Trump LIVE: Trump on Missing Gold Reserves At Fort Knox
Elon Musk's DOGE to Inspect | CPAC
President Donald Trump announced this week speaking at the CPAC conference in Washington DC that DOGE chief Elon Musk will go to Fort Knox - a US Army installation in the state of Kentucky where the US government's gold reserves are stored.
- Fort Knox became an issue this month after an exchange between Elon Musk and Senator Rand Paul of Kentucky about the federal government not conducting an audit at Fort Knox since 1974.
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Trump Says He’s Going To Check If ‘Somebody Stole’ Fort Knox $400 Billion Gold Supply. What We Know.
Topline
President Donald Trump and Elon Musk, the world’s richest man and head of the powerful Department of Government Efficiency (DOGE), elevated decades-old conspiracies about the state of the U.S. government’s gold reserve at Fort Knox over the last two weeks, as Trump vowed to take a rare look inside the tightly guarded facility.
The U.S. Bullion Depository in Ft. Knox, Kentucky.Bettmann Archive
Key Facts
"We're actually going to Fort Knox to see if the gold is there. Because maybe somebody stole the gold. Tons of gold,” Trump said Monday afternoon at the White House.
Beginning last weekend, Musk started the high-level scrutiny of the gold, making several social media posts questioning the state of the government’s infamous gold reserves at Fort Knox, asking if the gold is “still there” or “gone” and calling for a “live video walkthrough” of the facility.
There’s no evidence to support theories about missing gold, and the Trump-appointed official nominally in charge of the gold, Treasury Secretary Scott Bessent, says the gold is accounted for, but the state of the reserve is tightly sealed.
- The U.S. Bullion Depository in Fort Knox, Kentucky, holds 147.3 million troy ounces of gold, or about 59% of the Treasury’s total supply, according to the U.S. Mint.
- With gold trading at more than $2,960 per troy ounce on the open market Monday, that means the Fort Knox gold has a market value of $436 billion, more than the market value of Europe’s most valuable public company, Tiffany and Louis Vuitton parent LVMH.
Tangent
Renewed public interest in U.S. gold reserves comes as the precious metal became an unlikely hot commodity on Wall Street.
- Gold prices have surged more than 40% over the past 12 months and 10% year-to-date, outperforming major American stock indexes, as investors seek the long sought-after precious metal in the face of ballooning government debt and inflation concerns.
The U.S. Bullion Depository in Fort Knox, Kentucky, holds 147.3 million troy ounces of gold, or about 59% of the Treasury’s total supply, according to the U.S. Mint.
- With gold trading at more than $2,960 per troy ounce on the open market Monday, that means the Fort Knox gold has a market value of $436 billion, more than the market value of Europe’s most valuable public company, Tiffany and Louis Vuitton parent LVMH.
However, the government denotes the value of this gold at Fort Knox
as just $6 billion based on the government-set book value for gold of
$42.22 per troy ounce.
Further Reading
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