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Fort Knox: Myths, Gold, and the Fortress That Fascinates the World

Fort Knox, officially known as the United States Army Garrison Fort Knox, is an American military base in Kentucky, primarily famous as the storage site for the vast gold reserves of the United States. However, Fort Knox is much more than just a vault. It is a place with a rich history, strategic importance, and fascinating stories that have become part of popular culture. In this article, we will look at everything you should know about Fort Knox.

What is Fort Knox?

Fort Knox is primarily a military base that serves as a training center for the U.S. Army. It was established in 1918 and named after General Henry Knox, the first Secretary of War of the United States. Over the years, Fort Knox has evolved into one of the most important military centers in the country. In addition to training, it is also home to the U.S. Army Human Resources Command and the U.S. Army Cadet Command.

However, Fort Knox gained its greatest fame due to the U.S. Bullion Depository, the storage site for the gold reserves of the United States. This depository is built of granite, steel, and concrete and is surrounded by an extensive security system, making it one of the most heavily guarded buildings in the world.

Stack of Gold Reserves

Figure 1: Gold Reserves (source: Craiyon)

Where is Fort Knox Located?

Fort Knox is located in the American state of Kentucky, approximately 35 miles (56 kilometers) southwest of Louisville. It spans across three counties: Bullitt, Hardin, and Meade. The strategic location in the center of the United States was one of the reasons why this site was chosen for the construction of the military base and gold depository.

The Significance of Fort Knox

Fort Knox has several significant roles:

Estimated Gold Reserves

The exact amount of gold stored in Fort Knox is a closely guarded secret. However, estimates range around 147.3 million ounces of gold. Most of this gold is in the form of gold bars, but there are also gold coins and other valuables.

Interestingly, the value of the gold stored in Fort Knox is officially valued at around $42.22 per ounce. This figure dates back to the time when the U.S. dollar was tied to the gold standard. However, the current market price of gold is around $2,900 per troy ounce, creating a huge difference between the book value and the market value of the gold.

Fort Knox in Pop Culture: Goldfinger

Fort Knox has also become an icon in pop culture, primarily thanks to the 1964 film Goldfinger, which is part of the James Bond series. In this film, the villain Goldfinger plans to detonate a nuclear device inside Fort Knox, not to steal the gold, but to irradiate it. This would make the United States' gold reserves unusable for decades and dramatically increase the value of Goldfinger's own gold holdings. While this scenario is fictional, it has contributed to the legend and mystique that surrounds this place.

The film Goldfinger popularized Fort Knox as an impenetrable fortress full of gold and reinforced its image in the public consciousness.

Gold Revaluation and Its Possible Consequences

Given the enormous difference between the official and market price of gold, there are occasional considerations about revaluing the gold stored in Fort Knox. Revaluation would mean that the United States would officially revalue its gold reserves to the current market value.

The consequences of such a step could be far-reaching:

However, gold revaluation could also have negative consequences, such as inflation and instability in financial markets. Therefore, this step is very controversial and requires careful consideration of all pros and cons.

Inspections and Audits

Due to the secrecy and security of Fort Knox, there are occasional speculations about whether there is any gold at all in Fort Knox. Although access to the depository is very limited, there have been several audits and inspections in the past that have confirmed the presence of gold. For example, in 2017, an inspection took place involving representatives from Congress and the Treasury Department. This inspection confirmed that the gold is stored in Fort Knox and is in good condition.

Although these controls are important, critics point out that they do not provide a complete picture of the amount and quality of gold. Therefore, there are occasional requests for an independent audit to dispel any doubts.

Security Measures

Fort Knox is one of the most heavily guarded buildings in the world. The security system includes:

Thanks to these measures, it is virtually impossible to enter Fort Knox unnoticed or steal gold from it.

Conclusion

Fort Knox is a fascinating place that combines military significance with economic importance and pop culture legend. Whether it is a gold depository, a training center for soldiers, or a symbol of American strength, Fort Knox remains one of the most famous and interesting places in the United States. Its history, secrets, and security measures make it a place that will continue to fascinate and inspire people around the world.

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Based on the original Czech article: Fort Knox – tajemství nejstřeženějšího trezoru na světě.