Elon Musk has signaled curiosity in auditing US gold reserves saved at Fort Knox, a Kentucky-based military set up, suggesting the Division of Authorities Effectivity (DOGE) tackle the duty.
Musk, identified for his frequent social media interactions, replied on Saturday (February 15) when an X person stated it will be “nice” to have Musk ensure that Fort Knox’s 4,580 metric tons of gold are actually there.
“Absolutely it’s reviewed not less than yearly?” questioned Musk.
His remark prompted a response from Senator Rand Paul (R-Ky.), who has advocated for elevated transparency concerning the gold at Fort Knox for years. He signaled assist for an audit along with his reply, “Nope. Let’s do it.”
Talking on “Fox & Associates,” Paul stated he has been attempting to go to Fort Knox to confirm its gold reserves for a decade. He added that he was initially granted permission through the first Trump administration, however the go to by no means befell.
Paul emphasised to the information outlet that verifying the existence of the positioning’s gold reserves is essential.
“I feel a few of them might not suppose it must be audited on a regular basis, however I feel the extra daylight, the higher, extra transparency, the higher. And in addition, it brings consideration to the truth that gold nonetheless has worth and implicitly, not explicitly, however implicitly, gold nonetheless provides worth to the greenback,” Paul stated through the interview, highlighting gold’s position in world finance.
Senator Mike Lee (R-Utah) has weighed in as effectively, claiming he too has been denied entry to Fort Knox.
Musk added in an additional X put up:
“Who’s confirming that gold wasn’t stolen from Fort Knox? Possibly it’s there, possibly it’s not. That gold is owned by the American public! We need to know if it’s nonetheless there.”
The tech billionaire additionally drew additional consideration to the controversy by posting a meme.
On the lookout for the gold at Fort Knox … pic.twitter.com/YVGQvBfwVt
— Elon Musk (@elonmusk) February 17, 2025
The last-known full audit of Fort Knox’s gold reserves occurred in 1953.
A partial evaluate befell in 1974 when treasury officers and journalists have been allowed to examine a small portion of the gold. Since then, the power has maintained strict no-visitor insurance policies, with restricted oversight of its holdings.
The US has the biggest gold reserves on this planet, with over 8,100 metric tons, in accordance with the World Gold Council.
Fort Knox alone homes roughly 147 million troy ounces of gold, at the moment value about US$426.3 billion.
Whereas the US Division of the Treasury maintains that the gold stays intact, the absence of current unbiased audits has led to hypothesis. The problem gained renewed consideration after Australia found counterfeit gold within the Financial institution of England’s reserves, elevating considerations in regards to the authenticity of saved bullion worldwide.
Some monetary analysts argue {that a} lack of transparency at Fort Knox might erode confidence in US gold reserves, notably at a time when central banks worldwide are rising their gold holdings.
As talked about, Musk has indicated that DOGE could possibly be tasked with conducting the audit.
The not too long ago shaped division has been concerned in reviewing numerous authorities companies, together with the US Company for Worldwide Improvement and the Client Monetary Safety Bureau.
Musk has not offered particular particulars on how DOGE would perform the audit, or whether or not authorities approval could be required. Nonetheless, his involvement has generated important public curiosity, with some speculating that personal sector oversight might push for extra transparency in authorities gold reserves.
The dialogue over Fort Knox’s gold reserves comes because the gold value continues to rise.
Goldman Sachs (NYSE:GS) has boosted its year-end gold value forecast to US$3,100 per ounce, and worries over inflation and financial instability have elevated demand for the metallic.
On the identical time, the controversy has drawn comparisons to Bitcoin, with some arguing that digital property present a extra clear various to conventional gold reserves.
Musk’s feedback have fueled hypothesis over whether or not lacking or mismanaged gold reserves might drive additional curiosity in cryptocurrency as a retailer of worth.
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Securities Disclosure: I, Giann Liguid, maintain no direct funding curiosity in any firm talked about on this article.
