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With America’s Dollar Value No Longer Backed by Gold, What Exactly Is in Fort Knox?

Note: This article may contain commentary or the author's opinion.

America first came into power with the U.S. dollar back in 1944 when world war 1 came about. Most countries decided to come off the gold standard because they didn’t have enough money or gold to pay for all their military expenses.

During the war, the allies were buying nearly all of their supplies and weapons from America, and to pay for all of this, they paid in gold. This caused America to skyrocket as the world’s largest gold holder. After the war ended, most countries were unable to return back to the gold system.

Those other countries had nearly no gold and the currencies within them were backed by nothing. That’s when 44 countries met and agreed that their countries would be linked to gold, but would instead be tied to the U.S. dollar – since America’s dollar was backed by gold. That’s how the U.S. obtained all its gold and became the global reserve currency.

That’s where the legend of Fort Knox comes in. Located in Kentucky, the gold vault is one of the most guarded and secret locations in America. Since only a few individuals have at any point seen the inside, the gold vault is home to many conspiracies and speculation.

It’s thought that Fort Knox presently houses over 140 million ounces of gold, but there have long been rumors that there’s little to no gold left. This is because the dollar no longer being able to be backed by gold because America spent too much at the time. In 1971 President Richard Nixon announced that the U.S. would no longer be converting dollars to gold at a fixed rate, bringing us to completely leaving the gold standard behind just as all the other counties had prior.

In truth, it’s nearly impossible for nobody’s to say with full confidence as to what, or how much could be in there. However, there’ve been many reviews to test for gold, and inventories to count it throughout time.

The last time Fort Knox opened its vault to normal citizens was over 40 years ago. A legislative designation and a few columnists got to take a gander at the gold in 1974, and only one single president has ever been able to get inside, that being President Roosevelt.

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Employees go through a vigorous 12 weeks of fundamental training, trailed by five weeks of field prep. After, they become familiar with the heavy walls the fortress has equipped – and that’s putting it extremely lightly. The fortress is equipped with weapons and guarded on every corner, entry, and room clearing. In addition to this, it sits in the center of a 109,000-acre U.S. Armed Force post and is a training site for soldiers from all around the country.

There have been multiple times where the fortress has held other things such as gold as well. For starters, it was home to one of the first duplicates of the Magna Carta, and later both the Bill of Rights and the U.S. Constitution were moved to the gold vault. There are also rumors that Hungary’s King Coloman crown is located there.

Additionally, it’s also held morphine sulfate. This was during the Cold War when the U.S. military needed to be sure that it had a solid stock of pain meds in the event that unfamiliar opium sources at any point got cut off. Along these lines, in 1955, Fort Knox made its way for lots of opium. The government later spent millions refining the stuff into morphine in 1993, and it’s still stored there along with the gold – or so they say.