Does Fort Knox Still Have Gold? An Official Look
Discover the official, authoritative facts about the U.S. gold holdings at Fort Knox, from their current presence to their stringent protection.
The United States Bullion Depository at Fort Knox, Kentucky, is a symbol of national security and financial strength. Public curiosity has long surrounded this fortified facility, especially regarding the gold reserves held within its walls. Questions about the presence and management of this precious metal continue to capture interest.
The Gold’s Current Status
The United States Bullion Depository at Fort Knox continues to hold a significant portion of the nation’s gold reserves. The U.S. Mint, an agency within the Department of the Treasury, consistently reports gold’s presence at the facility. Since its establishment in 1937, Fort Knox has served as a primary repository for the nation’s gold.
Only small samples have been removed from the depository over the years for purity testing during regularly scheduled audits. Apart from these samples, no gold has been transferred to or from the depository for many years.
Quantity and Ownership
The United States Bullion Depository currently holds approximately 147.3 million troy ounces of gold. This quantity represents about half of the total gold reserves managed by the U.S. Department of the Treasury. The gold is primarily stored in standard gold bars, each weighing approximately 400 ounces or 27.5 pounds.
This gold is legally owned by the U.S. Department of the Treasury. While the U.S. dollar is no longer directly backed by gold, these reserves function as a tangible financial asset, contributing to the nation’s financial stability. The gold is recorded at a book value of $42.22 per ounce, a valuation established in 1973.
Security Measures and Accountability
Security protocols at Fort Knox are multi-layered. The depository building is constructed with steel-reinforced concrete and granite, featuring a vault door weighing over 20 tons. The facility employs advanced alarm systems, surveillance technologies, and a complex system where no single individual possesses all the necessary combinations to open the vault.
The United States Mint Police is responsible for safeguarding the depository and its contents. Their duties include controlling access to the grounds, conducting mobile patrols, manning fixed security posts, and utilizing sophisticated technology to detect any unauthorized activity. The adjacent Fort Knox military base provides additional support.
Accountability for the gold is maintained through periodic audits and inventories. Annual audits are conducted to confirm the gold’s presence. These audits involve committees from the U.S. General Accounting Office and the Department of the Treasury, including technicians who verify its quantity and purity.