President Donald Trump announced Wednesday night that he and Elon Musk's Department of Government Efficiency (DOGE) will investigate whether Fort Knox's gold reserves remain intact. This move comes as part of their broader review of federal assets and spending.
"We're going to go into Fort Knox to make sure the gold is there. You know that? We're going to go into Fort Knox," Trump told reporters aboard Air Force One. He emphasized the importance of the review, saying, "We do want to look. I mean, we hope everything's fine with Fort Knox, but we're gonna go to Fort Knox, the fabled Fort Knox, and make sure the gold is there."
Trump warned that missing gold would be a serious concern. "If the gold isn't there, we're gonna be very upset," he added. The Fort Knox Bullion Depository, located in Kentucky, is believed to hold 147.3 million ounces of gold—more than half of the Treasury Department's total reserves.
Concerns Over Gold Reserves
Fort Knox has long been shrouded in secrecy, with public access restricted. Official estimates suggest the repository holds nearly 370,000 standard-sized gold bars. However, Musk has questioned these claims, raising doubts on social media.
"Who is confirming that gold wasn't stolen from Fort Knox?" Musk wrote Monday on X, the platform formerly known as Twitter. "Maybe it's there, maybe it's not." He also proposed a live video tour of the facility to verify the reserves.
Musk, CEO of SpaceX and Tesla, traveled with Trump aboard Air Force One from a speech in Miami Beach. While Musk did not speak to reporters, his involvement signals a push for government transparency and efficiency. The billionaire has been leading Trump's efforts to downsize the federal bureaucracy, with DOGE aiming to cut $1 trillion in annual spending.
Republican Concerns Over Fort Knox Access
The secrecy surrounding Fort Knox has raised concerns among some Republicans. Senator Mike Lee (R-Utah) criticized the facility's refusal to grant him access, writing on X: "As a U.S. senator, I've tried repeatedly to get into Fort Knox. They won't let me."
Lee continued, "Fort Knox: 'You can't come to Fort Knox.' Me: 'Why?' Fort Knox: 'It's a military installation.' Me: 'I'm a senator; I go to military bases all the time.' Fort Knox: 'You still can't come. Because, you can't.'"
Fort Knox has stored much of the nation's gold since 1937. Its most famous pop culture reference is the 1964 James Bond film Goldfinger, in which Sean Connery's character attempts to prevent a gold heist inside the depository.
Treasury Department Responds
Despite rising skepticism, Treasury Secretary Scott Bessent dismissed concerns, assuring that the reserves are intact. "We do an audit every year," Bessent said in an interview with Wisconsin radio host Dan O'Donnell. "All the gold is present and accounted for."
The debate over Fort Knox's gold comes amid renewed scrutiny of corruption involving precious metals. Former Senator Bob Menendez, nicknamed "Gold Bar Bob," was convicted in 2022 for accepting bribes, including gold bars, in exchange for political favors. He is set to begin an 11-year prison sentence on June 6.
Trump has also hinted at additional financial reforms. On Wednesday, he suggested a potential 20% taxpayer dividend once DOGE completes its government overhaul. As Trump and Musk push for transparency, the public awaits the findings of the Fort Knox audit.
