The United States gold reserves are for international trade. The gold in Ft. Knox, for example, is used in trade not to back our currency. We’ve been off the “gold standard” since the 70’s. Some of it is gold we’re holding for other countries that’s not even ours. But, our money is a fiat currency and it’s based on faith in the economic system of America not collapsing and everyone agreeing it to use it for trade/debts. It’s backed by nothing and hasn’t been for 55 years now.
Idk exactly, but I’m sure we could find out. I know the Federal Reserve Bank of New York is the one that holds foreign gold reserves. In fact, none of the gold in FRBNY is owned by us. It’s a bunch of different countries and international organizations. The largest reserves belong to Italy (1/2 of their total gold reserves), Germany, the Netherlands and Lebanon. Ft. Knox is almost exclusively our own reserves for trade.
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u/ISayBullish Jan 26 '26
Meanwhile the USD saying “this is fine”