U.S. Treasury Secretary Scott Bessent confirmed that the country’s gold reserves stored at Fort Knox are intact and valued at over $1 trillion at current market prices, during a recent Fox News appearance. This announcement follows President Donald Trump’s call in May for an audit to verify the gold’s presence amid conspiracy theories. Fort Knox holds about 147.3 million ounces of gold, worth approximately $608 billion according to the U.S. Mint, but Bessent cited a higher valuation reflecting current market conditions.
The Fort Knox Bullion Depository, established in 1937 in Kentucky, has long been a symbol of U.S. economic stability. The gold stored there was historically central to backing the U.S. dollar following the Gold Reserve Act of 1934. Bessent’s statement comes after Trump and Elon Musk, then head of the Department of Government Efficiency, pushed for transparency on the reserves last year. Bessent emphasized that while the gold is secure, it no longer influences the dollar’s value in today’s economy.
The confirmation of Fort Knox’s gold reserves underscores the continued physical security of the U.S. Treasury’s assets amid ongoing debates about the dollar’s backing. Although the gold once directly supported the currency’s value, the U.S. moved away from the gold standard under President Nixon. The current valuation exceeding $1 trillion reflects market price changes rather than official accounting. This disclosure provides clarity on a historically significant reserve that has been subject to speculation.
Fort Knox’s gold holdings, totaling 147.3 million ounces, remain a key asset of the U.S. Treasury. The U.S. Mint’s valuation stands at about $608 billion, but market prices have pushed the total value over $1 trillion, as confirmed by Treasury Secretary Bessent on Fox News this week.