The debate over America’s gold reserves has reignited after President Donald Trump and tech mogul Elon Musk publicly questioned whether Fort Knox still holds its $400 billion worth of gold.
The speculation has prompted renewed interest in the security and verification of the U.S. gold supply, but Treasury Secretary Scott Bessent has assured the public that all the gold remains accounted for.
With gold prices surging past $2,950 per ounce, concerns over the U.S. financial system’s transparency have taken center stage. Here’s what we know about the situation so far.
Trump and Musk Call for Gold Audit
Speaking aboard Air Force One, President Trump expressed his intent to inspect Fort Knox personally to confirm that the gold remains secure. He stated:
“We’re going to go into Fort Knox to make sure the gold is there… If the gold isn’t there, we’re gonna be very upset.”
Elon Musk, who is leading the Department of Government Efficiency (DOGE), has suggested conducting a live-streamed inspection of the vault to eliminate doubts and increase transparency.
He proposed a drone-guided walkthrough of the facility, claiming that verifying Fort Knox’s gold would boost public confidence in the U.S. monetary system.
Treasury’s Response: “The Gold Is Secure”
In response to these concerns, Treasury Secretary Scott Bessent reaffirmed that Fort Knox remains fully stocked with gold. He noted that the U.S. government conducts regular audits of its reserves, stating:
“We do an audit every year. All the gold is present and accounted for.”
According to a September 30, 2024, audit, Fort Knox still houses 147.3 million ounces of gold, which represents over half of the total U.S. Treasury reserves.
What’s Inside Fort Knox?
Fort Knox, officially known as the United States Bullion Depository, has been storing gold since 1937 and is considered one of the most secure locations in the world. Here’s what makes it nearly impenetrable:
- 24-hour surveillance and armed guards
- Reinforced steel vaults with walls 4 feet thick
- Underground bunkers with restricted access
- No single person holds the full combination to the vault
Despite its security, access to Fort Knox is extremely rare. The last high-profile visit was in 2017, when former Treasury Secretary Steven Mnuchin toured the facility and confirmed the presence of gold.
For more information on Fort Knox, visit the U.S. Mint’s website.
Market Reactions and Gold Prices
Since Musk and Trump raised doubts about the gold supply, market analysts have observed a spike in gold prices, with spot gold trading above $2,950 per ounce. The speculation has led some investors to question U.S. gold-backed stability, while others view it as a political maneuver.
- Gold futures surged by 3.5% in a single day following Trump’s remarks.
- Investors have shifted $14 billion into gold-backed exchange-traded funds (ETFs) in response to growing uncertainty.
Why This Matters
While Fort Knox remains secure, this renewed debate has broader implications:
- Public Confidence in U.S. Reserves – Calls for greater transparency in federal gold holdings could lead to future inspections or new policies.
- Federal Reserve Policies – Questions surrounding gold could influence future economic strategies and discussions on the U.S. dollar’s backing.
- Political and Financial Speculation – Some experts believe this issue is being used as a political talking point ahead of the 2025 economic policy debates.
For deeper insights into monetary policy, visit the Federal Reserve’s website.
Final Thoughts
The speculation surrounding Fort Knox’s $400 billion gold reserves may continue as Trump and Musk push for transparency, but government officials maintain that the reserves are fully intact. While an official audit confirms the gold’s presence, renewed calls for a public inspection or verification process could shape future policy discussions.
For now, Fort Knox remains one of the most secure depositories in the world, and officials have assured the public that the gold has not disappeared. However, whether Trump and Musk will succeed in opening the vault to the public remains to be seen.
For official statements, visit the U.S. Treasury Department’s Gold Reserves Page.
This article has been carefully fact-checked by our editorial team to ensure accuracy and eliminate any misleading information. We are committed to maintaining the highest standards of integrity in our content.
A senior at Yale-NUS College with interests in developmental and labour economics, as well as creative non-fiction and poetry. Currently, I’m studying as an Economics major and an Arts and Humanities minor (focusing on Creative Writing) with heavy involvement in the Singaporean journalism scene and involved in research on economic history and educational policy. I’m working as an author for The Octant, Yale-NUS’ student publication, as a writer for Wingspan, Yale-NUS’ alumni magazine, and as a tutor for the NUS Libraries Writer’s Centre. | Linkedin