Dateline October 10,1935: Contract awarded for construction of a government Gold Bullion Depository adjacent to the Fort Knox Army facility located near Louisville, Kentucky. Conventional theory claims that the Depository was completed in December 1936, but all land records, mint records and Congressional records show construction of the facility was not completed until January 13, 1937. The Government spent $560,000.00 to construct the facility. Guess what? The building is located at the corner of Bullion Boulevard and Gold Vault Road. Here's a photo of the completed structure: http://www.kyvacation.com/cgi-bin/listman/listings/l0089.html Below the fortress-like structure lies the gold vault, which is lined with granite walls and is protected by a blast-proof door that weighs 22 tons. No single person is entrusted with the combination to the vault. Various members of the Depository staff must dial separate combinations known only by them. Beyond the main vault door, smaller internal "cells" provide further protection. For security reasons, the first shipments of gold to Fort Knox were made at night aboard special armored trains. Fifty of these special Armored trains pulled ten rail cars each totaling 500 rail cars. Those first train convoys left New York and Philadelphia on the evening of January 10, 1937 (3 days before completion). For extra security, the transfer was sent as a "Registered Mail" shipment, therefore protected by the United States Postal Inspection Service. Oh, by the way, those first shipment Gold Deposits totaled $5,600,000,000.00 at $20.67 per ounce. An Aside: All shipments arrived safely, but there was concern. As two of the trains entered the Ohio River Valley, they encountered flood waters that forced 400,000 people to abandon their homes. It delayed the two train convoys obly a few hours. Hope you enjoyed, Clinker The first phase of the Gold shipment was completed by July 30.
Soo the initial deposit was 270,924,044 oz. (give or take) At todays spot of $935...lemme see thats $253,313,981,140 <-- points at mouth with pinky, like Dr. Evil 253.3 Billion dollars
That appears to be about 1Billion ounces of Gold. I have heard that there have been 4Billion ounces of Gold ever mined. I wonder if that number is correct? If there are 4 Billion ounces of gold in todays market place, If that's true, then at $1,000 per oz. that means that there is only $4 Trillion worth of gold available for us! Better hurry and get your share! :mouth:
$5,600,000,000 at $20.67 an ounce is about 270,927,044.5 ounces. 270 million ounces. so yes... with finger in mouth lol 253 BILLION dollars worth .. wow! awsome post clinker... glad to see you back!!
"No single person is entrusted with the combination to the vault. Various members of the Depository staff must dial separate combinations known only by them. " That is great, so if someone drops dead, we can't get to the gold? Good system!
wow, now we only need another couple of zeroes to be able to pay off the national debt. [hey, it is okay with congress, how about we all just go out and spend money like drunken sailors and ignore the balalnce due!].
National Debt: http://www.brillig.com/debt_clock/ so, if gold hits $3500 an ounce we can do it! Hurray! Who says that there is no such thing as a free lunch!
Haleiwa Been over 6 billion during WWII! Fort Knox is 2nd only to Fed Reserve Bank in New York! Third largest Gold Bullion Depository is Germany... Clinker
Robert Heinlein (and Milton Friedman). While inflation is inherant in any monetary system, hyperinflation is only possible in a fiat system. /Careful, I'm back in college for the second time and just finished a massive econ paper...<b>Treashunt</b>Although I doubt my points could challenge your professional opinions.
alexanderb In relation the ratio percentage of debt to GNP is "low" in reference to prior years! Clinker
