what is fort knox used for

what is fort knox used for

U.S. Bullion Depository at Fort KnoxAmerica Bullion Depository at Fort Knox, Kentucky will not be a manufacturing facility – it shops valuable metallic bullion reserves for the USA.

No guests are permitted within the facility.

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Fort Knox Info

  • Quantity of current gold holdings: 147.3 million ounces. About half of the Treasury’s saved gold (in addition to valuables of different federal companies) is saved at Fort Knox.
  • Highest historic gold holdings: 649.6 million ounces (December 31, 1941).
  • The one gold eliminated has been very small portions used to check the purity of gold throughout commonly scheduled audits. Apart from these samples, no gold has been transferred to or from the Depository for a few years.
  • The gold is held as an asset of the USA at guide worth of $42.22 per ounce.
  • Dimension of a typical gold bar: 7 inches x 3 and 5/8 inches x 1 and three/4 inches.
  • Weight of a typical gold bar: roughly 400 ounces or 27.5 kilos.
  • The precise construction and content material of the power is understood by only some, and nobody particular person is aware of all of the procedures to open the vault.
  • The primary gold arrived at Fort Knox in 1937…by U.S. Mail! View images of the cargo on the Historical past of the U.S. Mint web page.
Mint-held gold reserves in troy ounces as of February 2021: 248,046,115.696 ounces total; 147,341,858.382 ounces Fort Knox; 54,067,331.379 ounces West Point; 43,853,707.279 ounces Denver; 2,783,218.656 ounces working stock (all locations).
This graphic exhibits the quantity of gold reserves held at Fort Knox, West Level, and Denver. Numbers are from the Bureau of Fiscal Service. (Click on to increase picture.)

Historical past of the Fort Knox Bullion Depository

The timeline beneath contains this facility’s vital moments. Be taught extra about the place the Fort Knox Bullion Depository suits within the Mint’s story, at Historical past of the U.S. Mint.

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1935 – Current

1935: Land transferred for a depository

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August – Congress authorizes the switch of land in Fort Knox, Kentucky from the navy to the Treasury. The Act designates the land to be used as a depository to retailer the nation’s valuable metallic bullion reserves.

1936: Constructing development full

December – Building of the bullion depository is full.

The constructing wants 16,000 cubic toes of granite; 4,200 cubic yards of concrete; 750 tons of reinforcing metal; and 670 tons of structural metal. The price of development is $560,000.

1937: First cargo of gold

January 13 – Fort Knox receives its first cargo of gold from the Philadelphia Mint and New York Assay Workplace.

1942: Fort Knox protects founding paperwork

Fort Knox shops the Declaration of Independence, Structure, and Invoice of Rights throughout World Struggle II to guard them from hazard. In 1944 the paperwork are returned to Washington, DC.

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Fort Knox has saved useful gadgets for different authorities companies, together with the Magna Carta, and the crown, sword, scepter, orb, and cape of St. Stephen, King of Hungary earlier than being returned to Hungary in 1978.

1974: Vaults open to journalists

September 23 – Fort Knox breaks from its strict no-visitors coverage to permit a gaggle of journalists and a Congressional delegation into the vaults to view the gold reserves. The Treasury Secretary permits the go to when rumors persist that every one the gold had been faraway from the vaults.

Beforehand, President Franklin D. Roosevelt was the one particular person aside from licensed personnel to entry the vaults.

2017: Vaults open for second historic go to

August 24 – Treasury Secretary Steve Mnuchin, Kentucky Governor Matt Bevin, and Congressional representatives go to the vaults. The vaults open to non-authorized personnel for the primary time since 1974.

Different Mint Services: Denver | Philadelphia | San Francisco | Washington, DC | West Level

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