President Trump plans to send government officials to Fort Knox in Kentucky to audit the United States’ gold reserves. During an Air Force One flight on Wednesday, Trump stated that the government would conduct an audit of the military base to “ensure the gold is there.”
“We want everything to be fine at Fort Knox. We will go to Fort Knox – the legendary Fort Knox – to ensure the gold is there,” said Trump.
Elon Musk recently made comments on X platform, advocating for an audit of Fort Knox. Over the past few decades, there has been curiosity from the public regarding whether the government has accurately reported the amount of gold stored at Fort Knox due to its tight security.
The U.S. Department of the Treasury has published the exact amount of U.S. gold reserves on its website, stating that Fort Knox holds 147,341,858.382 troy ounces of gold.
On Thursday, John McCluskey, the CEO of Alamos Gold, expressed on CNBC’s “Squawk Box,” “I think if the current administration insists on conducting an audit, it would be a good thing for everyone.”
Treasury officials have confirmed that Fort Knox does indeed house gold. Treasury Secretary Scott Bessent told a Wisconsin radio station on Wednesday that audits are conducted annually.
“All the gold is in place and accounted for,” Bessent said.
Former Treasury Secretary Steven Mnuchin mentioned on CNBC’s “Squawk on the Street” program, “When I visited, the gold was there. I hope no one has touched it. I’m sure they haven’t.”
Earlier this month, Bessent made comments about “monetizing the assets side of the U.S. balance sheet to serve the American people,” intensifying speculation among investors that the U.S. government should audit its gold reserves and potentially revalue them. The current price of the Treasury’s gold reserves is $42 per ounce, a level that has remained unchanged since 1973 by law.
Spot gold prices rose on Thursday, hitting another historic high of $2,954.69 per ounce in early trading. This marks the tenth time gold has hit a record high this year.
Fort Knox spans 108,955 acres across Hardin, Meade, and Bullitt counties, located approximately 40 miles south of Louisville. It is renowned for having over 147 million ounces of U.S. gold reserves, more than any other base. According to the World Gold Council, the U.S. holds 8,133.46 tonnes of gold, more than any other country and double that of second-place Germany at 3,351.53 tonnes.
The base has also stored several historical treasures, including the Declaration of Independence, the U.S. Constitution, and Abraham Lincoln’s Gettysburg Address.