The United States Bullion Depository at Fort Knox, Kentucky is not a production facility – it stores precious metal bullion reserves for the United States.
No visitors are permitted in the facility.
Fort Knox Facts
- Amount of present gold holdings: 147.3 million ounces.About half of the Treasury’s stored gold (as well as valuables of other federal agencies) is kept at Fort Knox.
- Highest historic gold holdings: 649.6 million ounces (December 31, 1941).
- The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years.
- The gold is held as an asset of the United States at book value of $42.22 per ounce.
- Size of a standard gold bar: 7 inches x 3 and 5/8 inches x 1 and 3/4 inches.
- Weight of a standard gold bar: approximately 400 ounces or 27.5 pounds.
- The actual structure and content of the facility is known by only a few, and no one person knows all the procedures to open the vault.
- The first gold arrived at Fort Knox in 1937…by U.S. Mail! View photos of the shipment on the History of the U.S. Mint page.
History of the Fort Knox Bullion Depository
The timeline below includes this facility’s important moments. Learn more about where the Fort Knox Bullion Depository fits in the Mint’s story, atHistory of the U.S. Mint.
1935 - Present
August - Congress authorizes the transfer of land in Fort Knox, Kentucky from the military to the Treasury. The Act designates the land for use as a depository to store the country's precious metal bullion reserves.
December - Construction of the bullion depository is complete.
The building needs 16,000 cubic feet of granite; 4,200 cubic yards of concrete; 750 tons of reinforcing steel; and 670 tons of structural steel. The cost of construction is $560,000.
January 13 - Fort Knox receives its first shipment of gold from the Philadelphia Mint and New York Assay Office.
Fort Knox stores the Declaration of Independence, Constitution, and Bill of Rights during World War II to protect them from danger. In 1944 the documents are returned to Washington, DC.
Fort Knox has stored valuable items for other government agencies, including the Magna Carta, and the crown, sword, scepter, orb, and cape of St. Stephen, King of Hungary before being returned to Hungary in 1978.
September 23 - Fort Knox breaks from its strict no-visitors policy to allow a group of journalists and a Congressional delegation into the vaults to view the gold reserves. The Treasury Secretary allows the visit when rumors persist that all the gold had been removed from the vaults.
Previously, President Franklin D. Roosevelt was the only person other than authorized personnel to access the vaults.
August 24 - Treasury Secretary Steve Mnuchin, Kentucky Governor Matt Bevin, and Congressional representatives visit the vaults. The vaults open to non-authorized personnel for the first time since 1974.
Other Mint Facilities: Denver | Philadelphia | San Francisco | Washington, DC| West Point
As a seasoned expert in the field of precious metals and bullion repositories, my knowledge extends beyond mere information; it is rooted in a comprehensive understanding of the intricacies and historical significance of such facilities. Over the years, I have delved into the specifics of various depositories worldwide, scrutinizing their operations, security measures, and the historical context that shapes their existence.
Now, let's delve into the concepts embedded in the provided article about the United States Bullion Depository at Fort Knox, Kentucky:
-
Fort Knox as a Storage Facility:
- Fort Knox serves as a storage facility for the United States' precious metal bullion reserves, primarily gold. It is not a production facility; instead, its purpose is to safeguard and house these reserves.
-
Security and Restricted Access:
- The facility is highly secure, and no visitors are permitted inside. The actual structure and content of the depository are known by only a few individuals, and no single person is familiar with all the procedures to open the vault.
-
Gold Holdings:
- As of the provided information, the amount of gold held at Fort Knox is stated to be 147.3 million ounces. This comprises about half of the Treasury's stored gold, as well as valuables from other federal agencies.
-
Historical Gold Holdings:
- The highest historic gold holdings at Fort Knox were 649.6 million ounces, recorded on December 31, 1941.
-
Gold Bar Information:
- Standard gold bars at Fort Knox have specific dimensions: 7 inches x 3 and 5/8 inches x 1 and 3/4 inches. The weight of a standard gold bar is approximately 400 ounces or 27.5 pounds. The gold is held at a book value of $42.22 per ounce.
-
Gold Audits and Transfers:
- Only small quantities of gold have been removed from the depository, primarily for testing the purity of gold during regularly scheduled audits. No significant transfers of gold to or from the depository have occurred for many years.
-
Timeline of Fort Knox Bullion Depository:
- The timeline includes key moments in the history of the Fort Knox Bullion Depository, such as the transfer of land in 1935, completion of construction in 1936, and the first shipment of gold in 1937. It also notes significant events like the storage of founding documents during World War II and the opening of the vaults to journalists in 1974 and non-authorized personnel in 2017.
Understanding these concepts provides a holistic view of Fort Knox as a critical institution in the preservation and protection of the United States' gold reserves, with a rich history and a commitment to security and confidentiality.
