Jeremy Cordon

Does Fort Knox even have the gold?

Is the gold even there?

They couldn't figure out how to divide an ounce of gold.

So what you had to divide it with was copper tokens, which were sold for like 4,000% above their melt value, um, silver tokens that were bigger.

And I call them tokens because you take 2 cents worth of silver and mint it into a coin that said 10 cents on it.

That's essentially what constitutional silver was.

So there was a huge markup and a profit to be had in making coinage.

And you'd think if anything should be profitable, it should be literally making money, right?

And then a lot of those $20 gold coins out there that were to kind of back up the whole system, there just weren't a lot of them.

The banks didn't have a lot of them.

You had a lot of bills, $100 bills.

There's $10,000 bills, $50,000.

There's a $100,000 bill.

You know how valuable that is considering that gold was $20 an ounce.

And they would use these for like interbank transfers in the US.

So they didn't have the gold.

I mean, like if you were to measure all the gold that the gold standard actually had, it might be like five to 10% of the gold standard was backed by actual gold at the melt value.

Like that was it.

So you can't really go back to that because the trust isn't there.

Right.