President Donald Trump announced plans this week to open Fort Knox’s legendary vaults for inspection amid renewed speculation about America’s gold reserves – with Tesla CEO Elon Musk pushing for a livestreamed audit of the “impenetrable” depository.
The Gold at Stake
The U.S. Bullion Depository at Fort Knox currently holds 147.3 million troy ounces of gold – over half of the Treasury’s total reserves – valued at $42.22 per ounce on government books but worth $425+ billion at market prices. While annual audits confirm its presence, no full physical inventory has been publicly verified since 1974.
Security & Secrecy
Built in 1936 with 16,000 cubic feet of granite and a 21-inch steel vault door weighing 20 tons, Fort Knox has only permitted non-authorized visitors three times in its history:
- 1943: FDR’s wartime inspection
- 1974: Congressional/media tour debunking “empty vault” rumors
- 2017: Treasury Secretary Steve Mnuchin’s visit under Trump
Political Theater
Musk amplified conspiracy theories this week, tweeting: “Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not.” He proposed a “live video walkthrough” to settle debates. Trump echoed him: “We’re going to inspect Fort Knox… If it isn’t [there], we’ll be very upset”.
Treasury Secretary Scott Bessent insists “all gold is present and accounted for” through annual audits, while Sen. Rand Paul demands “sunlight” through transparency. Critics compare the spectacle to Geraldo Rivera’s infamous 1986 Al Capone vault broadcast.
Why Now?
The push aligns with Trump’s “golden age” economic rhetoric and Musk’s role overseeing government efficiency reforms. With gold prices near record highs, verifying reserves could impact financial markets and public trust.
