 "Elon Musk targets Fort Knox where the US stores its gold reserves: What is it?")
Elon Musk wants to know more about the US gold reserves stored at Fort Knox, questioning whether the gold is still intact.
Over the weekend, Musk posted several comments on social media, asking if the gold was “still there” or “gone” and even calling for a “live video walkthrough” of the facility.
His remarks quickly gained traction, with US Senator Rand Paul (R-Ky) responding in agreement, saying, “Let’s do it,” in support of annual audits.
Musk’s scepticism echoes past concerns about the security and transparency surrounding Fort Knox, which holds the majority of the United States’ gold reserves. Despite there being no concrete evidence that any gold is missing, the secrecy surrounding Fort Knox has fuelled decades of speculation and conspiracy theories.
According to the US Mint, Fort Knox currently holds 147.3 million troy ounces of gold, amounting to nearly 59 per cent of the Treasury’s total reserves.
While the government values this gold at $42.22 per ounce, giving it a book value of approximately $6 billion, market prices exceed $2,930 per ounce, making the actual market value around $435 billion.
According to Forbes, this surpasses the valuation of Europe’s most valuable public company, luxury goods conglomerate LVMH.
What is Fort Knox?
The US Bullion Depository at Fort Knox, Kentucky, is one of the most secure locations in the world. It is not a production facility but instead functions solely as a storage site for precious metal bullion reserves owned by the US Treasury and other federal agencies.
The facility is heavily guarded by the US Mint Police and is located within the Fort Knox Army post.
No visitors are permitted inside, and only a few individuals are aware of all the security protocols required to access the vault. Since its establishment in 1936, Fort Knox has remained shrouded in secrecy, and only a handful of individuals have ever been granted access.
Historically, the depository has been opened to non-authorised personnel on only three occasions. US President Franklin D Roosevelt visited in 1943, followed by a congressional delegation in 1974, which aimed to dispel rumours about missing gold.
In 2017, then-US Treasury Secretary Steven Mnuchin, Senator Mitch McConnell, and Kentucky Governor Matt Bevin were granted access. Following his visit, Bevin assured the public, saying, “The gold is safe.”
Why was Fort Knox built?
The US Bullion Depository at Fort Knox was established in the 1930s when the federal government sought a secure and centralised location for its gold reserves.
Before this, much of the gold was stored along the East Coast, which was considered more vulnerable to foreign attacks, especially with Europe on the brink of World War II. The site was strategically chosen due to its inland location and proximity to a major military installation.
In its early years, Fort Knox held up to 649.6 million ounces of gold, reaching its peak in 1941. Although its primary function has always been to store gold, the facility has temporarily safeguarded other priceless artifacts, including the US Constitution and the Declaration of Independence, during World War II.
Gold first arrived at Fort Knox in 1937, transported by US Mail, and was escorted by combat cars of the 1st US Cavalry Regiment.
Today, the facility remains largely untouched, with no significant additions or removals of gold occurring in recent years. Only small samples have been taken from the vault to test for purity during scheduled audits.
Then, what is happening now?
US Senator Rand Paul has long advocated for greater transparency regarding the gold reserves stored at Fort Knox. Speaking on Fox News, he stated, “I think the more sunlight, the better. More transparency, the better.” '
Paul has attempted to arrange a visit to verify the gold’s presence for over a decade, but his efforts have not materialised. He claimed that he was granted permission to visit Fort Knox during US President Donald Trump’s first term, but the trip never happened.
Former US Rep. Ron Paul, a known proponent of auditing Fort Knox, echoed similar concerns. Speaking to Gold Telegraph, he said, “I think the gold is there,” but raised questions about ownership, suggesting that financial practices involving gold reserves are often opaque.
Also Read | Why are banks flying out gold from London to New York?
Ron Paul has previously introduced legislation, such as the “Gold Reserve Transparency Act” in 2011, in an effort to push for a full audit.
Even Trump recently addressed the topic. While aboard Air Force One, a reporter asked him whether Musk’s inquiries into Fort Knox were tied to potential budget cuts at the Pentagon. Trump responded cryptically, saying Musk wanted to ensure “the gold is there.”
When further questioned about where the gold could have gone, Trump added, “If the gold isn’t there, we’re going to be very upset.”
Despite mounting interest, US Treasury Secretary Scott Bessent recently reaffirmed that Fort Knox is regularly audited. Speaking in an interview, he stated, “We do an audit every year. All the gold is present and accounted for.”
He also expressed openness to allowing any interested senators to inspect the vaults personally.
Why is Fort Knox important to the US?
The United States remains the world’s largest gold holder, with over 8,100 metric tons of gold in its reserves — more than twice the amount held by Germany, the second-largest holder.
This gold accounts for approximately 4 per cent of the world’s total above-ground gold supply. While Fort Knox stores the majority of this gold, a significant portion is also kept at the Federal Reserve Bank of New York.
Gold has long been considered a key element in maintaining financial stability. Even in today’s global economy, where fiat currencies dominate, gold continues to serve as a hedge against inflation and economic uncertainty.
Central banks worldwide, including the International Monetary Fund and the World Bank, still hold significant gold reserves, reinforcing its implicit role in supporting the value of major currencies like the US dollar.
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