on 03/29/2009 11:33:28 AM PDT by bvw
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To: bvw

I saw a TV show about this approx. a year ago. Can’t remember where. Maybe PBS or History Channel. They went thru all the myths and stories. Basically trashed the conspiracy theories. They said how much gold was there, but I can’t remember what they said. Some of it is not owned by us. They apparently store gold and jewels, etc. for a few foreign nations there. In one case, the nation in question sent their crown jewels to Fort Knox in order to protect them from dictators who’d overthrown the government about 60 or so years ago. They did an inventory (in the 70’s???). They interviewed the guys who did it. Because of the conspiracy theories, Congress sent a bunch of pols to Fort Knox to see if the gold was really still there. They came out with big smiles on their faces, saying stuff like “Wow!”


29 posted on 03/29/2009 11:33:50 AM PDT by Brilliant
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To: newfreep

Irving Belin was a pretty good conductor.


30 posted on 03/29/2009 11:34:04 AM PDT by Conspiracy Guy (I voted Republican because no Conservatives were running.)
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To: rellimpank

I am not asserting anything. I’m looking for real data. That is all.


31 posted on 03/29/2009 11:34:14 AM PDT by bvw
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To: mkjessup

Yep. I admit it. So what? FR is full of smart people, experts in their fields. It’s a honest question.


32 posted on 03/29/2009 11:35:51 AM PDT by bvw
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To: bvw

OK. What is the square root of Texas?


33 posted on 03/29/2009 11:37:01 AM PDT by Conspiracy Guy (I voted Republican because no Conservatives were running.)
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To: Brilliant

Yes I saw that too. Not the same as a audit though. Dog and pony.


34 posted on 03/29/2009 11:37:16 AM PDT by bvw
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To: bvw

but the value of gold is in dollars, and as a method of barter, less interesting than food, liquor or ammunition.


35 posted on 03/29/2009 11:37:25 AM PDT by cetarist
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To: newfreep

> Actually, gold is an average conductor at best and silver is the best.
Gold is used on contacts for 2 reasons: 1) it does not corrode or tarnish, and 2) it is the only common metal that will not form a semiconductor PN junction.


36 posted on 03/29/2009 11:42:17 AM PDT by BuffaloJack (To stand up for Capitalism is to hope Teleprompter Boy fails.)
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To: bvw

There is, currently, no answer to you question.
Please try again when the sheeple give a . .. shoot, spilled my coffee.


37 posted on 03/29/2009 11:48:17 AM PDT by Jeffrey_D.
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To: cetarist

Food liquor and ammo all spoil.

Although I have eaten thirty year old Civil Defense bisquits, and drank liquor older than that, and I know that ammo can last years — but not forever. Chemistry in those modern explosive formulations maybe be slow, but it goes on.

For the most part no one wants to eat food older than a few months — doesn’t taste very good. And no one wants ammo from WWI, except to dispose of it.

But a gold coin dug up from 3 thousand years ago is still almost as good as the day it was minted.


38 posted on 03/29/2009 11:48:19 AM PDT by bvw
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To: wendy1946

“the value of gold is based on psychiatry and not economics or physics or any such.”

Then you obviously don’t understand the economics of gold.

Let me help you with that.

Gold is a storage of wealth because it cannot be so easily created and costs lots of money to obtain.

There. Think about that for awhile.


39 posted on 03/29/2009 11:50:57 AM PDT by CodeToad (Anyone wanting the government to take over medical care should stand in line at the post office)
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To: bvw

I have been listenng to the book the Power of Gold that details the history of gold and monetary policy. It sounds dreary and boring but is really quite interesting.

It turns out that in the basement of the Federal Reserve Bank of New York, there were vaults parceled out to various countries and in which was stored their gold. That is, the gold was the property of sovereign governments.

This gold was used when necessary to settle the balances in international trade. If it became necessary for France to settle with America, gold bars would be moved from one vault to the other and then proper accounting entries would be made between the central banks and the local banks.

In times of unrest, gold would depart the uneasy country and come to America, to the Federal Reserve Bank, for safe keeping.

In 1973, we went off the gold standard and physically moving gold bars around became unnecessary. What happened to the gold?

Is is still in the bowels of the Fed of NY?

(The last disk became corrupted and I didn’t get to hear the ending)


40 posted on 03/29/2009 11:51:30 AM PDT by bert (K.E. N.P. +12 . John Galt hell !...... where is Francisco dÂ’Anconia)
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i would like to see an actual audit myself...i dont trust the history channel on most of the crap they show on there....


41 posted on 03/29/2009 11:52:04 AM PDT by raygunfan
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To: bvw

Are you all aware that we can now make gold out of lead, as the alchemits struggled for centuries to do? Takes a nuclear reaction, tho, and thus far has not been cost-effective.


42 posted on 03/29/2009 11:52:04 AM PDT by 2harddrive (...House a TOTAL Loss.....)
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To: bvw
i recently bought a great deal of WW1 ammo (not for ammo purposes). I surprised at how good of condition it was in. Corrosive primers but it shot just fine.
43 posted on 03/29/2009 11:55:11 AM PDT by mad_as_he$$ (Nemo me impune lacessit)
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To: bvw

In short order, I think there will be countries who revert to the gold standard to escape the horror and anxiety of a floating currency. there will be a return to the tried and true historical basis for wealth.

Will America join the club? Don’t know. It will take years to make the decision.


44 posted on 03/29/2009 11:56:20 AM PDT by bert (K.E. N.P. +12 . John Galt hell !...... where is Francisco dÂ’Anconia)
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To: mad_as_he$$

Well, that’s interesting. Still, the powder would be undergoing chemical reaction even at a low rate. How many didn’t go off, or were squid rounds? Anyway that’s off-topic!


45 posted on 03/29/2009 12:00:23 PM PDT by bvw
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To: 2harddrive

The “value” of gold is and always has been a constant!

How’s that statement teach ?


46 posted on 03/29/2009 12:00:41 PM PDT by Jeffrey_D.
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To: bert

Personally, I don’t think so. Mostly because it’s such a specious way for wealth creation - instead of creating products with ideas, or farming the land, you can go dig it out of the ground and your wealth grows. Sure we do it now, but the gold is counting in terms of dollars.


47 posted on 03/29/2009 12:00:58 PM PDT by cetarist
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To: bvw
All we tried (about 400) went off. The rest went for scrap at a handsome profit.
48 posted on 03/29/2009 12:01:39 PM PDT by mad_as_he$$ (Nemo me impune lacessit)
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To: bvw

How much gold is in Fort Knox and who owns it?

Not much.
Not you.


49 posted on 03/29/2009 12:01:57 PM PDT by djf (If Congress was a business, they'd all be in jail by now...)
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To: bvw

oops!

To: 2harddrive

The “value” of gold is and always has been a constant!

How’s that statement teach ?


50 posted on 03/29/2009 12:02:32 PM PDT by Jeffrey_D.
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