Elon Musk, the world’s richest man and head of the Department of Government Efficiency (DOGE), and President Donald Trump have reignited decades-old conspiracy theories about the U.S. government’s gold reserve at Fort Knox.
In recent days, Musk shared several social media posts questioning the state of the gold reserves, while Trump vowed to take a rare look inside the facility. Senator Rand Paul, R-Ky., has responded positively to Musk’s calls for annual audits of Fort Knox.
Despite no evidence supporting theories about missing gold, Trump expressed his intention to visit the facility and ensure that the gold is present. “If the gold isn’t there, we’re going to be very upset,” he said.
The U.S. Bullion Depository in Fort Knox, Kentucky, holds 147.3 million troy ounces of gold, valued at $434 billion on the open market. However, the government values it at just $6 billion based on a lower gold price per ounce.
Treasury Secretary Scott Bessent has rejected Trump and Musk’s claims, stating that an annual audit is conducted and all the gold is present. Former Treasury Secretary Steven Mnuchin also expressed confidence in the facility’s security.
The U.S. has the largest gold reserves among governments, holding 8,133 metric tons, more than twice as much as Germany’s reserves. The Fort Knox depository was built in the 1930s for secure storage of government bullion and holds significant importance due to its location, which was chosen to mitigate foreign attacks.
The renewed public interest in U.S. gold reserves comes at a time when gold prices have surged over 40% in the past year and 10% year-to-date, making it an attractive investment option amidst concerns about inflation and government debt.
Source: https://www.forbes.com/sites/dereksaul/2025/02/20/musk-and-trump-question-fort-knoxs-400-billion-gold-supply-but-bessent-says-its-still-there-heres-what-we-know