Elon Musk’s fiery remark on the U.S. gold reserves at Fort Knox has ignited a debate over the mystery surrounding America’s gold stockpile, fueling speculation that the DOGE may be considering an audit of the facility. The billionaire has triggered a row after multiple post on X, regarding the presence of gold. Musk has fueled speculation on the reserve. “Who is confirming that gold wasn’t stolen from Fort Knox?” Musk asked his millions of followers. “Maybe it’s there, maybe it’s not.”
When one user suggested a livestreaming an inspection, Musk responded with two fire emojis, which fueled the speculation.
US Gold Reserves At Fort Knox
The Fort Knox Bullion Depository was officially established in 1936. Till then it has been a symbol of financial security for nearly a century. Fort Knox is the most well-known gold storage facility in the U.S., but additional gold reserves are believed to be stored at mints in West Point and Denver, as well as at the Federal Reserve vault in New York. Gold shipments to Fort Knox began in 1937 with the highest recorded amount stored at the Kentucky Army installation reportedly at 649.6 million ounces.
Various reports suggest that Fort Knox hold around 147 million troy ounces of gold—worth an estimated $425 billion today. Yet, for decades, conspiracy theories have swirled about what’s actually inside those vaults. It also contain several other valuable assets belonging to the US government as well. The Fort Knox facility has a no-visitors policy and remains closed to the public and has rarely been accessible.
According to media reports, The last comprehensive audit of the depository took place in 1953. During the World War II, Fort Knox also safe guarded important American documents, including the Bill of Rights, the Declaration of Independence and the Constitution. These were returned to Washington D.C, after the war ended. In 1933, during the Great Depression, President Franklin D. Roosevelt issued Executive Order 6102. It made owning of gold illegal for the US citizens. Americans were forced to sell their gold to the government at $20.67 per troy ounce.
What Elon Musk Accuses
Musk has been pushing for an audit of Fort Knox. It is said that the Senator Mike Lee(R-Utah) has been repeatedly denied access to Fort Knox. “As a U.S. senator I’ve tried repeatedly to get into Fort Knox,” Lee posted on X, sharing his frustration at the secrecy. After which Musk went a step further, suggesting a livestreamed walkthrough of Fort Knox. “It would be cool for the public to see what so much gold looks like,” he posted. “It is theirs, after all!”
What Is A Gold Reserve?
A gold reserve refers to the gold owned by a country’s central bank, which serves as a financial safeguard to back monetary commitments and maintain economic stability. It also acts as a store of value to preserve wealth.
Where Does RBI Stores It’s Gold
India’s gold reserves are primarily stored in the Bank of England, which is known for its stringent security protocols. The RBI also stores a portion of its gold reserves at the Bank for International Settlements (BIS) in Basel, Switzerland, and the Federal Reserve Bank of New York in the United States. Like many other nations, India stores its gold reserves in foreign vaults to spread out risk and facilitate international trading.
Gold Reserves in India increased to 876.20 Tonnes as of end December 2024 from 853.63 Tonnes in the third quarter of 2024. According to World Gold Council, Gold Reserves in India averaged 524.02 Tonnes from 2000 until 2024, reaching an all time high of 876.20 Tonnes in the fourth quarter of 2024 and a record low of 357.75 Tonnes in the second quarter of 2001. The 2024 gold purchase is the highest since 2021 and the second highest in any calendar year since it started buying gold in 2017.
India stores a portion of its gold overseas to facilitate trade, engage in gold swaps, and earn returns more efficiently. However, this practice comes with risks—geopolitical tensions or conflicts could threaten the security of these assets held abroad.
