How Much Is the Gold in Fort Knox Worth?
Uncover the true worth and strategic importance of the gold reserves held within Fort Knox.
The United States Bullion Depository, known as Fort Knox, is a fortified vault building adjacent to the U.S. Army post in Kentucky. This federal facility serves as a primary repository for a substantial portion of the nation’s gold reserves. Its secretive operations and immense value have long fueled public fascination, leading many to wonder about the quantity and worth of the gold stored within.
Official Gold Holdings at Fort Knox
The United States Bullion Depository at Fort Knox currently holds 147.3 million troy ounces of gold. This represents approximately half of the total gold reserves held by the U.S. Department of the Treasury. This quantity is equivalent to about 4,583 metric tons of gold.
The U.S. Mint, an agency within the Department of the Treasury, periodically reports these holdings. The Inspector General’s office conducts regular audits to verify the gold’s presence and purity. No gold has been transferred to or from the depository for many years.
Calculating the Market Value
Determining the market value of the gold at Fort Knox involves multiplying the official quantity by the current global spot price. The spot price fluctuates continuously based on market supply and demand, making the total market value a constantly changing figure. For instance, with a recent spot price around $3,380 per troy ounce, the 147.3 million ounces held at Fort Knox would have a market value exceeding $497 billion.
This market valuation differs significantly from the statutory accounting price used by the U.S. government. The Department of the Treasury accounts for its gold holdings at a fixed statutory rate of $42.22 per fine troy ounce, a price established in 1973. This historical accounting price is not reflective of gold’s current market value, but serves as a book value for governmental financial reporting.
Broader Significance of the Gold Reserves
The gold reserves at Fort Knox extend beyond their monetary value, representing a significant national asset and a store of wealth. Historically, these reserves played a foundational role in the U.S. monetary system, particularly before 1934 and during World War II. Many current holdings were acquired as other nations paid debts in gold.
While the U.S. dollar is no longer directly backed by gold, these substantial reserves still contribute to the nation’s perceived financial strength. They provide confidence in the economic stability of the United States. The gold serves as a tangible symbol of national economic resilience and a traditional hedge against economic uncertainties.