Fort Knox Paradox

Officially the Fort Knox Bullion Depository contains 147.3 million ounces of gold.  However, the last audit was performed over 60 years ago.  According to reliable sources “audits” since then have been incomplete and inadequate.

Second Thoughts on US Gold Reserve Audits

Lost 7 Audit Reports

Hiding the Elephant:  Fort Knox’s Vanishing Act

Doubts about America’s Gold Holdings

Question:  If the Bullion Depository still contains over 147 million ounces of gold, why not audit it, prove the existence of the gold, and eliminate speculation?  The US government spends over $70 billion on “food stamps” every year and nearly a $Trillion per year on “defense,” so cost is not the issue.

Current policy seems to be “don’t ask, don’t tell” because the answer might be disconcerting, might destroy the narrative that the US gold still exists, and the revelation of missing gold might encourage other embarrassing questions …

Some speculation and possible scenarios:


Scenario One:  Fort Knox Bullion Depository contains 147 million ounces of gold, as claimed, but the Department of the Treasury ignores calls for a comprehensive audit.


  1. “Trust but verify” apparently applies to the nuclear weapons in other countries but not our gold. Why?
  2. Why refuse to perform a comprehensive audit? Cover-up?
  3. If an audit proved that 147 million ounces of gold were safely stored inside the vaults, it would be a political victory. Why would the Bush or Obama administration, such as in 2008 or 2016, NOT want a political victory when their credibility was weakening?
  4. The implication is that an audit would fail and no political victory was possible.

Scenario Two:  Fort Knox Bullion Depository is essentially empty – say it contains less than ten million ounces of gold.


  1. That begs the questions: Where did the gold go?  Who should be indicted?  Why have politicians for the past 50 years lied about it?
  2. Under scenario two the Department of Treasury cannot do an audit and desperately wants to avoid the scandal of missing gold.
  3. The only viable option is “stonewall.” Maintain that an audit is unnecessary, too expensive, or already has been done.

Scenario Three:  Fort Knox Bullion Depository is essentially empty of real gold – say it contains less than ten million ounces of gold but also contains perhaps 140 million ounces of gold plated tungsten.


  1. A comprehensive audit would easily detect the fake gold.
  2. The same questions from scenario two would plague the Department of the Treasury, the President, and the Federal Reserve.
  3. The only viable option is “stonewall.” Maintain that an audit is unnecessary, too expensive, or already has been done.



  • If the Fort Knox Bullion Depository gold exists, as claimed, there is little reason to refuse a comprehensive audit.
  • Since all requests for a comprehensive audit have been rejected, it seems likely that a “cover-up” continues.
  • If an unpopular President wanted a political victory, he would have ordered an audit of the Fort Knox gold if an audit had been a viable option. Since no audit was initiated, it seems likely that a gold audit would have produced problematic results with unanswerable questions.
  • Germany requested (several years ago) the return of a portion of their gold stored at the New York Federal Reserve, but Germany was denied access to their gold and denied the return of much of their gold for about seven years. If the German gold still existed in New York, why were they denied the return of their property?  If the gold in New York was “missing,” it could have been replaced by gold from Fort Knox, if the Fort Knox gold still existed.  Apparently that did not happen.  What is the rest of the story?
  • Gold “leasing” has been documented. Gold leased by a bullion bank from a central bank can be sold in the international market, yet is still officially listed in the vaults of the central bank.  Official gold can exist in two (or more) places at once …
  • It is possible that most sovereign and central bank gold in the United States, including the Fort Knox gold, the United Kingdom gold, and German gold is no longer stored in western vaults, and has been melted down and converted to the one kilo bars preferred in Russia, India and China.
  • An honest and credible audit would confirm or deny such speculation. Further “stonewalling” encourages such speculation.  What is the rest of the story?


Gary Christenson

The Deviant Investor


For another view on the gold that supposedly is stored in Fort Knox, my novel, “Fort Knox Down!” will be published soon.  Watch for it!

19 thoughts on “Fort Knox Paradox

  1. “What is the rest of the story?”

    the rest of the story is, buckle up and hang on ’cause we’re in for a wild ride.

  2. I don’t think the question of the Fort Knox gold qualifies as a ‘paradox’. I think it’s pretty clear that since the government has been up to no good with that gold for 80 years. The US dollar relies upon the gold being there, and Bretton Woods requires that the gold is there too. If the gold is not there, the whole US dollar ‘reserve currency’ status falls to pieces. Also the US hegemony in finance would crumble. So unless you want to see China take over the role as unofficial world financial leader, it is best if we just play along with the possible ruse. If it is there, then why all the games? If it isn’t there, then run for the hills. We don’t want to know the answer.

    • Peter, I agree with you on the first part–that it is obvious that there is something rotten in the State of Denmark, ie, Fort Knox (et al?). But I wonder about your other assumption:

      “So unless you want to see China take over the role as unofficial world financial leader, it is best if we just play along with the possible ruse…..We don’t want to know the answer.”

      That may certainly be your opinion, but it’s not mine. Truth sets us free in many ways, gives us a modicum of power and understanding to defend ourselves or do what needs to be done. Just b/c the faces behind this “ruse” as you call it might be more familiar and therefore “friendly” looking (ie, Western), doesn’t make them any more our friends. I have no doubts these would slit our politico-economic-human-rights throats just as quickly as the those (“evil Chinese”) would, and likely quicker. After all, they’ve been doing just that for decades now…really starting more than a century ago, through our wonderful central banksters.

      And to me there’s always something much more sinister about smiling faces that want to stab me in the back than those already labeled (mostly by the MSM) my “enemies.” Some may believe that the enemy one knows is better than the enemy one does not. I don’t…and I don’t believe we still really know just how evil and psychopathic our “known” (Western) “friendly” faces are. I say they are diabolical.

      And further, it appears that our Western psychopaths have for some time been working with the Chinese in manipulating the markets, esp. the PM markets. Perhaps it’s b/c they have to, b/c of China’s ability to completely tank our US (scheisse) dollar with its USD (and Treasuries) reserves. “We” allow (and assist in…thinking JPM et al) suppressing the gold price so China can buy up as much gold as it wants, perhaps, as has been proposed, enough to equal what “we” supposedly hold. So really, at best, no real difference at best in my mind between one enemy and the other.

  3. If fractional reserve ratio’s in fiat currency are anything to go by, one can only imagine the sheer magnitude of the ratio of physical gold to contracts that exist… anyone like to hazard a guess

    • Opinion?? You can’t have an opinion about facts. Either the gold is there or it isn’t. We don’t know. You might have a prediction based on your gut feeling or some article you read somewhere, but that is not an opinion. And tungsten you say? Ha.

  4. The 1954 gold audit came on the heels of the “Bilderberg meeting”… it also came at the end of the $400 billion
    dollar financed Korean war…
    A lot of very bad things happened in 1954, and not by chance.
    Another big war will soon be needed when smart money
    bails on the stock market to buy dirt cheap commodities…
    they must create a market for their new commodity investments… the market will be war…. problem is, it must be an extended war to be profitable…. the technology of war today could yield a war that lasts only weeks .

  5. But you left out perhaps the most important potential scenario:

    Scenario Four: All those ounces are still there, more or less, in physical form but they have been HYPOTHECATED multiple times over, LENT OUT (to primarily the Fed’s bullion bank lackies) AND SOLD into the market (for price suppression of gold and therefore de facto support of the US Scheisse Dollar…the so-called “strong dollar policy”)…just as Brown did w the UK’s gold, only surreptitiously over many years) to the East or to whomever, and no longer belong to WeThePeople in any way shape or form.

  6. It’s the same as when you buy a bar of gold from your bank without asking for physical delivery.
    You receive a contract instead which says that the bank keeps your bar of gold safely stored.
    In the small print you read however that your gold is “unallocated”!
    In other words: there is no gold bar with your name on it in the vault.
    The bank can sell the same bar many times over!
    Theoretically there can be 100 claimants for the same bar of gold!
    In that case 99 clients own no physical gold at all but only “paper gold” and will not be able to have it delivered.

    I wonder therefore that, even if all the gold is present in Fort Knox (and the other depositories), whether it is properly allocated or not!!!???

    • I think you are confusing a ‘bar of gold from your bank’ without taking delivery, with gold certificates. Gold certificates do not represent bars of gold in the vault. Yes, they represent ‘unallocated gold’. But don’t be confused about unallocated gold. It’s not like they have a bunch of bars in the vault that have not been allocated to specific clients. Unallocated gold is simply a promissory Note from the issuer to honor the gold price less fees when you redeem your certificate. There is never any physical gold involved with these certificates whatsoever.

  7. Here is another scenario!
    Even if all the gold is physically there, it could have been sold many times over so long as the next consecutive owners agreed to keep it stored in the same place, just as the original owners (germany e.g.) agreed to do.
    A physical check is of course far easier than an extremely complicated book keeping check, since this information can easily be faked and/or electronically hidden anywhere!

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