Is the gold in Fort Knox the back up for our paper money and if not where can I reed about the change?

Question

I understand that this is not longer a need for it , but where can I reed about this change if is real and when did it happen

Answer 1

No, the gold at Fort Knox is just there. We went off the gold standard a while back. The gold might be used as a means of defending a country's currency, but after 1971 and the end of the Bretton Woods system, currency in the world is mostly just fiat money now.

Answer 2

As I am a gold bug-you can see my web-site,in 1971 Richard Nixon took the U.S. off the gold standard.The U.S. government has printed TRILLIONS of dollars in bills and coin,but there is not enough Bullion in Fort Knox to back up the U.S. monetary system.What has happened recently in world events,if I remember correctly,Argentina and 2 other countries have gone back to a gold standard-in other words they have an equal amount of bullion-to printed currency.This is very interesting as this may change the way many countries start to think and there is a possibility of U.S. currency devaluation.

Answer 3

america Bullion Depository, generally primary as citadel Knox, is a fortified vault construction located adjacent to citadel Knox, Kentucky, used to shop a extensive factor of united states of america respected gold reserves and infrequently different priceless products belonging or entrusted to the federal government. america Bullion Depository holds 4,578 metric a lot (5,046.3 short a lot) of gold bullion (147.2 million oz.. troy). that's greater or less 3 % of all the gold ever subtle throughout the time of human background. then back, the depository is 2d contained in america to the Federal Reserve financial corporation of manhattan's underground vault in super apple, which holds 7,000 metric a lot (7,716 a lot) of gold bullion (225.a million million oz.. troy), a number of it in have confidence for remote places countries, vital banks and respected international agencies. Hman

Answer 4

In actuality there is no Gold to back up our money anymore. We just all agree that our money is worth something. The reason I know that is from Modern Marvels they had a show about the US Mint and their printing of money.

Answer 5

No. Look up "Bretton Woods" on Wikipedia (http://en.wikipedia.org/wiki/Bretton_Woods_system), then scroll down to "The Nixon Shock." In 1971, the US floated its currency by closing off the ability to redeem dollars for gold.

Answer 6

We went off the gold standard a while ago, but below is a link to some information about it.

Answer 7

I always thought that our gold was the back up what else could we have to back up our paper money?

Answer 8

No, it is not the backing for our finances anymore. Unfortunately I don't know any sources offhand to read about this.