sábado, 7 de marzo de 2009

Where does the US deposit most of its bullion?

As you might know countries use gold as a store of value ( as this allows them to deposit and retrieve when necessary). In order to store this valuable mineral a highly secured physical place must constructed and used.
The U.S. is known as the richest country of the world and to store its goods ( mainly gold) president Roosevelt´s ordered the creation of Fort Knox as a resource to hold a big portion of the US´s gold ( which circulated as gold coins at the moment). The idea of getting hold of gold was to take it virtually out of circulation after the great depression in the 1930’s.
Located in the state of Kentucky and built in 1936 this bullion depositary remained for several years the chosen place for the construction.

The fortification has several lines of protection including cameras, concrete walls reinforced by steel, motion detectors, seismic detectors and so on. Even though it can´t be confirmed it is said to have peripheral land mines. It even has its own police ( United States Mint Police) and army is ready to provide extra security if needed. Security personnel in charge of protecting Fort Knox is estimated to reach the 20k (mostly live in the city, which has the same name of the building).

Conspiracy theories surrounded the fortification during Lyndon Johnson´s administration. Some of them said that the government emptied the reserves , that they sold its gold or that they moved its content to London or Jerusalem.

As a side note ( and a as a result of the magnificence of the construction) no one has ever tried to rob this colossal fortification.

At the time being, most of US bullion is store in the Federal Reserve Banks vault in Manhattan
 
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