According to the U.S. Mint [1], there are currently 147.3 million ounces of gold in Fort Knox, KY. At a current price of about $1776 per ounce, this is worth 261.6 billion dollars. This comes very short of getting the US out of its 14.7 trillion national debt - the gold holdings are worth less than 2 percent of the U.S. Public Debt.But here is the rub: even if Fort Knox held all the gold ever mined in the world, estimated at 185,000 tons [3], at current prices this would be worth only 10.5 trillion dollars, still less than 72% of the national debt.Regarding the last question, if all the Fort Knox gold was cashed in, it would probably cause a significant drop in gold prices for a short while, while putting a minor dent in the national debt that would be completely erased by next year's deficit.[1] http://www.usmint.gov/about_the_...[2] http://www.brillig.com/debt_clock/[3] http://didyouknow.org/gold/