President Donald Trump said his administration intends to audit US gold reserves in Fort Knox, Kentucky.
“We’ll go to Fort Knox, the legendary Fort Knox, and make sure the gold is there,” Trump said Wednesday in Air Force 1.
The Fort Knox drive to audit recently won Steam from a comment by X’s Elon Musk. Over the past decades, conspiracy theory has emerged from time to time about whether the government is true about the amount of gold stored there for the high security of the fort.
The Treasury Department provides the exact amount of US gold reserves on its website, and says Fort Knox has a troy ounce of 147,341,858.382.
“If this administration is asking for an audit, I think it’s good for everyone,” said Alamos Gold CEO John McCluskey on CNBC’s “Squawk Box” on Thursday.
The finance authorities confirmed that the money was at Fort Knox. Treasury Secretary Scott Bescent told Wisconsin broadcasters on Wednesday that the Treasury department conducts annual audits.
“All the money exists and is explained,” Bescent said.
In response to a question from CNBC’s David Faber regarding “Squawk on the Street” about whether Fort Knox has money, former Treasury Secretary Steven Mnuchin said: Certainly they haven’t. ”
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Bescent’s comments from earlier this month that “moresizes the assets side of the US balance sheet for Americans,” and the US government should audit gold reserves and perhaps reassess them. This is added to recent investors’ speculation that this is the case. The Treasury’s current gold holdings price is $42 per ounce, set by law and has not changed since 1973.
Spot gold rose on Thursday, hitting another record high of $2,954.69 early in the session. That’s the 10th record for bullion this year.
