The United States Bullion Depository at Fort Knox, Kentucky is not a production facility – it stores precious metal bullion reserves for the United States.
No visitors are permitted in the facility.
Fort Knox Facts
Amount of present gold holdings: 147.3 million ounces.About half of the Treasury’s stored gold (as well as valuables of other federal agencies) is kept at Fort Knox.
Highest historic gold holdings: 649.6 million ounces (December 31, 1941).
The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years.
The gold is held as an asset of the United States at book value of $42.22 per ounce.
Size of a standard gold bar: 7 inches x 3 and 5/8 inches x 1 and 3/4 inches.
Weight of a standard gold bar: approximately 400 ounces or 27.5 pounds.
The actual structure and content of the facility is known by only a few, and no one person knows all the procedures to open the vault.
The first gold arrived at Fort Knox in 1937…by U.S. Mail! View photos of the shipment on the History of the U.S. Mint page.
History of the Fort Knox Bullion Depository
The timeline below includes this facility’s important moments. Learn more about where the Fort Knox Bullion Depository fits in the Mint’s story, atHistory of the U.S. Mint.
1935 - Present
August - Congress authorizes the transfer of land in Fort Knox, Kentucky from the military to the Treasury. The Act designates the land for use as a depository to store the country's precious metal bullion reserves.
December - Construction of the bullion depository is complete.
The building needs 16,000 cubic feet of granite; 4,200 cubic yards of concrete; 750 tons of reinforcing steel; and 670 tons of structural steel. The cost of construction is $560,000.
January 13 - Fort Knox receives its first shipment of gold from the Philadelphia Mint and New York Assay Office.
Fort Knox stores the Declaration of Independence, Constitution, and Bill of Rights during World War II to protect them from danger. In 1944 the documents are returned to Washington, DC.
Fort Knox has stored valuable items for other government agencies, including the Magna Carta, and the crown, sword, scepter, orb, and cape of St. Stephen, King of Hungary before being returned to Hungary in 1978.
September 23 - Fort Knox breaks from its strict no-visitors policy to allow a group of journalists and a Congressional delegation into the vaults to view the gold reserves. The Treasury Secretary allows the visit when rumors persist that all the gold had been removed from the vaults.
Previously, President Franklin D. Roosevelt was the only person other than authorized personnel to access the vaults.
August 24 - Treasury Secretary Steve Mnuchin, Kentucky Governor Matt Bevin, and Congressional representatives visit the vaults. The vaults open to non-authorized personnel for the first time since 1974.
Fort Knox, officially known as the United States Bullion Depository, is reportedly home to 147.3 million troy ounces of gold reserves, which has a value of around $274 Billion United States Dollars.
At today's spot gold price, that 147.3 million ounces of gold is worth over $290 billion. Here are other locations where our country stores gold. President Franklin Roosevelt authorized the construction of the U.S. Bullion Depository in Fort Knox and it opened in 1936.
Its torch-and-drill resistant door is 21 inches (53 cm) thick and weighs 20 short tons (18 metric tons). The vault door is set on a 100-hour time lock, and can only be opened by members of the depository staff who must dial separate combinations. Visitors are not allowed inside.
If so, when was the last time it was audited? yes twice, the first time in 1943 by president franklin d. roosevelt the second and latest in 1974 by members of congress. in 2017 the gold supply at fort knox was listed at 147 million ounces.
A common misconception is that Fort Knox is the largest gold deposit in the world, but this title is actually held by the Federal Reserve Bank of New York, located at 33 Liberty Street, New York City. The building is estimated to hold an impressive 6,350 tons of gold, worth $203.3 billion.
Investing in 1-ounce gold bars can be a prudent move for those who are looking to diversify their portfolios and safeguard against economic uncertainties. However, it's crucial to approach this investment with a clear understanding of the market, associated costs and the long-term commitment required.
Who knows? Of course it is possible; it has been done before and governments in times of stress simply change the laws. As you can see above, gold bullion was forced to be sold to the government in 1933. Then in 1974, that executive order was repealed.
Tax liabilities on the sale of precious metals are not due the instant that the sale is made. Instead, sales of physical gold or silver need to be reported on Schedule D of Form 1040 on your tax return.
One of the most persistent myths is that Fort Knox is empty. Conspiracy theorists have long speculated that the U.S. government sold its gold reserves, though there's no evidence to support this.
Fort Knox is controlled by the U.S. Department of the Treasury, which is responsible for managing the nation's finances and currency. The U.S. Mint, a bureau of the Treasury, operates the Bullion Depository at Fort Knox, which is where the gold and other valuables are stored.
Operated by the United States Department of the Treasury, the U.S. Bullion Depository, Fort Knox, is a highly secure vault building next to the U.S. Army post of Fort Knox, Kentucky. The building sits on what is now the intersection of Bullion Boulevard and Gold Vault Road.
The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years. The gold is held as an asset of the United States at book value of $42.22 per ounce.
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The United States Bullion Depository at Fort Knox, Kentucky is not a production facility – it stores precious metal bullion reserves for the United States.
