Elon Musk Proposes Audit of U.S. Gold Reserves: Trump Says His Administration Will Check

by Kathrynn Ward • February 19, 2025

a gold bar in the hand of a man against the background of the gold vault of America.

The mystery surrounding the U.S. gold reserves at Fort Knox has long been a subject of speculation, but recently, Elon Musk, the entrepreneur and CEO of Tesla and SpaceX, has reignited the debate. Musk expressed interest in auditing the famed gold storage facility earlier this week to verify the status of its vast gold reserves-estimated to be worth around $425 billion. Trump responded yesterday that his administration will check to ensure the gold is there.

The Vision for Transparency

The conversation began when Musk took to social media to question whether the gold at Fort Knox is still intact. His comments have sparked serious discussions about the need for greater transparency surrounding the U.S. gold reserves. In a tweet, Musk asked, "Who is confirming that gold wasn't stolen from Fort Knox? Maybe it's there, maybe it's not. That gold is owned by the American public! We want to know if it's still there."

Musk's call for an audit follows a broader push for greater accountability from the U.S. government regarding its assets. He is not the first to question the contents of Fort Knox. Over the years, access to the facility has been strictly controlled, and its inner workings have remained largely secret. Some public figures, including U.S. Senator Mike Lee, have reported difficulty in gaining access to the facility, fueling further concerns about its transparency.

Rand Paul Adds Weight to the Debate

Adding to the conversation, Kentucky Senator Rand Paul has voiced his own frustrations with the lack of access to Fort Knox. Despite being a U.S. senator with routine clearance to visit military bases, Paul revealed he has been repeatedly denied entry to Fort Knox.

"As a U.S. senator, I've tried repeatedly to get into Fort Knox... I'm a senator; I go to military bases all the time," Paul stated, emphasizing the need for increased transparency.

This raises the question: If high-ranking government officials can't access Fort Knox, who is truly overseeing America's gold reserves?

Why Fort Knox?

Fort Knox, located in Kentucky, has been home to a significant portion of the United States' gold reserves since the 1930s. According to the US Treasury, the facility holds over 147 million troy ounces of gold, which is the largest reserve in the country.

According to the Sound Money Defense League, the U.S. government has not conducted a full audit of the gold reserves stored at Fort Knox-one of the most secure locations in the world-since the 1950s. The last partial audit took place in 1974.

In 2017, then-Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell visited the facility for a tour, but this was not considered an official inspection.

The U.S. government has long used its gold reserves as a form of financial security, providing confidence in the dollar and reinforcing its standing as the global reserve currency. Yet, the lack of recent independent verification of the reserves has led some to question whether the country still holds as much gold as is claimed.

The Role of Gold in Today's Economy

Gold has always been viewed as a safe haven asset, particularly in times of economic crisis. With inflation concerns, geopolitical tensions, and fluctuating financial markets, investors often turn to gold as a reliable store of value. Musk's proposal to audit Fort Knox aligns with his broader interest in financial transparency and efficiency. His call for a more open and accessible review of the U.S. gold reserves reflects broader calls for accountability in government institutions.

“I think some of them may not think it needs to be audited all the time, but I think the more sunlight, the better, more transparency, the better. And also, it brings attention to the fact that gold still has value and implicitly, not explicitly, but implicitly, gold still gives value to the dollar,” Paul told Lawrence Jones on Monday.

“That’s why we don’t get rid of it,” he continued. “We’ve got it. The IMF has it, the World Bank has it. Most of the central banks... around the world have gold, and it’s an implicit trust that the dollar still has some backing.”

Gold Prices Near Record Highs-Is There More to the Story?

The timing of these renewed concerns over Fort Knox's gold reserves coincides with a dramatic rise in gold prices. Recently, gold has surged to record highs, trading at $2,934 per ounce on February 19th, with Goldman predicting it could reach $3,300 if uncertainty remains high.

Several factors are driving this surge, including:

With gold becoming increasingly valuable, the pressure to verify Fort Knox's holdings is mounting.

What's Next?

“We’re going to go to Fort Knox, the fabled Fort Knox, to make sure the gold is there,” Trump told reporters Wednesday while aboard Air Force One. The conversation has already sparked great interest in the financial community. Should the audit proceed, it could have significant implications for the future of the U.S. dollar and gold markets.

At Lear Capital, we understand the importance of precious metals like gold and silver in times of economic uncertainty. Whether you are considering gold as part of your investment strategy or simply want to ensure your wealth is protected, staying informed about developments in the global financial landscape is crucial. As Musk continues to challenge the status quo, we may see more discussions about the role of gold in securing economic stability. If you’re ready to take action, Lear Capital can help you invest in gold and silver with confidence. Call us us today 800-576-9355 to learn more about how precious metals can secure your portfolio against an uncertain future.

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