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JPMorgan Chase & CoRand Paul Inspects Fort Knox Gold, Cites Dollar's 97% Collapse Since 1913
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Senator Rand Paul toured Fort Knox on Monday to inspect the U.S. gold reserves, stating the facility holds approximately 147 million ounces of gold, which is half of the U.S. gold reserve. Paul argued the deeper lesson is monetary, noting the dollar has lost roughly 85% of its value since leaving gold in 1971 and 97% of its purchasing power since the Federal Reserve was established in 1913. He equated $100 in 1913 to $3,300 today, blaming Congress's unchecked spending and the Federal Reserve's money printing, and linked today's affordability crisis to inflation and $2 trillion annual deficits. The visit comes amid renewed scrutiny of Fort Knox, with economist Peter Schiff recently criticizing Treasury Secretary Scott Bessent for incorrectly suggesting old gold and silver certificates remain redeemable for physical metal. Gold prices are approaching the key $4,200 resistance level, while JPMorgan Chase CEO Jamie Dimon warned the U.S. could lose the dollar's reserve-currency status if it falls behind in economic and military strength over the next 25 years.
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