Trump says his administration will check Fort Knox ‘to make sure the gold is there’

President Donald Trump stated his administration goes to audit the U.S. gold reserves stored at Fort Knox in Kentucky.

“We’ll go to Fort Knox, the fabled Fort Knox, to verify the gold is there,” Trump stated Wednesday on Air Drive One.

A drive to audit Fort Knox has gained steam from feedback by Elon Musk on X lately. Over the previous few a long time, conspiracy theories have emerged occasionally about whether or not the federal government is being truthful concerning the quantity of gold saved there due to the fort’s excessive safety.

The Treasury Division offers the precise quantities of the U.S. gold reserves on its web site and says there are 147,341,858.382 troy ounces in Fort Knox.

“I feel if this administration presses for an audit, that’ll be a very good factor for everyone,” stated Alamos Gold CEO John McCluskey on CNBC’s “Squawk Field” on Thursday.

Treasury officers have confirmed that the gold is there at Fort Knox. Treasury Secretary Scott Bessent on Wednesday informed a Wisconsin broadcaster that the Treasury does an audit yearly.

“All of the gold is current and accounted for,” Bessent stated

In response to a query from CNBC’s David Faber on “Squawk on the Road” on whether or not there’s gold at Fort Knox, former Treasury Secretary Steven Mnuchin stated: “The gold was there after I visited it. I hope no one’s moved it. I am certain they have not.”

Bessent’s feedback from earlier this month, to “monetize the asset facet of the U.S. stability sheet for the American folks” additionally added to latest investor hypothesis that the U.S. authorities ought to audit its gold reserves and maybe revalue them. The Treasury Division’s present gold holdings are priced at $42 per ounce, a stage that’s set by legislation and hasn’t modified since 1973.

Spot gold on Thursday rose, hitting one other file excessive of $2,954.69 an oz earlier within the session. That is bullion’s tenth file excessive of the 12 months.