Fort Knox Gold vs Interest on the National Debt

Assuming that Fort Knox actually contains all of the gold that it is claimed to hold, and using the approximate spot price of gold as $420 per ounce, approximately how many years would the gold in Fort Knox last to pay the interest on the National Debt if it were to remain at the FY2004 level?

Best guess without looking it up.

Federal Budget Spending

Fort Knox Gold

Share this

About 4 months (147 million

About 4 months (147 million ounces x $420/ounce= about $60 billion compare that to $7 trillion at 2% interest= $140 billion/year. Figure some heavy rounding and call it a third of a year).

The words "drop in the

The words "drop in the ocean" come to mind.

More seriously though: The gold in Fort Knox may be only 61 billion today's dollars worth, but it is value of a far more solid nature then the national debt which, fanciness aside, is a debt owed to an agency that made the money largely from thin air. I wouldnt even bother caring about paying it.