President Donald Trump has announced plans for his administration to conduct an audit of the U.S. gold reserves stored at Fort Knox, Kentucky. This decision comes amid record-high gold prices, with spot gold reaching $2,954.69 on Thursday. The audit aims to address longstanding conspiracy theories about the actual amount of gold held at the heavily secured facility.
The U.S. Treasury Department provides detailed accounts of the nation's gold reserves on its website, reporting that Fort Knox holds a staggering 147,341,858.382 troy ounces of gold. Despite these transparent figures, speculation about the true inventory persists due to the fort's impenetrable security measures.
"We're going to go to Fort Knox, the fabled Fort Knox, to make sure the gold is there."
- President Donald Trump
This development has attracted attention from various quarters, including industry leaders like Alamos Gold CEO John McCluskey. He expressed support for the audit, believing it would benefit all parties involved.
"I think if this administration presses for an audit, that'll be a good thing for everybody."
- Alamos Gold CEO John McCluskey
Elon Musk also recently weighed in on the debate, highlighting the pressing need for such an audit. Meanwhile, Treasury Secretary Bessent suggested that the government could leverage its gold holdings more effectively.
"monetize the asset side of the U.S. balance sheet for the American people"
- Treasury Secretary Bessent
The current legal valuation of the U.S. gold reserves stands at $42 per ounce, a price set by law since 1973. This valuation starkly contrasts with the current market price of nearly $3,000 per ounce, marking the tenth record high this year alone. Some experts argue that reevaluating these assets could unlock new economic opportunities for the nation.