“Most of the gold in Fort Knox” mightn’t 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. This is exactly why Fort Knox was built-in 1936, to behave as a safe storehouse for America’s massive amount gold, based on the United States Mint. Considering the nation hasn’t been on the gold standard since early 1970s, however, it allows you to wonder why Fort Knox is even necessary in today and age. As Wall Street Daily points out, a safe vault overflowing 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 more important to the 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 kind of skeptical supposition has likely been circulating for much longer than that. In 2011 CNBC reported that Texas Congressman Ron Paul was questioning if 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 anybody who owned or bought gold will want: an audit of the purity of the supposed 700,000 bars which can be purportedly being held in the repository. Surprisingly — or not, depending in your amount of trust for the government — his request was denied on the basis of the cost of conducting the test, $15 million based on the U.S. Treasury’s estimate.
Could it be Illusion or Fake?
Wall Street Daily’s Louis Basenese suggested that a Fort Knox audit function as the focus of a fresh stimulus project. Whether Basenese’s proposal was in jest or not, it’s not unreasonable to be suspicious that there’s no gold, or at least no real gold, in Fort Knox mts gold. The us government is routinely caught covering up scandal after scandal and outright lying to the public. If the administration knew that the audit would reveal stacks and stacks of fake gold bars, why would they willing give it time to happen?
“Oh, but We’ve Already Tested”
The Federal government can in fact claim that Fort Knox had been audited, but they’d have to attain back to 1953 to create the results. Additionally, anybody who read the report in detail would catch the fact only five percent of the gold bars were tested. Since then a Treasury Inspector General has been one of the few to be allowed in to the closed facility to see what may or may not be there. It’s looking less and less like the facts is likely to be revealed anytime soon.
Start your own personal 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 whilst the purchasing power of gold has continued to increase throughout history.
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