Musk Proposes DOGE Audit of Fort Knox Gold Reserves

Looking for the gold at Fort Knox … pic.twitter.com/YVGQvBfwVt

— Elon Musk (@elonmusk) February 17, 2025

The last-known full audit of Fort Knox's gold reserves occurred in 1953.

A partial review took place in 1974 when treasury officials and journalists were allowed to inspect a small portion of the gold. Since then, the facility has maintained strict no-visitor policies, with limited oversight of its holdings.

The US has the largest gold reserves in the world, with over 8,100 metric tons, according to the World Gold Council.

Fort Knox alone houses approximately 147 million troy ounces of gold, currently worth about US$426.3 billion.

While the US Department of the Treasury maintains that the gold remains intact, the absence of recent independent audits has led to speculation. The issue gained renewed attention after Australia discovered counterfeit gold in the Bank of England’s reserves, raising concerns about the authenticity of stored bullion worldwide.

Some financial analysts argue that a lack of transparency at Fort Knox could erode confidence in US gold reserves, particularly at a time when central banks worldwide are increasing their gold holdings.

As mentioned, Musk has indicated that DOGE could be tasked with conducting the audit.

The recently formed department has been involved in reviewing various government agencies, including the US Agency for International Development and the Consumer Financial Protection Bureau.

Musk has not provided specific details on how DOGE would carry out the audit, or whether government approval would be required. However, his involvement has generated significant public interest, with some speculating that private sector oversight could push for more transparency in government gold reserves.

The discussion over Fort Knox's gold reserves comes as the gold price continues to rise.

Goldman Sachs (NYSE:GS) has boosted its year-end gold price forecast to US$3,100 per ounce, and worries over inflation and economic instability have increased demand for the metal.

At the same time, the debate has drawn comparisons to Bitcoin, with some arguing that digital assets provide a more transparent alternative to traditional gold reserves.

Musk’s comments have fueled speculation over whether missing or mismanaged gold reserves could drive further interest in cryptocurrency as a store of value.