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