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<p>[QUOTE=&quot;fatima, post: 1326272, member: 22143&quot;]Of course it doesn&#039;t.&nbsp; The Federal Reserve act that you are citing was written in 1914 and FT. Knox and the gold in it didn&#039;t exist then.&nbsp; You have to jump forward to the Gold Reserve Act of 1934.&nbsp; This law required the Federal Reserve to turn over all it&#039;s gold and gold certificates to the US Treasury and in return the Federal Reserve was given special gold certificates that established the Treasury was holding this gold.&nbsp; (presumably in Ft. Knox)&nbsp; &nbsp;&nbsp; This was the legal establishment of these certificates as one of the hard assets to back the base money supply.&nbsp;&nbsp; </p><p><br /></p><p>The &quot;gold standard&quot; that you keep referring to has no bearing on this and what I posted above.&nbsp; We have already established that federal reserve notes are not redeemable in gold.[/QUOTE]</p><p><br /></p>

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