In May, President Donald Trump said in an interview he was eager to open the vault at Fort Knox to ensure the U.S. reserves of gold—valued at more than $600 billion—were still there.
Trump was doubling down on plans he and Elon Musk, then-head of the Department of Government Efficiency (DOGE) made last year, calling on an audit of the reserves to delve into conspiracies that gold had been stolen.
Now, U.S. Treasury Secretary Scott Bessent is offering assurance the cache of gold is indeed safe and sound—but is completely inconsequential to the value of the dollar today.
“The treasurer has been to Fort Knox,” Bessent said in a recent Fox News appearance. “I am happy to say all gold is present and accounted for. The U.S. has the largest pile of gold in the world, over a trillion dollars at current market value.”
Established in 1918 in Kentucky, Fort Knox was a key military installation for the U.S. through both World Wars and the Vietnam War. The Fort Knox Bullion Depository was added years later, holding much of the U.S. gold reserves beginning in 1937. Today it holds about 147.3 million ounces, worth about $608 billion, according to the U.S. Mint.
