Elon Musk's DOGE set to inspect Fort Knox gold reserves

Elon Musk's Department of Government Efficiency (DOGE) is set to investigate whether the gold reserves at Fort Knox are intact. This initiative aligns with an ongoing review of federal assets and spending. The move follows remarks by US President Donald Trump, who called for accountability of the nation's gold reserves.

Trump calls for inspection

Addressing the Republican Governors Association (RGA) meeting, Trump announced plans to personally inspect Fort Knox. "I'm going to see if we have gold there. We want to find out. Did anybody steal the gold in Fort Knox?" he said. Trump emphasised that the gold depository should be audited to confirm the reported 400 tonnes of gold remains secure.

Fort Knox: A symbol of national wealth

Fort Knox, located in north-central Kentucky, has stored much of America's gold reserves since 1937. According to the New York Post, the depository holds 147.3 million ounces of gold, representing more than half of the US Treasury Department's gold reserves. If these figures are accurate, the repository contains nearly 370,000 standard-sized gold bars.

Legal and Legislative scrutiny

Senator Rand Paul, Chairman of the US Senate Committee on Homeland Security and Governmental Affairs, has also raised concerns over the lack of a formal audit. In a letter to Treasury Secretary Bessent on February 19, Paul pointed out that Fort Knox had not undergone a comprehensive audit since 1974. He urged for a full inspection, including gold testing, citing the need for greater transparency and oversight.

Call for a formal audit

Paul’s letter requested that the US Mint conduct a thorough review of its holdings. He called for an in-person inspection of the entire Depository, coordinated with his office, to be completed by March 19, 2025. "As one of Kentucky's U.S. Senators and Chairman of the Homeland Security and Governmental Affairs Committee, which oversees taxpayer-funded operations, I request an audit of the Mint's holdings, including testing of the gold," Paul stated.

Historical context

The last significant civilian visit to Fort Knox took place in 2017 when then-Treasury Secretary Steven Mnuchin toured the facility. Before that, no civilian had been granted access for 42 years. The absence of routine audits has fueled speculation and conspiracy theories regarding the actual state of the gold reserves.