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Musk Proposes DOGE Audit of Fort Knox Gold Reserves
Feb. 18, 2025 09:30AM PST
The last-known full audit of Fort Knox's reserves occurred in 1953, although a partial review was conducted in 1974.
Zlaťáky.cz / Unsplash
Elon Musk has signaled interest in auditing US gold reserves stored at Fort Knox, a Kentucky-based army installation, suggesting the Department of Government Efficiency (DOGE) take on the task.
Musk, known for his frequent social media interactions, replied on Saturday (February 15) when an X user said it would be "great" to have Musk make sure Fort Knox's 4,580 metric tons of gold are really there.
"Surely it’s reviewed at least every year?" questioned Musk.
His comment prompted a response from Senator Rand Paul (R-Ky.), who has advocated for increased transparency regarding the gold at Fort Knox for years. He signaled support for an audit with his reply, “Nope. Let’s do it."
Speaking on "Fox & Friends," Paul said he has been trying to visit Fort Knox to verify its gold reserves for a decade. He added that he was initially granted permission during the first Trump administration, but the visit never took place.
Paul emphasized to the news outlet that verifying the existence of the site's gold reserves is critical.
"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 said during the interview, highlighting gold's role in global finance.
Senator Mike Lee (R-Utah) has weighed in as well, claiming he too has been denied access to Fort Knox.
Musk added in a further X post:
“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."
The tech billionaire also drew further attention to the debate by posting a meme.
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.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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