President Donald Trump announced that his administration intends to conduct an audit of the U.S. gold reserves stored at Fort Knox in Kentucky.
“We’re heading to Fort Knox, the legendary Fort Knox, to verify that the gold is indeed there,” President Trump stated on Wednesday aboard Air Force One.
The momentum for an audit of Fort Knox has increased following recent remarks by Elon Musk on X. Over the years, conspiracy theories have occasionally surfaced regarding the government’s honesty about the quantity of gold stored there, largely due to the fort’s stringent security measures.
The Treasury Department provides detailed figures of the U.S. gold reserves on its official website, stating there are 147,341,858.382 troy ounces located at Fort Knox.
“If this administration pushes for an audit, it would be beneficial for everyone,” remarked Alamos Gold CEO John McCluskey during an appearance on CNBC’s “Squawk Box” on Thursday.
Gold futures over the past year
Comments from Treasury Secretary Bessent earlier this month about the need to “monetize the asset side of the U.S. balance sheet for the American people” further fueled speculation among investors that the U.S. government ought to conduct an audit of its gold reserves and potentially reassess their value. Currently, the Treasury Department values its gold holdings at $42 per ounce, a figure established by law that has remained unchanged since 1973.
As of Thursday, spot gold prices surged, reaching a new record high of $2,954.69 during the trading session, marking bullion’s tenth record high this year.
