Where is the Gold in Fort Knox?

By Monday June 27, 2011

Did you know that no member of Congress has been allowed to look at the gold in Fort Knox for over 40 years?



47 Comments
  1. MadTruckMan says:
    6/27/2011 at 9:52 am

    An hour and eleven minute clip?? Jeez, john, i thought YOU watched CSPAN so I didn’t have to….

  2. Derek says:
    6/27/2011 at 10:22 am

    I honestly would be extremely surprised if we had any gold left. When you are in as much debt as we are, you’ve already sold anything you have of value. Those politician private jets don’t fuel themselves.

  3. Gary, the dangerous infidel says:
    6/27/2011 at 10:26 am

    If Fort Knox is really empty, they should turn it into a homeless shelter for people caught up in the housing bust. That seems fair.

    As for congressmen not being allowed to go there, that’s not really solid evidence of anything. Would you allow someone so untrustworthy around anything of such value? You’d have to give them a TSA-style patdown at the exit.

    “Congressman Weiner, I’m afraid you’re only allowed to leave here with ONE bulge in your underwear!”

  4. The Pirate says:
    6/27/2011 at 10:27 am

    The experts don’t seem to know either. They “believe” stuff and they are testifying to “the best of their knowledge”, but no real answers.

    All bullshit.
    Can those assholes and get some folks in there that actually do their job. Then do an inventory and chemical test on each bar. Total transparency will foster trust and confidence in the government. Anything less means they are hiding something (not necessarily missing gold).

  5. Who Cares! says:
    6/27/2011 at 10:37 am

    Gold is only useful as an industrial metal. Jewelry, dentistry, electronics.
    Why do we need tons of it anyway?

    Better to guard our supply of fresh water than a pile of gold.

  6. Skeptic says:
    6/27/2011 at 10:52 am

    #6, all you have to do is pee in the water reservoir, and it’s all yours.

  7. GigG says:
    6/27/2011 at 11:09 am

    The US dollar is for the time being the world’s reserve currency. They couldn’t stock enough gold in Ft. Knox to be of any real service to the economy if that situtation were to change.

    I just hope they sold it while the price was up.

  8. brian says:
    6/27/2011 at 11:10 am

    The interesting stuff is around 40m. When they start asking about the gold pledged to the IMF.

  9. brian says:
    6/27/2011 at 11:18 am

    Really interesting is at 50m when they restate that if a gold certificate is redeemed. It’s redeemed in cash and not Gold and therefore the Gold is not moved.

    If that’s true. It seems as if you could just issue more than one gold certificate for the same gold. I’m sure I’m missing something but this is how it seems.

    It seems to me if a gold certificate is redeemed and paid in cash. We must go out and purchase that amount of Gold from the open market OR remove that amount of Gold from storage. If we re-buy it from the open market; Why? If we had to pay it out at market rate then buy it again at the same or higher rate plus all the administrative costs. Therefore the gold literally has less value than market value.

  10. bobbo, in Repose says:
    6/27/2011 at 11:33 am

    Gold certificates have not been redeemed since 1933. What has remained constant is the confusion surrounding gold/gold standard/national wealth/IMF/interconnected global credit arrangements and so forth.

    About the only thing that is proven is that its an area requiring x3 the amount of government regulation currently applied.

    Yes, its true. Just waiting for the next implosion. Clock is set at about 10 years from now if the double dip doesn’t reset it.

  11. chuck says:
    6/27/2011 at 11:49 am

    I’m not sure it makes much difference, at this point, whether there is gold there or not.

    The national debt is over $12 trillion, and it’s estimated that there is another $120 trillion in future, unfunded, liabilities.

    The U.S. does not have $120 trillion, $12 trillion, or even $1 trillion of gold anywhere.

  12. bobbo, in Repose says:
    6/27/2011 at 12:05 pm

    Excellent point chuck. Castles in the air. There is some huge trillions of dollars floating around in the gross volume of debt swap obligations as well. Not an unfunded liability until the government steps in and volunteers our grand children for that debt on its default.

    Economics: no one understands it.

    Ha, ha.

    Edit==although I will note that keeping things small enough to go bankrupt makes a lot of sense to me given that anything larger than that is just a form of fraud==as is 99% of the financial industry today?

    Yea, some DEEP rethinking is needed as we still argue about gods, gays, and guns.

  13. EnemyOfTheState says:
    6/27/2011 at 12:18 pm

    So that’s how my wife caught me with the three 25 year old hookers. That damn youtube!

  14. Stopher says:
    6/27/2011 at 12:19 pm

    Duh. Everyone know the gold was all stolen in Die Hard V.

  15. Ah_Yea says:
    6/27/2011 at 12:33 pm

    Ok, seriously.

    There are “supposed” to be 147300000 ounces of gold at fort knox.

    At current prices, that comes out to $226,694,700,000 at current market prices.

    Not enough to cover our out of control government, but substantial nonetheless.

    Now here is a bigger issue.

    http://dailypaul.com/82193/no-gold-in-fort-knox-in-case-you-thought-we-had-gold-reserves

  16. Cursor_ says:
    6/27/2011 at 1:16 pm

    And this is why I would never want Ron Paul in charge of the executive branch.

    He tries to find shadows behind every corner.

    We don’t need some old fart conspiracy nut.

    Cursor_

  17. foobar says:
    6/27/2011 at 1:21 pm

    Would you trust a member of congress in there?

  18. JimD says:
    6/27/2011 at 1:27 pm

    If there is no gold in Ft Knox, they ought to turn it into a PRISON FOR THOSE BILLIONAIRES AND MILLIONAIRES THAT BITCH AND MOAN THAT THEY PAY TOO MUCH IN TAXES !!!

  19. sargasso_c says:
    6/27/2011 at 1:42 pm

    Quixotic.

  20. denacron says:
    6/27/2011 at 1:57 pm

    @ 1:03 19
    Assaying gold destroys it?!

    It will effect the accuracy of a precisely weighed bar in accordance to the sample size taken. You may have to re-smelt the bar to add the sample back to have a preferred weight but it is not destroyed.

    It makes me wonder who does their assaying what the price is and how many gold samples get “destroyed”.

  21. kerpow says:
    6/27/2011 at 2:07 pm

    #17, Yeah lets just keep electing the same person over and over again. I’m sure things won’t get any worse. At this point maybe we DO need an old fart conspiracy nut.

  22. deowll says:
    6/27/2011 at 2:39 pm

    We can trust the government to look out for our gold without anyone checking on them, NOT!

    It might ought to be noted that we have also stored various items for foreign governments on occasion and some of those governments may no longer exist. It is completely possible that nobody knows exactly what we have.

    It is also true that from the time we allowed our unbacked paper currency to float the value of our paper money has been going into the crapper while the value of our gold reserves was growing substantially at least as compared to paper money.

  23. NobodySpecial says:
    6/27/2011 at 2:42 pm

    #21 – only a chemical assay. You could do laser mass spec and only take a couple of atoms off the surface – or do neutron spectroscopy and confirm the contents of the entire bar without damaging it.

  24. spsffan says:
    6/27/2011 at 2:53 pm

    This is the kind of thing that makes me glad that Ron Paul left the Libertarian Party to become a Republican.

    Although Paul has some great ideas in certain areas (like foreign affairs and civil rights) he goes nutjob on things like this and the Fed*.

    *Not that the Fed doesn’t have its problems and weaknesses, but it’s not really hiding anything and it actually serves several useful purposes in the fascist state that the USA is.

  25. So what says:
    6/27/2011 at 3:02 pm

    How many members of congress have actually ASKED to see the gold? If any body knows post it because there is no way in hell that I am watching an hour of paul.

  26. Marsh says:
    6/27/2011 at 3:12 pm

    #25. “Although Paul has some great ideas in certain areas (like foreign affairs and civil rights) he goes nutjob on things like this and the Fed*.”

    What is nutjob about trying to find out the truth? Please asshole, you and Cursor remove yourself from the gene pool. We need proactive people like Paul. You can shut the fuck up and let him do his job.

  27. bobbo, in Repose says:
    6/27/2011 at 3:30 pm

    Marsh–I couldn’t agree with you more. Imagine anyone having the nerve to post that “Paul has some great ideas in certain areas (like foreign affairs and civil rights)” //// Haw, Haw. Everything I’ve heard him say on these subjects is as looney tunes as his position on the Gold Standard. ((USA should not intervene anywhere/private businesses should be allowed to discriminate if they want to))

    All fruitcake with no flour.

  28. Marsh says:
    6/27/2011 at 3:40 pm

    Sure, our foreign policy has worked so well up to now right? How’s that nation building working out for you? How many more civilians need to die for freedom, huh Lib?

    You guys make me laugh.

    You’re boys are doing fine work….we should just stick with that.

  29. bobbo, in Repose says:
    6/27/2011 at 3:43 pm

    Marsh–I could disagree with you more, but obviously, why waste the effort?

    The issue is how much fruit is in Ron Paul’s cake–NOT the soundness of USA nation building.

    I’ll wager even after spelling it out, you won’t understand it.

    Prove me wrong—say something intelligent.

  30. Marsh says:
    6/27/2011 at 3:54 pm

    #31. You’re correct, I’ve read you’re drivel and NO ONE can understand it…except maybe yourself. You seem to love to entertain yourself.

    So yeah, do us all a favor and spare us from your self-absorbed babbling.

    I won’t respond.


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