Fort Knox’s US Gold Reserve to be Audited, Administration Says

The US Administration announced plans to audit the nation’s gold reserves stored at Fort Knox in Kentucky. “We’re going to go to Fort Knox, the fabled Fort Knox, to make sure the gold is there,” the Administration stated.

This move follows recent calls for an audit, fueled in part by comments from Elon Musk and persistent conspiracy theories questioning the accuracy of the government’s reported gold holdings. The Treasury Department’s official website states that Fort Knox holds 147,341,858.382 troy ounces of gold.

Some experts expressed support for the audit, stating it would be “a good thing for everybody.” Treasury officials, including Secretary Scott Bessent, have repeatedly affirmed the gold’s presence and have stated that annual audits are conducted. Former Treasury Secretary Steven Mnuchin also confirmed the gold’s presence during his visit.

Bessent’s recent comments about “monetizing the asset side of the U.S. balance sheet” have further fueled speculation regarding a potential revaluation of the gold reserves. The Treasury Department currently values its gold holdings at $42 per ounce, a figure set by law and unchanged since 1973.

Spot gold prices have continued their upward trend, reaching a new record high on Thursday. The question now is: How could the audit impact market sentiment?

Amidst soaring gold prices, the US Administration has announced an audit of the nation’s gold reserves held at Fort Knox. This move comes as gold futures hit new record highs, prompting renewed interest in the US gold stockpile. The audit will verify the official holdings of 147,341,858.382 troy ounces, as reported by the Treasury Department.

The timing of this audit coincides with a period of significant activity in the gold market. Spot gold prices have surged to unprecedented levels, marking the tenth record high this year. This surge has reignited discussions about the valuation of US gold reserves, currently held on the books at $42 per ounce—a figure unchanged since 1973. Some analysts speculate that a revaluation could be on the horizon, potentially impacting the US balance sheet.

The increased attention on Fort Knox also follows recent market commentary regarding the potential “monetization” of US assets. This has led to speculation about the strategic role of gold reserves in the current economic climate. The audit’s findings will be closely watched by investors and market participants seeking insights into the nation’s gold holdings and their potential implications for the broader financial landscape. The results could influence market sentiment and potentially contribute to further price volatility in the gold market.