President Donald Trump has announced his support for an initiative led by Elon Musk and the Department of Government Efficiency (DOGE) to confirm the full presence of the United States gold reserves at Fort Knox. The move follows renewed public interest and speculation regarding the transparency of the nation’s gold holdings, with concerns stemming from the lack of a routine public audit of the facility’s contents.
Speaking to reporters aboard Air Force One on Wednesday, Trump addressed the issue directly, stating that a review of Fort Knox’s gold was necessary.
“We’re going to go into Fort Knox to make sure the gold is there… do you know about that?” Trump said in a video posted to X by Musk. “We hope everything is fine with Fort Knox, but we’re going to go into Fort Knox, the fabled Fort Knox, to make sure the gold is there.”
When asked by a reporter where the gold could have gone, Trump responded, “If the gold isn’t there, we’re going to be very upset.”
Musk, who has been traveling with Trump aboard Air Force One, has publicly voiced his own skepticism about the lack of regular verification. On Monday, he questioned the status of the reserves, writing on X, “Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not.” Following Trump’s remarks, Musk suggested the possibility of a live-streamed inspection of the facility, captioning his post, “A live stream of Fort Knox would be [fire],” accompanied by fire emojis.
The Department of the Treasury, which oversees the U.S. Bullion Depository at Fort Knox, has maintained that the gold reserves remain intact. Treasury Secretary Scott Bessent reiterated this stance on Wednesday, telling reporters, “We do an audit every year. All the gold is present and accounted for.”
Despite this assurance, some lawmakers, including Sen. Rand Paul (R-Ky.), have called for increased transparency. Paul, who has long advocated for an independent audit of Fort Knox, stated in an interview on FOX & Friends earlier this week that he has sought access to the depository for over a decade.
“I think some of them may not think it needs to be audited all the time, but I think the more sunlight, the better, more transparency, the better,” Paul said. He added that the gold supply remains a key component of global financial trust.
“And also, it brings attention to the fact that gold still has value and implicitly, not explicitly, but implicitly, gold still gives value to the dollar,” Paul explained. “That’s why we don’t get rid of it… Most of the central banks around the world have gold, and it’s an implicit trust that the dollar still has some backing.”
Trump: “We’re gonna go into Fort Knox to make sure the gold is there… If the gold isn’t there we’re gonna be very upset.” pic.twitter.com/kveHkJqsCE
— Libs of TikTok (@libsoftiktok) February 20, 2025
Paul’s father, former presidential candidate Ron Paul, previously introduced legislation in 2011 to require a full audit of the Fort Knox gold reserves. The measure did not pass, but interest in the topic has resurfaced in recent months amid broader discussions of financial stability and government transparency.
Fort Knox is believed to house approximately 8,100 metric tons of gold, valued at an estimated $425 billion, according to The New York Post. The remaining U.S. gold reserves are primarily stored at the Federal Reserve Bank of New York. The depository is one of the most secure locations in the world, and public access is strictly prohibited.
Concerns about the gold reserves have persisted due to the secrecy surrounding the facility and the infrequency of independent inspections. Former Treasury Secretary Steven Mnuchin and Sen. Mitch McConnell (R-Ky.) visited Fort Knox in 2017 and confirmed that the gold remained in place. However, Rand Paul stated that while he was granted permission to visit the site during Trump’s first term, the trip never materialized.
The renewed push for an audit has sparked debate over whether greater transparency would strengthen public confidence or needlessly fuel speculation. The Treasury Department has not indicated whether it will allow a new inspection in response to the recent calls for verification.
