Do you think there is a lot of gold at Fort Knox?

Question

Why would the government keep a large stockpile there if we aren't on the gold standard? What do they need a large reserve? In case there is another world war? Why not spend it?

Answer 1

I would be very surprised if there were a large stockpile of gold left at Fort Knox.

The government has spent enormous sums of money to support our nation and the war on Muslim Terrorism.

I would expect that the stockpiles of gold at Fort Knox were sold long ago.

Answer 2

h***s yah!!!!! lots and lots of gold and the spending thing youv gota understand whos our president g.w.b he probly doesnt know ware fort knox is!!!!

Answer 3

Almost 5000 metric tons of gold are present at Fort Knox.  When the US stopped circulating gold coins in the 1930's it needed a place to store the stuff.  The US has also held gold for other countries there.   There is actually more stored at the Federal Reserve Bank in New York, but most of that gold belongs to other countries.

Apart from its value in certain forms of technology and for dental work, gold is pretty useless.  I would rather own a nice big oil field.   While gold certainly has value, it really shines as a great paperweight for keeping your papers from blowing off your desk.  

Selling or buying gold is kind of a moot point because our currency is not linked to the value of gold anyway.  In the old days they would sell or buy it stabilize the dollar.  Now we just fiddle with interest rates.    If the US did start selling gold on the world market it would cause a crash in the gold market.  This would make a lot of investors in gold unhappy.

Answer 4

The reserve has been empty by the power that be. They wont let congress audit it. Think about it.

Answer 5

gold has been the exchange of currency for all of time.

we went to paper money to get rid of our deptors. now we are the deptors

Answer 6

Alot yes, enough to cover our currency NO...

And gold isnt useless, it a good conductor of electricity and doesn't oxidize: making it useful in computers and other electronics, many chemical reactions, and fuel cells - Besides its money, all ways has been, always will be

Answer 7

There is more than you can imagine. It's there in case something ever goes (more) wrong.