Elon Musk’s Division of Authorities Effectivity (DOGE) is ready to analyze whether or not the gold reserves at Fort Knox are intact. This initiative aligns with an ongoing assessment of federal property and spending. The transfer follows remarks by US President Donald Trump, who known as for accountability of the nation’s gold reserves.
Trump requires inspection
Addressing the Republican Governors Affiliation (RGA) assembly, Trump introduced plans to personally examine Fort Knox. “I’ll see if we now have gold there. We need to discover out. Did anyone steal the gold in Fort Knox?” he mentioned. Trump emphasised that the gold depository needs to be audited to substantiate the reported 400 tonnes of gold stays safe.
Fort Knox: A logo of nationwide wealth
Fort Knox, situated in north-central Kentucky, has saved a lot of America’s gold reserves since 1937. In keeping with the New York Put up, the depository holds 147.3 million ounces of gold, representing greater than half of the US Treasury Division’s gold reserves. If these figures are correct, the repository accommodates practically 370,000 standard-sized gold bars.
Authorized and Legislative scrutiny
Senator Rand Paul, Chairman of the US Senate Committee on Homeland Safety and Governmental Affairs, has additionally raised considerations over the dearth of a proper audit. In a letter to Treasury Secretary Bessent on February 19, Paul identified that Fort Knox had not undergone a complete audit since 1974. He urged for a full inspection, together with gold testing, citing the necessity for larger transparency and oversight.
Name for a proper audit
Paul’s letter requested that the US Mint conduct an intensive assessment of its holdings. He known as for an in-person inspection of the whole Depository, coordinated together with his workplace, to be accomplished by March 19, 2025. “As one in every of Kentucky’s U.S. Senators and Chairman of the Homeland Safety and Governmental Affairs Committee, which oversees taxpayer-funded operations, I request an audit of the Mint’s holdings, together with testing of the gold,” Paul said.
Historic context
The final important civilian go to to Fort Knox passed off in 2017 when then-Treasury Secretary Steven Mnuchin toured the power. Earlier than that, no civilian had been granted entry for 42 years. The absence of routine audits has fueled hypothesis and conspiracy theories relating to the precise state of the gold reserves.
