Ft. Knox Full Of Impure Gold Unfit For International Transactions

The United States holds a significant gold reserve, primarily in Fort Knox, but much of it consists of impure, "non-standard" bars unsuitable for international transactions. These bars, originating from melted-down coins and other sources, lack the purity required for modern global settlements, making a large portion of the stockpile illiquid. The US government's gold holdings haven't been subjected to credible audits for decades, raising concerns about the accuracy and integrity of the reported 8,133.5 metric tons. Historical "audits" were more symbolic than thorough, failing to properly verify the gold's purity or track its movement. Missing records, broken seals, and the absence of comprehensive assaying further cast doubt on the management of these reserves. The current valuation of the gold at $42.22 per ounce is a fixed number. The author highlights how the US gold reserves are a relic of policies from the era of removing the gold standard. A proposed bill calls for a comprehensive audit and the refining of non-standard bars to meet current international standards. The non-standard nature of the gold stems from FDR's actions during the Great Depression, including Executive Order 6102, which effectively nationalized private gold holdings. The government melted down collected coins into bars, contributing to the impure gold currently stored. Ultimately, the article suggests the state of the gold reflects the nature of the current fiat system, according to experts within the industry.