US Senator Rand Paul has urged tech billionaire Elon Musk to audit the country’s gold reserves at Fort Knox, citing a lack of transparency and yearly review. The proposal comes as the Department of Government Efficiency (DOGE), allegedly backed by Musk, prepares to conduct the audit.
The US holds the world’s largest gold reserve, with over 8,100 tonnes, valued at $425 billion. However, there is no annual audit for the massive stash, sparking concerns about its security and authenticity. Paul believes that greater transparency is necessary, saying “the more sunlight, the better, more transparency, the better.”
Paul has tried to verify the gold reserves himself for 10 years but was unable to gain access. He received permission to visit during the Trump administration but the trip did not materialize.
Critics argue that the lack of a yearly audit raises questions about the reserve’s authenticity and security. Musk has now gotten involved, proposing an audit through DOGE. The proposal aims to bring attention to the value of gold and its implicit backing for the US dollar.
Source: https://www.foxbusiness.com/media/elon-musks-doge-prepares-audit-us-gold-reserves-ft-knox-after-urging-sen-rand-paul