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IPFS News Link • Economy - Economics USA

Fiat Money and the Fort of Gold

• Uncommon Sense
According to the government, Fort Knox contains about 147 million troy ounces of gold. The government has a total of 248 million troy ounces of gold, mostly in bars that are 400 troy ounces each. Most of the gold in Fort Knox came from melting of the gold coins confiscated by FDR, and from other government operations while the US was still on the gold standard which we abandoned entirely in 1971. At today’s prices the gold (248 million troy oz) would be worth an estimated $275,776,000,000 dollars which used to seem like a lot – until we started spending a trillion dollars at a time!