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Scott Bessent says Fort Knox gold remains, but the dollar is fiat
Bessent pointed to the U.S. Mint data showing Fort Knox holds 147.3 million ounces of gold, while explaining the dollar no longer has an official gold link after 1971.
Scott Bessent said the gold stored at Fort Knox remains in place, noting he has spoken with the U.S. treasurer after a visit to the vault. During the discussion, he also emphasized that the U.S. dollar is not backed by gold.
Bessent cited the Fort Knox Bullion Depository’s role as a highly secured vault adjacent to the U.S. Army post in Kentucky, and pointed to information from the U.S. Mint indicating the facility holds 147.3 million ounces of gold. He also said the depository does not allow visitors, and removes only very small quantities for purity testing during audits.
He contrasted the current fiat system with the Bretton Woods era, explaining that for decades after World War II, foreign governments could exchange U.S. dollars for gold at a fixed price of $35 an ounce. According to the article, that arrangement ended in August 1971 when President Richard Nixon closed the gold window, stopping central banks from converting dollars into U.S. gold.
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