Renewed skepticism over the United States’ gold reserves has prompted Donald Trump and Elon Musk to announce a visit to the Fort Knox Bullion Depository, with discussions of a possible live-streamed inspection.
Speaking at an event, Trump declared, “We’re going to take a look and if there’s 27 tons of gold, we’ll be very happy,” Trump told the audience. “I don’t know how the [expletive] we’re going to measure it, but that’s okay. We want to see lots of nice, beautiful, shiny gold in Fort Knox.”
With 147.3 million ounces of gold stored in Fort Knox—valued at approximately $428 billion at current prices—verifying these reserves is crucial. If a significant shortfall were discovered, the impact on global markets, the US dollar, and geopolitical stability could be severe.
Fort Knox: Why Gold Reserves Matter
Fort Knox’s reputation as one of the world’s largest gold reserves underpins trust in the US financial system. If an audit revealed less gold than expected, it could trigger panic, a selloff of US assets, and economic turmoil.
The last full audit occurred in 1953, while a brief 1974 tour by journalists and Congress members is often misinterpreted as an inspection. Since then, only routine vault seal checks have been conducted, with Treasury Secretary Steve Mnuchin visiting in 2017.
Though the US dollar is no longer backed by gold, the reserves serve as an implicit symbol of stability. If Fort Knox were found lacking, confidence in the dollar could plummet, leading to devaluation. While a weaker dollar could boost US exports, it would also make imports more expensive, driving inflation.
Some policymakers, such as Stephen Miran, Trump’s nominee for the Council of Economic Advisers, have suggested selling US gold reserves to strategically weaken the dollar. However, an uncontrolled drop in confidence would be a far riskier outcome.
A shortfall in US gold reserves could send gold prices soaring, as central banks—particularly in emerging markets—accelerate their stockpiling efforts. While this would benefit existing gold holders, it could make the metal less accessible as a hedge against economic uncertainty.
A lack of gold in Fort Knox could weaken US influence, allowing countries like China and Russia—which have been increasing their gold reserves—to challenge US financial dominance. A loss of confidence in US gold holdings could also boost support for alternative financial systems that bypass US control.
The absence of a comprehensive audit since 1953 has fueled conspiracy theories—ranging from secret gold sales to fake bars stored in the vaults.
High-profile figures like Elon Musk and Senator Rand Paul are pushing for a transparent verification process, arguing that the American public deserves proof that their national assets remain intact.
A full, independent audit—possibly even live-streamed—could reassure markets, dispel doubts, and reinforce trust in US financial institutions.
