Where did all the gold in Fort Knox come from?

Question

I mean where did the government get all this gold and when? I don't know of any gov't. owned gold mines, and how would they get this gold?

Answer 1

On April 5, 1933, President of the United States Franklin Delano Roosevelt issued Presidential Executive Order 6102.

Made the private holding of gold coin, gold bullion, and gold certificates within continental United States by individuals, partnerships, associations and corporations illegal.

Everyone had until 1 May 1933 to turn in their gold, except for values less than $100.00 or for legitimate and customary use .

This took America off the Gold standard and all the gold turned in, was melted down.

In 1936 the United States Bullion Depository at Fort Knox was built to store all the gold.

Answer 2

Under an economic theory called "The Gold Standard" the government was required to back up every paper dollar in circulation with a dollar's worth of gold.

The department of the Treasury would aquire gold in many different ways. Some was purchased from miners directly, but before the income tax much of the income of the US government was in duties and excise taxes on imports and exports. Those were required to be paid to the US government in gold; but when the government spent money they would do it in paper money (backed up by the gold, which was stored) (actually you could get paid by the government in gold - they issued gold coins up until 1933, but $1000 worth of gold was heavy and unsecure compared with paper). Every bill in circulation was thus backed up by gold (or later silver), which limited inflation and strengthened the currency - you could always exchange a bank note for the real thing - gold.

Fort Knox became a gold repository in January, 1937, when the US began consolidating gold reserves which had previously been stored at the Federal Reserve Banks. Some gold is still stored at the FRBs (although not gold belonging to the US government); the FRB of NY is reported to have more gold than Fort Knox!

Gold of the US government is stored at Fort Knox, the Philadelphia Mint, the Denver Mint, the West Point Bullion Depository and the San Francisco Assay Office.

Answer 3

The gov has bought most thier gold from private prospectors and years ago from gold dealers. Back in those days only a few well to do people controled all the gold that was mined. And I suppose the Gov also has bought a lot of gold from overseas.

Answer 4

Goldfinger

Answer 5

Taxes from when they used gold in coins.

Answer 6

gold mines!

Answer 7

Bush stole it from little children that died in Katrina after the levies got blown up.

Answer 8

You mean what mine did it come from?

Answer 9

Mike Tyson's front teeth!

Answer 10

They store it for foreign nations.