How Much Gold is in Fort Knox?

Jump to: Historical Background | Why Build a Bullion Depository? | First Gold Shipments | How Much Gold is in Fort Knox? | Government Involvment and Oversight | Visiting Fort Knox | Fun Facts | FAQs

The United States Bullion Depository, also commonly known as Fort Knox, is a fortified security vault operated by the U.S. Mint. It reportedly holds 147.3 million ounces of gold, accounting for about half of the Treasury's stored gold reserves. However, as no one other than security personnel is allowed inside Fort Knox, the place is enshrouded in mystery and urban legends.

The moniker "Fort Knox bullion depository" or simply "Fort Knox" comes from its location, adjacent to the Fort Knox Army installation in Kentucky, south of Louisville and north of Elizabethtown.

The land now occupied by the bullion depository once belonged to the United States Armed Forces before it was transferred to the Department of the Treasury. Fort Knox was a pivotal location during the Civil War, World War I, and World War II, but it is the gold reserves now held in the place that still draws curiosity.

In this article, I will tackle the question of how much gold is in Fort Knox and explore the place's rich history and importance to the Treasury Department and the country's economy.

Historical Background

First Installations during the Civil War

The first fortifications near the site were constructed in 1861 and named Fort Duffield. It was located on a strategic point, a place named Muldraugh Hill, which overlooked the Salt and Ohio rivers and the Louisville and Nashville Turnpike. During the Civil War, the area was constantly raided and contested by both the Union and the Confederate Forces.

Establishment of Fort Knox as an Army Post during World War I

After the Civil War, the area was fully occupied by the United States Army. In 1918, the construction of a new training camp began and it was named Fort Knox, named after Henry Knox, who was the Continental's Army's first chief of artillery during the Revolutionary War and the first United States Secretary of War.

Construction of the United States Bullion Depository

United States Bullion Depository

The United States Department of the Treasury built the Bullion Depository in 1936 on land transferred from the Army Post in Fort Knox, Kentucky. The building is only two stories high, sitting on 4,000 square feet in the intersection between the now named Bullion Boulevard and Gold Vault Road.

Google Maps View of the United States Bullion Depository at Fort Knox

The vault was built using reinforced steel plates, steel I-beams, and steel cylinders with hoop bands, and encased in concrete. The estimated number of materials used in the construction include:

• over 16,000 cubic feet of granite;
• over 4,200 cubic yards of concrete;
• 750 tons of reinforced steel;
• 670 tons of structural steel.
• Total cost: approximately $560,000. Converting to today's prices, that would be close to $12,7 million US Dollars, with an average inflation rate of 3.57% per year since 1936.

The words "United States Depository" are inscribed on the marble front entrance below the seal of the Treasury Department.

Only a few people know the facility's complete structure and content.

Role of Fort Knox during World War II

Fort Knox's military facilities were instrumental in training and housing American troops during the Second World War. The base was home to the Armed Force School and the Replacement Center, which provided training in operating tanks and other armored vehicles.

The Bullion Depository didn't always hold only gold. It also served to protect some important historic documents during the war, as it was already considered one of the most secure buildings in the country. Both the original Declaration of Independence and the U.S. Constitution were transferred to the vaults in Fort Knox for protection.

The British Magna Carta was also safeguarded in the vaults during the war. It had come to the United States in 1939 to be exhibited during the World's Fair. With the beginning of the war, the document was stored in the Fort Knox Depository for protection and only returned to England in 1947.

The Depository also safeguarded the Crown of St. Stephen and the Hungarian Crown Jewels, including a gold scepter, orb, and encrusted mantel, which the Royal Hungarian Crown gave to the U.S. military authorities after the war.

During the Cold War, the Federal Government also stockpiled medicines, such as morphine and opium in the Fort Knox depository, as they feared a direct confrontation with the Soviet Union could cut them off from supplies.

Why Build the Fort Knox Bullion Depository?

The price of gold had grown substantially during the Great Depression, prompting the ending of the gold standard in the United States and Gold Confiscation Act (Executive Order 6102), signed by President Franklin D. Roosevelt in 1933, which required every US citizen to surrender all but small amounts of gold coins and gold jewelry to the Federal Reserve in exchange for $20,67 per troy ounce.

President Franklin D. Roosevelt signing the Executive Order 6102

As a result, the Federal Government stockpiled a massive amount of gold reserves, creating the need for the construction of a secure vault.

Fort Knox, Kentucky, was chosen because of its centralized location and the nation's military presence, which would increase security.

First Gold Shipments to Fort Knox

The first gold shipments to the United States Depository came in 1937 by registered mail from the Philadelphia Mint and the New York Assay Office. The transportation, which involved taking the gold bullion from postal trucks to trains and finally to Army trucks on the final leg of the trip, was overseen not only by the US Post Office but also by a task force that involved local law enforcement, the US Mint Police, and the US Army.

First Gold Shipment to Fort Knox by U.S. Mail

The second shipment happened in 1941. The two shipments together accounted for over 417 million ounces of gold.

Each gold bar held in Fort Knox weighs about 400 troy ounces of pure gold, and measures 7 inches long, 3.5 inches wide, and 1.75 inches high.

How Much Gold is Actually in Fort Knox?

Because rarely anyone other than staff members has entered the vaults at Fort Knox, part of the American public finds it hard to believe the place really holds as much gold as stated in official records, despite its legendary renown as one of the most secure buildings in the world and its role in strengthening the U.S. economy.

According to official statements, the gold Fort Knox holds amounts to 147.3 million troy ounces of gold, or 4,583 metric tons (1 metric ton is equal to 32,150.7 troy ounces) at book value of $42.22 per ounce. For comparison, approximately 54 million troy ounces of gold is held at the West Point Mint, while 43 million troy ounces is stored at the Denver Mint.

There has been no registered gold removed from Fort Knox since 1974, further fueling conspiracy theories surrounding the place.

Here's a comparison table of how much gold each country has.

Government Involvement and Oversight

The U.S. Department of the Treasury owns and manages the gold reserves at Fort Knox. The U.S. Mint, which is an agency of the Treasury, is responsible for the operation of the Bullion Depository at Fort Knox and the security of the gold stored there.

President Roosevelt was the first non-staff member to visit the vaults in 1943. In fact, he remains the only US President to inspect the gold reserves in Fort Knox.

In 1974, a congressional delegation and a group of journalists were allowed inside Fort Knox's gold vault for inspection. This measure addressed the growing rumors that the vault did not really hold any gold.

U.S. Mint Director Mary Brooks Visits Gold Vaults in Fort Knox

43 years later, in 2017, Treasury Secretary Steve Mnuchin, Kentucky Governor Matt Bevin, and congressional representatives were also allowed to enter the vault.

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Visiting Fort Knox

No visitors are allowed inside Fort Knox. Have you ever heard the phrase "As safe as Fort Knox"? It has become general knowledge that the bullion depository is one of the safest places on the planet. No wonder the US Government has chosen it to house gold and other precious metals.

The precise number and nature of security measures in the place is not known by the general public.

The outer wall of the building is made of 4-foot-thick granite-lined concrete, with elevated guard boxes on all four corners. The building has some of the most advanced surveillance systems in the world, including video monitors, motion detectors, and redundant alarm systems in case of a breach.

The building is guarded by the US Mint Police. The bullion depository itself lies below the building.

The 22-ton vault door is set on a 100-hour time lock. It can only be opened by two staff members with separate codes.

Gold Vaults Door

Inside the vault, the gold bars are placed in smaller rooms, each protected by 27-inch-thick vault doors.

Though the bullion depository is off-limits to non-authorized personnel, the Fort Knox Military Facility is open to authorized visitors following strict security protocols. One notable example is the General George Patton Museum of Leadership.

Fun Fort Knox Facts

• President Franklin D. Roosevelt was the only president, and in fact, the only person until 1974, outside the Depository staff to enter the vault and inspect its content;
• The first delivery of gold arrived at the Depository by U.S. Mail!;
• Reportedly, the highest historic gold holdings were 649.6 million ounces of gold;
• No gold has been transferred to or removed from the vaults for many years, except by small quantities during regularly scheduled audits, to test the gold's authenticity.