“All the gold in Fort Knox” might not 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 single place. This is exactly why Fort Knox was integrated 1936, to act as a safe storehouse for America’s large amount of gold, in line with the United States Mint. Considering the united states hasn’t been on the gold standard since the first 1970s, however, it makes you wonder why Fort Knox is even necessary in this very day and age. As Wall Street Daily highlights, a safe vault filled 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 further important to your 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 trained with legs, but this particular skeptical supposition has likely been circulating for much more than that. In 2011 CNBC reported that Texas Congressman Ron Paul was questioning whether 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 would want: an audit of the purity of the supposed 700,000 bars that are purportedly being held in the repository. Surprisingly — or not, depending on your own level of trust for the federal government — his request was denied on the basis of the cost of conducting the test, $15 million in line with the U.S. Treasury’s estimate.
Can it be Illusion or Fake?
Wall Street Daily’s Louis Basenese suggested that a Fort Knox audit be the focus of a brand new stimulus project. Whether Basenese’s proposal was in jest or not, it’s not unreasonable to be suspicious that there surely is no gold, or at the 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 an audit would reveal stacks and stacks of fake gold bars, why would they willing let it happen?
“Oh, but We’ve Already Tested”
The Federal government can in fact claim that Fort Knox has already been audited, but they’d have to reach back again to 1953 to create the results. Additionally, anybody who browse the report at length would catch the fact only five percent of the gold bars were tested. Since then your Treasury Inspector General has been one of the few to be allowed into the closed facility to see what may or may not be there. It’s looking less and less like the facts will be revealed anytime soon.
Start your own Fort Knox
Today, many individuals are opening their own Gold Savings Accounts. By just exchanging their paper money for gold bars now affordable and obtainable in sizes of 1 – 5 grams. One major reason: the purchasing power of paper money is shrinking as the purchasing power of gold has continued to increase throughout history.
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