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What is the use for all the gold in Fort Knox?
With the soaring prices of gold these days, I am wondering what the politicians will do to help our economy, or if they can with the amount of gold inside. Do they bring this up when debating our debt? Or is the gold an emergency only, back up plan?
Thank you.
8 Answers
- Anonymous10 years agoFavorite Answer
That answer will pop up shortly, watch the events of the next few years.
The gold is kind of to back up paper money. The precious metals at fort knox technically are owned by people, each dollar bill is entitled to a dollars worth of bronze. (It used to be gold, and I think you can still get gold for it, but that's only if they completely ran out of bronze).
- Anonymous10 years ago
We have a fort knox, because our money used to be backed by gold, now it's just there for emergency sake, once our money is worthless.
- DinDjinnLv 710 years ago
In 1972, Nixon took us off a gold standard. So if gold is still there, they keep it as a hedge against inflation. Time maybe to break it out to reduce the deficit? ! :-)
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- Anonymous10 years ago
It is not clear that there is any gold in Ft. Knox anymore.
- Anonymous10 years ago
Most of it was removed years and years ago for use as shielding in the nuclear weapons industry.
- Anonymous10 years ago
It's an extreme back up plan to our currency.
