Is Fort Knox Empty!? | News You Might Have Missed

Feb 21, 2025

Curiosity sparks as a viral tweet raises questions about the gold reserves at Fort Knox. What if the U.S. gold isn't really there? The discussion delves into the history of the gold standard and the transition to paper money in 1971. It also considers the implications for inflation, the economy, and national debt. The conversation extends to the peculiar relevance of pennies in modern currency and the future of money, including Bitcoin as a digital alternative to gold. Innovative ideas, like supersonic travel, also pop up along the way.

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INSIGHT

Dollar Not Backed by Gold

The US dollar is no longer backed by gold, a significant shift from its historical foundation.
This change occurred in 1971 under President Nixon due to rising spending and a potential gold run.

ANECDOTE

Origin of Paper Money

Paper money originated with goldsmiths issuing receipts for gold deposits.
These receipts became a form of currency, representing the gold held by the goldsmith.

INSIGHT

Nixon and the Gold Standard

Nixon decoupled the dollar from gold because of excessive spending from the Vietnam War and Johnson's Great Society programs.
This led to inflation as trust in the dollar's value decreased.

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A note from James:

I love digging into topics that make us question everything we thought we knew. Fort Knox is one of those legendary places we just assume is full of gold, but has anyone really checked? The fact that Musk even brought this up made me wonder—why does the U.S. still hold onto all that gold when our money isn’t backed by it anymore? And what if the answer is: it’s not there at all?

This episode is a deep dive into the myths and realities of money, gold, and how the economy really works. Let me know what you think—and if you learned something new, share this episode with a friend!

Episode Description:

Elon Musk just sent Twitter into a frenzy with a single tweet: "Looking for the gold at Fort Knox." It got me thinking—what if the gold isn’t actually there? And if it’s not, what does that mean for the U.S. economy and the future of money?

In this episode, I’m breaking down the real story behind Fort Knox, why the U.S. ditched the gold standard, and what it would mean if the gold is missing. I’ll walk you through the origins of paper money, Nixon’s decision to decouple the dollar from gold in 1971, and why Bitcoin might be the modern version of digital gold. Plus, I’ll explore whether the U.S. should just sell off its gold reserves and what that would mean for inflation, the economy, and the national debt.

If you’ve ever wondered how money really works, why the U.S. keeps printing trillions, or why people still think gold has value, this is an episode you don’t want to miss.

What You’ll Learn:

The shocking history of the U.S. gold standard and why Nixon ended it in 1971
How much gold is supposed to be in Fort Knox—and why it might not be there
Why Elon Musk and Bitcoin billionaires like Michael Saylor are questioning the gold supply
Could the U.S. actually sell its gold reserves? And should we?
Why gold’s real-world use is questionable—and how Bitcoin could replace it
The surprising economics behind why we’re getting rid of the penny

Timestamp Chapters:

00:00 Elon Musk's Fort Knox Tweet

00:22 Introduction to the James Altucher Show

00:36 The Importance of Gold at Fort Knox

01:59 History of the Gold Standard

03:53 Nixon Ends the Gold Standard

10:02 Fort Knox Security and Audits

17:31 The Case for Selling Gold Reserves

22:35 The U.S. Penny Debate

27:54 Boom Supersonics and Other News

30:12 Mississippi's Controversial Bill

30:48 Conclusion and Call to Action

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