US President Trump recently stated that he will visit the US gold reserves at Fort Knox in Kentucky with Tesla CEO Elon Musk, planning an on-site audit. Trump announced this at the Conservative Political Action Conference (CPAC) and humorously asked the audience, “Does anyone want to join us? Because we want to see if the gold is still there.”
Trump further stated that he would be very happy if they could see the 27 tons of gold, although he jokingly added, “We don't know how to measure it, but that's okay, we just hope to see lots of beautiful gold at Fort Knox.” He half-jokingly suggested that if they opened the vault to find no gold, he wouldn’t be surprised, “If we open the door and find nothing there, don’t be completely shocked. Maybe they’ve stolen the gold!”
This statement seems to echo Musk's previous remarks. Last week, Musk announced on the X platform that he plans to personally audit the US gold reserves, questioning whether the $425 billion worth of gold truly exists. Musk did not disclose specific audit methods but mentioned that real-time video inspections might be used. Both leaders have not yet announced their visiting schedule.
The actions of Trump and Musk have also attracted widespread attention. US Treasury Secretary Bessant stated last week that Fort Knox’s gold reserves are audited annually, “All the gold is there.” Nonetheless, the statements from Trump and Musk seem to reflect concerns about the transparency of the US gold reserves.
It is worth noting that Kentucky Republican Senator Paul had previously called for an audit of Fort Knox. He stated that although the dollar no longer fully relies on gold as a backing, gold still plays some role in the value of the dollar. He believes that increasing transparency is crucial for the public.
According to data from the World Gold Council, by the end of 2024, the US gold reserves exceeded 8,100 tons, making it the largest gold-holding country in the world. Most of the US gold is stored at Fort Knox, with the remainder held at the Federal Reserve Bank of New York.
Currently, the visit plans of Musk and Trump are still being arranged, and public attention on this matter will continue to heat up.
