U.S. President Donald Trump has made headlines with his commitment to visit Fort Knox, emphasizing his intention to personally verify the gold reserves stored there. Officially known as the United States Bullion Depository, Fort Knox plays a crucial role, holding more than half of the Treasury’s considerable gold reserves, which total approximately $428 billion.
Recent data illustrates the significance of Fort Knox within the global context of gold reserves. The facility currently stores an impressive 4,175 tonnes of gold, representing nearly half of China’s gold reserves and quadrupling those held by Switzerland’s central bank. This placement underlines the importance of Fort Knox not only as a national asset but also in global financial standings.
Fort Knox, situated in Kentucky, was established in the 1930s as a fortification to protect American gold reserves from potential foreign threats. The first gold shipment arrived in 1937 via U.S. Mail from the Philadelphia Mint and the New York Assay Office. The fortification has also been a historical repository, safeguarding crucial U.S. documents such as the Declaration of Independence and the Constitution during World War II. Additionally, it temporarily housed various international treasures, including the Magna Carta and royal artifacts from Hungary before their return in 1978.
For context, the gold reserves comparison reflects the following figures:
– U.S. Reserves: 8,133 tonnes
– Fort Knox: 4,175 tonnes
– China: 2,280 tonnes
– Japan: 846 tonnes
– Switzerland: 1,040 tonnes
– India: 876 tonnes
– South Korea: 104 tonnes
– Singapore: 220 tonnes
– Brazil: 130 tonnes
– Mexico: 120 tonnes
– Thailand: 235 tonnes
Only small quantities of gold have been removed for testing during audits, with no significant transfers occurring for several years. Each gold bar in Fort Knox measures 7 inches by 3 5/8 inches by 1 3/4 inches and weighs 400 ounces, or approximately 27.5 pounds.
Security at Fort Knox is of the utmost importance. The complex employs extensive measures, with details of its security protocols known only to a select few. No individual possesses all the knowledge necessary to fully access the vault. Notably, in 1974, a group of journalists and a Congressional delegation made history by visiting the facility, marking the first such tour since Fort Knox’s establishment. The next significant visit occurred in 2017, when then-Treasury Secretary Steve Mnuchin, Kentucky Governor Matt Bevin, and several members of Congress had the opportunity to enter the vault.
For those intrigued by the gold reserves and their implications, there are visual tools and data-driven insights available on the Voronoi app, which offer further exploration into this integral aspect of America’s financial security.
