The recent focus on gold might feel like a plot from a Money Heist sequel, but this situation is indeed unfolding in the real world. President Donald Trump and high-profile advisor Elon Musk have suddenly turned their attention to the question of whether a portion of the nation’s gold reserve is truly stored at Fort Knox.
Questions Emerge About the Gold. This newfound interest seems to have originated from a comment by right-wing political commentator Alex Jones. On February 17, Jones suggested that Musk’s DOGE commission might look into the supposedly “missing gold” at Fort Knox. Musk responded directly to Jones: “A live video walkthrough of Fort Knox would be cool!”
It appears Jones’ remark prompted Musk and others to scrutinize the gold at Fort Knox. That same day, Senator Mike Lee (R-Utah) stirred the pot further, claiming he was denied access to Fort Knox due to its military status, despite his role as a U.S. senator.
“Who can verify that gold wasn’t taken from Fort Knox?” Musk queried in response to Lee’s post. “Maybe it’s there, maybe it’s not. That gold belongs to the American people! We deserve to know if it’s still there.”
Enter Trump. It didn’t take long for President Trump to voice his interest in the gold issue. Just two days after Musk’s involvement, Trump addressed the matter aboard Air Force One, according to Axios.
“We’re going to inspect Fort Knox to confirm the gold’s presence,” the president stated. He added that if the gold were missing, there would be considerable discontent.
The Fort Knox Gold. Established south of Louisville, Kentucky, Fort Knox has been the guardian of the nation’s gold since 1937. Nonetheless, much about the facility remains enigmatic. Visitors are not permitted, and only a limited number of individuals are privy to the vault’s layout and contents, as noted by the U.S. Mint. Even reaching the vault poses challenges: no single person knows all the procedures to unlock it.
Due to the vault’s confidential nature, few have witnessed its contents firsthand. Moreover, gold is rarely removed from the vault, except in small amounts for purity assessments during audits.
The vault has been opened to outsiders only a few times in history. In 1974, a Congressional delegation and journalists were permitted entry to dispel rumors of stolen gold. They confirmed its presence.
The last time non-authorized individuals saw the vault was in 2017, when then-Treasury Secretary Steven Mnuchin, Kentucky’s governor, and a Congressional group visited.
Current Valuation of the Gold. Presently, Fort Knox houses 147.3 million ounces of gold, which constitutes roughly half of the Treasury’s stored gold. While the gold’s book value is recorded at $42.22 per ounce, its market value significantly surpasses this. As of publishing, an ounce was valued at around $2,900.
Consequently, the Fort Knox gold’s total worth amounts to hundreds of billions of dollars.
Future of the Gold. Amidst all the commotion, Trump has announced plans to send Musk to Fort Knox to verify the gold’s presence. Importantly, Treasury Secretary Scott Bessent has already confirmed that the reserves are intact and that annual audits ensure the gold’s accountability.
“We’ll open the doors. We’ll inspect Fort Knox,” Trump declared on Thursday. “I don’t want to uncover empty vaults.”
Images | rc.xyz NFT gallery | Scottsdale Mint
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