What Is Fort Knox? Elon Musk Now Targets The US Bullion Depository That Houses 147.3 Million Troy Ounces Of Gold

Billionaire entrepreneur Elon Musk has stirred fresh speculation over the integrity of the United States’ gold reserves stored at Fort Knox. Over the weekend, Musk took to social media, questioning whether the gold was still intact. He posted several comments asking if the reserves were “still there” or “gone” and even called for a “live video walkthrough” of the highly secured facility.

Decades-Old Speculation Over Fort Knox

His remarks quickly gained traction, prompting a response from US Senator Rand Paul (R-Ky), who expressed support for greater transparency. “Let’s do it,” Paul stated, backing the idea of annual audits of Fort Knox.

Musk’s skepticism echoes long-standing concerns over the security and transparency surrounding Fort Knox, which houses a significant portion of the United States’ gold reserves. While no concrete evidence suggests any gold is missing, the secrecy surrounding the facility has fueled conspiracy theories for decades.

According to the US Mint, Fort Knox currently holds approximately 147.3 million troy ounces of gold, accounting for nearly 59% of the Treasury’s total reserves. The government values this gold at $42.22 per ounce, placing its book value at approximately $6 billion. However, with market prices exceeding $2,930 per ounce, the actual market value is estimated to be around $435 billion.

What Is Fort Knox?

The US Bullion Depository at Fort Knox, Kentucky, is regarded as one of the most secure locations in the world. Unlike other facilities, it does not produce currency or mint coins; instead, it serves solely as a storage site for precious metal bullion reserves owned by the US Treasury and other federal agencies.

The facility is heavily guarded by the US Mint Police and is located within the Fort Knox Army post. Security measures are so strict that no visitors are permitted inside, and only a select few individuals have full knowledge of the protocols required to access the vault.

Since its establishment in 1936, only three known visits by non-authorized personnel have occurred. The first was in 1943 when President Franklin D. Roosevelt toured the site. The second, in 1974, involved a congressional delegation seeking to dispel rumors of missing gold. More recently, in 2017, then-Treasury Secretary Steven Mnuchin, Senator Mitch McConnell, and Kentucky Governor Matt Bevin were granted access. Following the visit, Bevin reassured the public, stating, “The gold is safe.”

The Origins of Fort Knox

Fort Knox was established in the 1930s as the US government sought a secure and centralized location for its gold reserves. Before its construction, much of the country’s gold was stored along the East Coast, a region considered vulnerable to foreign attacks, particularly with Europe on the brink of World War II.

The site was chosen for its inland location and proximity to a major military installation. Gold shipments began arriving in 1937, transported by US Mail under the protection of the 1st US Cavalry Regiment’s combat vehicles.

At its peak in 1941, Fort Knox held up to 649.6 million ounces of gold. While its primary purpose has always been to store gold, the facility has, at times, safeguarded other priceless artifacts, including the US Constitution and the Declaration of Independence during World War II.

Today, the facility remains largely untouched, with no significant deposits or withdrawals of gold in recent years. Only small samples have been removed periodically for purity testing during scheduled audits.

Renewed Calls for Transparency

Senator Rand Paul has been a vocal advocate for increased transparency regarding the gold reserves at Fort Knox. Speaking on Fox News, he stated, “I think the more sunlight, the better. More transparency, the better.”

Paul has attempted to arrange a visit to verify the reserves for over a decade, but his efforts have yet to materialize. He claimed that during former President Donald Trump’s first term, he was granted permission to visit Fort Knox, but the trip never took place.

His father, former US Representative Ron Paul, has also been a proponent of auditing Fort Knox. Speaking to Gold Telegraph, he remarked, “I think the gold is there,” but questioned its ownership and potential financial dealings related to it. Ron Paul previously introduced the “Gold Reserve Transparency Act” in 2011 to push for a full audit of the reserves.

Trump Weighs In on Musk’s Inquiry

President Donald Trump was recently asked about Musk’s comments while aboard Air Force One. When a reporter inquired whether Musk’s concerns were linked to potential budget cuts at the Pentagon, Trump responded cryptically, saying that Musk wanted to ensure “the gold is there.”

Pressed further on where the gold might have gone, Trump added, “If the gold isn’t there, we’re going to be very upset.”

Despite the growing scrutiny, US Treasury Secretary Scott Bessent recently reaffirmed that Fort Knox undergoes regular audits. In a recent interview, he stated, “We do an audit every year. All the gold is present and accounted for.”

Bessent also expressed openness to allowing interested senators to personally inspect the vaults, a move that could help ease public skepticism.

Why Fort Knox Matters

The United States remains the world’s largest holder of gold, with over 8,100 metric tons in its reserves—more than twice the amount held by Germany, the second-largest holder. This accounts for approximately 4% of the world’s total above-ground gold supply.

While Fort Knox holds the majority of the US reserves, a significant portion is also stored at the Federal Reserve Bank of New York.

Gold has long played a crucial role in global financial stability. Even in an era dominated by fiat currencies, central banks, including the International Monetary Fund and the World Bank, continue to hold significant gold reserves.

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