President Trump announced that Elon Musk would inspect Fort Knox to verify the gold reserves, which Treasury Secretary Scott Bessent confirmed are audited annually. Fort Knox, housing gold since 1937, spans 109,000 acres and also serves as the Army’s human resources command center. The depository’s security is paramount, with no gold having been removed except for purity testing. The gold’s current value is $42.22 per ounce, totaling 147.3 million ounces, half of the U.S. Treasury’s reserves. Fort Knox has a strong cultural presence, appearing in films and cartoons, reinforcing its reputation for security.
Louisville:
President Donald Trump has announced that Elon Musk will be examining Fort Knox, the iconic repository of American gold reserves located in Kentucky, to ensure the gold is still intact. Treasury Secretary Scott Bessent emphasized that an audit is conducted annually and confirmed that “all the gold is present and accounted for.”
The United States Bullion Depository at Fort Knox has been safeguarding precious metal bullion reserves for the nation since 1937, becoming a symbol of security and protection. Beyond securing gold reserves, Fort Knox also functions as the Army’s human resources command center and hosts the Army’s largest annual training event every summer.
“We’re going to open up the doors. We’re going to inspect Fort Knox,” Trump stated in a speech to Republican governors on Thursday evening. “I don’t want to open it and find the cupboards are bare,” he added.
Fort Knox history and location
The Army installation is situated approximately 35 miles south of Louisville and spans 109,000 acres across three Kentucky counties: Bullitt, Hardin, and Mead.
Initially established during World War I as Camp Knox, it became a center for artillery training, according to the Army post’s website. The post was permanently established in 1932 and has been referred to as Fort Knox ever since. The first shipment of gold arrived at Fort Knox in 1937, guarded by the 1st Cavalry Regiment.
Read: Why US Banks Are Transporting Gold Worth Billions From London To New York
As World War II erupted in Europe, the Army formed the Armored Force at Fort Knox, ordering thousands of soldiers there for tank training. For almost 80 years, the post was regarded as the “Home of Cavalry and Armor.”
In 2005, the Army decided to relocate the Armor Center and School to Fort Benning, Georgia, while the Human Resource Command Center of Excellence was established at Fort Knox. Since 2013, ROTC Cadet Summer Training has been consolidated at Fort Knox, which remains the site of the Army’s largest training event each summer.
How much gold is stored at Fort Knox?
According to the US Mint, the current gold holdings at the US Bullion Depository at Fort Knox amount to 147.3 million ounces, with about half of the Treasury’s gold reserves stored there.
Has any gold ever been removed? The Mint specifies that only very small amounts have been extracted for purity testing during scheduled audits. Besides these samples, no gold has been moved in or out of the depository for many years, and the gold’s book value is set at $42.22 per ounce.
Just how secure is Fort Knox?
The depository boasts exceptional security. Few know the exact structure and contents of the facility, and no single individual is privy to all the procedures required to access the vault.
Publicly available information reveals that the facility was constructed in 1936 with 16,000 cubic feet of granite, 4,200 cubic yards of concrete, 750 tons of reinforcing steel, and 670 tons of structural steel. The premises are heavily guarded, and strict visitor restrictions have only been relaxed on three occasions.
Has anyone been allowed to see the gold reserves?
In 1974, the US Mint granted access to the vaults for a selected group of journalists and congressional representatives after persistent rumors suggested gold had been removed. Prior to this, Franklin D. Roosevelt was the only individual, besides authorized personnel, to enter the vault.
Since then, the vaults have been opened one additional time: In 2017, Treasury Secretary Steve Mnuchin visited alongside Kentucky Gov. Matt Bevin and congressional representatives. Current Treasury Secretary Scott Bessent has expressed willingness to arrange an inspection for any interested senator.
Fort Knox in popular lexicon
The gold depository at Fort Knox is renowned for its impenetrability, cementing its status in popular culture. As far back as 1952, a Looney Tunes cartoon depicted Bugs Bunny and Yosemite Sam searching for gold at Fort Knox. The location has also been featured in films, such as the 1964 James Bond thriller “Goldfinger” and the 1981 comedy “Stripes,” which was partially filmed at the installation.
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