Elon Musk has stirred controversy by questioning the status of the U.S. gold reserves stored at Fort Knox. His comments on social media led Senator Rand Paul to call for an official review of the vault’s contents, reigniting debates over transparency and accountability.
The discussion began when a user on X asked Musk to “take a look inside Fort Knox just to make sure the 4,580 tons of U.S. gold is there.” Musk, 53, responded, “Surely it’s reviewed at least every year.” Senator Paul (R-Ky.), 62, replied, “Nope. Let’s do it.”
Fort Knox, located in Kentucky, is one of the most secure facilities in the world. It holds an estimated $425 billion worth of gold based on current market prices. However, questions remain about when the vault was last thoroughly audited. The secrecy surrounding it has fueled conspiracy theories for decades.
A History of Secrecy and Speculation
Fort Knox’s gold vault has rarely been opened to outsiders. In 1974, journalists and lawmakers were allowed inside after rumors spread that the reserves had been looted. The next high-profile visit came in 2017 when Treasury Secretary Steve Mnuchin, along with Senate Minority Leader Mitch McConnell, toured the facility.
The Kentucky senator’s father, former Rep. Ron Paul (R-Texas), has long advocated for greater transparency. In 2010, he pushed legislation to audit Fort Knox, questioning whether all the gold was still there. “My attitude is, let’s just find out what’s there,” he said at the time. His efforts failed, but now his son is taking up the fight.
Fort Knox’s secrecy has made it a target for speculation. Since the U.S. abandoned the gold standard in 1971, its reserves are no longer used to back the dollar. Some believe the gold may have been secretly sold or transferred, though no official evidence supports these claims.
The True Value of Fort Knox’s Gold
The U.S. government values Fort Knox’s gold at just $42.22 per ounce, giving it an official worth of $6.2 billion. However, with gold currently trading at nearly $2,900 per ounce, the actual value of the reserves could exceed $425 billion.
Despite its massive worth, Fort Knox’s gold plays a much smaller role in the economy than it once did. Before 1971, the U.S. dollar was tied to gold reserves, ensuring that paper money could be exchanged for gold. Once the gold standard was abandoned, the reserves became just another asset controlled by the Federal Reserve.
Musk’s Push for Government Transparency
Musk has taken an active role in questioning government spending and efficiency. His Department of Government Efficiency (DOGE) initiative aims to reduce waste and improve transparency. Former President Trump claimed the DOGE team started with 12 experts and has now expanded to nearly 100 members.
Musk’s influence could add pressure on officials to open Fort Knox for another audit. While the government insists the gold is safe, decades of secrecy have made many skeptical.
Fort Knox remains one of the most secure locations in the world. The U.S. Mint states that only a handful of people know the vault’s full security procedures, and no single person has complete access. The facility has also stored other valuable national treasures, including the Declaration of Independence and the Constitution during World War II.
For now, calls for an audit remain just talk. However, with Musk drawing attention to the issue, public demand for transparency could grow. The U.S. Mint and Fort Knox officials have yet to respond to the renewed interest in the nation’s gold reserves.
