Are the Gold Bars at Fort Knox Real?
"All the gold in Fort Knox" might not be as much as you thought.
If some conspiracy theorists are right, there may not be any at all.
In 1933, the U.
S.
powers that be decided that the nation's wealth, specifically gold bars, needed to be gathered and stored together in one place.
That's why Fort Knox was built in 1936, to act as a secure storehouse for America's large amount of gold, according to the United States Mint.
Considering the country hasn't been on the gold standard since the early 1970s, however, it makes you wonder why Fort Knox is even necessary in this day and age.
As Wall Street Daily points out, a secure vault brimming with gold was supposed to build faith in U.
S.
currency.
Since diving head-first off the gold standard, some experts say gold is no longer important to our monetary structure.
Even Moody's Analytics' Chief Economist, Mark Zandi, admits that gold is "more symbolic than substantive" for the U.
S.
The Question of an Audit A conspiracy theory has been brewing, however.
The Internet has given it legs, but this particular skeptical supposition has likely been circulating for much longer than that.
In 2011 CNBC reported that Texas Congressman Ron Paul was questioning whether the gold bars in Fort Knox were real -- or even there at all.
All he asked was that administration officials require of Fort Knox what anyone who owned or bought gold would want: an audit of the purity of the supposed 700,000 bars that are purportedly being held in the repository.
Surprisingly -- or not, depending on your level of trust for the government -- his request was denied based on the cost of conducting the test, $15 million according to the U.
S.
Treasury's estimate.
Is it Illusion or Fake? Wall Street Daily's Louis Basenese suggested that a Fort Knox audit be the focus of a new stimulus project.
Whether Basenese's proposal was in jest or not, it's not unreasonable to be suspicious that there is no gold, or at least no real gold, in Fort Knox.
The government is routinely caught covering up scandal after scandal and outright lying to the public.
If the administration knew that an audit would reveal stacks and stacks of fake gold bars, why would they willing allow it to happen? "Oh, but We've Already Tested" The Federal government can actually claim that Fort Knox has already been audited, but they'd have to reach back to 1953 to produce the results.
Additionally, anyone who read the report in detail would catch the fact that only five percent of the gold bars were tested.
Since then the Treasury Inspector General has been one of the few to be allowed into the closed facility to see what may or may not be there.
It's looking less and less like the truth will be revealed anytime soon.
Start your own Fort Knox Today, many people are opening their own Gold Savings Accounts.
Simply by exchanging their paper money for gold bars now affordable and available in sizes of 1 - 5 grams.
One main reason: the purchasing power of paper money is shrinking while the purchasing power of gold has continued to rise throughout history.
If some conspiracy theorists are right, there may not be any at all.
In 1933, the U.
S.
powers that be decided that the nation's wealth, specifically gold bars, needed to be gathered and stored together in one place.
That's why Fort Knox was built in 1936, to act as a secure storehouse for America's large amount of gold, according to the United States Mint.
Considering the country hasn't been on the gold standard since the early 1970s, however, it makes you wonder why Fort Knox is even necessary in this day and age.
As Wall Street Daily points out, a secure vault brimming with gold was supposed to build faith in U.
S.
currency.
Since diving head-first off the gold standard, some experts say gold is no longer important to our monetary structure.
Even Moody's Analytics' Chief Economist, Mark Zandi, admits that gold is "more symbolic than substantive" for the U.
S.
The Question of an Audit A conspiracy theory has been brewing, however.
The Internet has given it legs, but this particular skeptical supposition has likely been circulating for much longer than that.
In 2011 CNBC reported that Texas Congressman Ron Paul was questioning whether the gold bars in Fort Knox were real -- or even there at all.
All he asked was that administration officials require of Fort Knox what anyone who owned or bought gold would want: an audit of the purity of the supposed 700,000 bars that are purportedly being held in the repository.
Surprisingly -- or not, depending on your level of trust for the government -- his request was denied based on the cost of conducting the test, $15 million according to the U.
S.
Treasury's estimate.
Is it Illusion or Fake? Wall Street Daily's Louis Basenese suggested that a Fort Knox audit be the focus of a new stimulus project.
Whether Basenese's proposal was in jest or not, it's not unreasonable to be suspicious that there is no gold, or at least no real gold, in Fort Knox.
The government is routinely caught covering up scandal after scandal and outright lying to the public.
If the administration knew that an audit would reveal stacks and stacks of fake gold bars, why would they willing allow it to happen? "Oh, but We've Already Tested" The Federal government can actually claim that Fort Knox has already been audited, but they'd have to reach back to 1953 to produce the results.
Additionally, anyone who read the report in detail would catch the fact that only five percent of the gold bars were tested.
Since then the Treasury Inspector General has been one of the few to be allowed into the closed facility to see what may or may not be there.
It's looking less and less like the truth will be revealed anytime soon.
Start your own Fort Knox Today, many people are opening their own Gold Savings Accounts.
Simply by exchanging their paper money for gold bars now affordable and available in sizes of 1 - 5 grams.
One main reason: the purchasing power of paper money is shrinking while the purchasing power of gold has continued to rise throughout history.
