What if Fort Knox Gold is Impure or Missing?

Economics Explored

Gene Tunny and Darren Brady Nelson delve into the gold reserves at Fort Knox, exploring whether the gold is as pure as expected and what the implications might be for the U.S. dollar if it's not. They cover the history of gold confiscation, central bank policies, and the enduring allure of gold in uncertain economic times. This episode was inspired by a question Gene received at a talk he gave to the AusIMM Sydney branch in April 2025. Darren is currently the Chief Economist at Fisher Liberty Gold. This episode contains general information only, and nothing in this episode should be considered as investment or financial advice.

Please email Gene your thoughts on this episode via [email protected].

Timestamps

• Darren Brady Nelson's Role at Fisher Liberty Gold (0:00)
• Investing in Gold Through Fisher Liberty Gold (3:00)
• The Gold in Fort Knox: Historical Context and Implications (5:11)
• The Quality and Purity of Gold in Fort Knox (7:58)
• The Role of Gold in Economic Uncertainty and Impact of Tariffs (28:57)
• Central Banks’ Role in Gold Markets (34:08)
• The Future of Gold and Monetary Policy (38:37)
• The Independence of Central Banks (40:53)
• The Role of Government in Economic Growth (48:46)
• Final Thoughts and Future Topics (53:41)

Takeaways

1. Fort Knox's Gold Purity Questioned: Much of the U.S. gold reserve came from coin melts, meaning it may fall short of the “Good Delivery” standard of 99.5% purity.
2. Audit Calls from High Places: Figures like Trump, Elon Musk, and Rand Paul have recently advocated for a Fort Knox audit.
3. Central Banks Stockpile Gold: Global central banks are shifting reserves from U.S. dollars to gold, with 1,000 metric tons of gold purchases expected in 2025.
4. Gold as Growth, Not Just Protection: Darren's modelling shows gold may outperform the S&P 500 over the long term.
5. Audit the Fed?: The episode concludes with a discussion on Ron Paul's push to audit the Federal Reserve and whether central banks should remain as independent as they are.

Links relevant to the conversation

Fisher Liberty Gold:

https://www.fisherlibertygold.com/

Mises Institute article “The Gold at Fort Knox Was Stolen from Americans”:

https://mises.org/mises-wire/gold-fort-knox-was-stolen-americans

Mises Institute article “How Much Gold Does the US Government Own, and Where Is It?”:

https://mises.org/power-market/how-much-gold-does-us-government-own-and-where-it

Reuters report on central bank gold purchases:

https://www.reuters.com/world/india/central-banks-track-4th-year-massive-gold-purchases-metals-focus-says-2025-06-05/

Bernanke’s apology for Great Depression on behalf of the Fed to Milton Friedman:

https://www.federalreserve.gov/boarddocs/speeches/2002/20021108/

Perth Mint:

https://www.perthmint.com/

In Gold We Trust report:

https://ingoldwetrust.report/?lang=en

Peter Bernstein’s book “The Power of Gold”:

https://www.amazon.com.au/Power-Gold-New-Foreword-Obsession/dp/111827010X

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