Trump Questions Fort Knox Gold Reserves: What’s Really Inside?

Trump and Musk Stir Debate Over U.S. Gold Reserves

Trump has reignited long-standing speculation over the state of Fort Knox’s gold reserves, questioning whether the government’s supply remains intact. Speaking at the White House on Monday, he declared, “We’re actually going to Fort Knox to see if the gold is there. Because maybe somebody stole the gold. Tons of gold.”

This statement follows weeks of scrutiny from Elon Musk, who took to social media to question whether the gold is “still there” or “gone,” even calling for a “live video walkthrough” of the facility. The renewed skepticism has sparked debate despite assurances from Treasury Secretary Scott Bessent that the reserves are accounted for.

Trump’s Inquiry Adds to Fort Knox Gold Mystique

The U.S. Bullion Depository in Fort Knox, Kentucky, houses approximately 147.3 million troy ounces of gold—about 59% of the Treasury’s total gold reserves. Based on Monday’s market price of over $2,960 per troy ounce, Fort Knox holds a staggering $436 billion in gold. However, due to a government-set book value of $42.22 per troy ounce, it is officially recorded at just $6 billion.

Access to Fort Knox has been highly restricted throughout history. Only three publicized visits by non-authorized personnel have occurred—President Franklin D. Roosevelt in 1943, a Congressional delegation in 1974, and another in 2017, which included Sen. Mitch McConnell and then-Treasury Secretary Steven Mnuchin. “It is freakishly well secured,” remarked former Kentucky Governor Matt Bevin after his visit.

Despite skepticism, there is no evidence suggesting any gold is missing. The Musk-led debate mirrors past concerns, such as those raised in 1974 when The New York Times ran the headline: “Visitors Get a Peek at Fort Knox Gold—It’s There.”

How Much Gold Does the U.S. Really Have?

The U.S. is the world’s largest holder of gold, maintaining 8,133 metric tons—more than twice Germany’s reserves. This represents nearly 4% of the above-ground gold supply worldwide.

Fort Knox was established in the 1930s to safeguard America’s gold from potential threats, particularly as World War II loomed. The facility has even protected national treasures, including the U.S. Constitution and Declaration of Independence during wartime.

“If President Trump wants it to be audited, that’s obviously something that can be easily done,” Mnuchin told CNBC. “The gold was there when I visited it, and I hope nobody’s moved it. I’m sure they haven’t.”

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