President Donald Trump and Tesla Inc. CEO Elon Musk have reignited decades-old discussions about the U.S. government’s gold holdings at Fort Knox, as the precious metal’s prices reach historic highs above $2,940 per ounce.
What Happened: Musk initiated the conversation on social media Saturday, questioning the status of the gold reserves and calling for a “live video walkthrough” of the facility. Trump escalated the matter Wednesday, announcing plans to inspect the fortress-like depository.
“We hope everything’s fine with Fort Knox, but we’re going to go to Fort Knox…to make sure the gold is there,” Trump said, adding, “If the gold isn’t there, we’re going to be very upset.”
The U.S. Bullion Depository at Fort Knox currently holds 147.3 million troy ounces of gold, representing approximately 59% of the Treasury’s total reserves, according to the U.S. Mint. At current market prices, these holdings are valued at approximately $434 billion.
Why It Matters: The renewed interest in Fort Knox comes amid a broader surge in gold prices, driven by geopolitical tensions and economic uncertainty. Goldman Sachs recently raised its year-end gold target to $3,100 per ounce, citing increased central bank purchasing activity.
The U.S. maintains the world’s largest government gold reserves, with 8,133 metric tons – more than double Germany’s holdings, according to the World Gold Council. The Kentucky facility, constructed in the 1930s, was strategically located inland to protect against potential foreign attacks during World War II.
Treasury Secretary Scott Bessent recently dismissed speculation about revaluing the nation’s gold holdings, stating that “all the gold is there” and extending an open invitation to senators for verification.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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