Senator Rand Paul calls on Elon Musk to audit Fort Knox’s gold reserves, citing decades-old transparency concerns.
At a Glance
- Fort Knox’s gold reserves haven’t been fully audited since the 1950s
- Senator Rand Paul urges Elon Musk’s DOGE to inspect the gold reserves
- Fort Knox reportedly holds 147.3 million troy ounces of gold, valued at up to $426.3 billion
- Critics call for more transparency, as the gold reserve is not audited annually
- The last partial audit of Fort Knox was conducted in 1974
Calls for Transparency at Fort Knox
In a surprising turn of events, Senator Rand Paul has publicly called upon tech mogul Elon Musk to inspect the gold reserves at Fort Knox, Kentucky. This request comes amid growing concerns about the lack of recent audits of the nation’s gold stockpile. The last comprehensive review of Fort Knox’s gold reserves dates back to the 1950s, with only a partial audit conducted in 1974.
The initiative gained traction after a social media user suggested it was time for a thorough check of the reserves. Musk, known for his unconventional approaches to problem-solving, expressed interest in the idea, prompting Senator Paul to endorse the proposal officially.
JUST IN: 🇺🇸 Senator Rand Paul calls on Elon Musk's DOGE to audit US gold reserves at Fort Knox to ensure it's still there. pic.twitter.com/nSwh7dPSTt
— Watcher.Guru (@WatcherGuru) February 16, 2025
The Stakes: America’s Gold Reserves
Fort Knox is reported to house approximately 147.3 million troy ounces of gold, representing a significant portion of the U.S. Treasury’s gold reserves. At current market rates, this gold could be valued at up to $426.3 billion. However, the book value of this gold is substantially lower, a legacy of the United States moving off the gold standard in 1971.
The lack of recent audits has raised questions about the transparency and current status of these valuable assets. While the gold no longer plays a direct role in backing the U.S. dollar, it remains a crucial part of the nation’s financial reserves and a subject of intense public interest.
Political Support and Skepticism
Senator Rand Paul and his father, former Representative Ron Paul, have long expressed skepticism about the official figures and called for regular audits of the nation’s gold reserves. Their concerns have resonated with a segment of the public that values fiscal transparency and accountability.
“It’d be nice for the American people to know whether or not the gold is there.” – Ron Paul
In response to these concerns, bills have been introduced in the House of Representatives calling for regular reviews of U.S. gold reserves. However, these efforts have yet to result in a comprehensive audit of Fort Knox.
Expert Opinions and Potential Implications
James Rickards, an attorney and investment banker, supports the idea of an audit to restore public confidence. However, he doubts there would be significant discrepancies in the reported gold amount. Rickards suggests that an audit could reveal complex issues such as how much U.S. gold is leased, a topic the government may be reluctant to address publicly.
Adrian Ash from BullionVault believes that even if a smaller stockpile were revealed, it would have minimal impact on global gold prices. However, he notes that such a discovery could have significant geopolitical implications.
While regular paperwork reviews occur, a full inspection and tally count would be a massive and costly undertaking. The logistics of such an operation have been cited as a reason for the infrequency of comprehensive audits.
Recent Developments and Future Prospects
In 2017, then-Treasury Secretary Steven Mnuchin visited Fort Knox and confirmed the safety of the gold reserves. However, this visit did not include a comprehensive audit. Senator Paul has attempted to visit Fort Knox during the Trump administration but was unable to do so.
Elon Musk has shown interest in inspecting Fort Knox, suggesting a live video walkthrough. However, it remains unclear whether such access will be granted. The prospect of Musk’s Department of Government Efficiency (DOGE) conducting an audit has sparked both enthusiasm and skepticism among observers.
As the debate continues, the call for transparency regarding America’s gold reserves remains a topic of interest for lawmakers, economists, and the public alike. Whether this renewed attention will lead to a comprehensive audit of Fort Knox remains to be seen.
