Senator Rand Paul calls on Elon Musk to audit Fort Knox’s gold reserves, sparking debate over transparency and federal oversight.
At a Glance
- Sen. Rand Paul urges Elon Musk to examine U.S. gold reserves at Fort Knox
- No full audit of Fort Knox gold has been conducted since the 1950s
- Fort Knox reportedly holds 147.3 million troy ounces of gold, valued at up to $426.3 billion
- Critics call for more transparency, as the gold reserve is not audited annually
- Musk shows interest in inspecting Fort Knox, suggesting a live video walkthrough
Call for Transparency
In a surprising turn of events, Senator Rand Paul has called upon tech mogul Elon Musk to conduct an audit of the U.S. gold reserves held at Fort Knox. The request comes amid growing concerns over the lack of recent inspections and transparency regarding the nation’s gold holdings. The last full review of Fort Knox’s gold reserves reportedly took place in the 1950s, with only a partial audit conducted in 1974.
The issue gained traction after a social media user suggested that Musk should investigate the gold reserves. Senator Paul quickly endorsed the idea, tweeting his support for the initiative. This move has reignited discussions about the oversight of federal assets and the need for up-to-date accountability measures.
JUST IN: 🇺🇸 Senator Rand Paul calls on Elon Musk's DOGE to audit US gold reserves at Fort Knox to ensure it's still there. pic.twitter.com/nSwh7dPSTt
— Watcher.Guru (@WatcherGuru) February 16, 2025
Fort Knox’s Gold: A National Asset
Fort Knox, located in Kentucky, is reported to house approximately 147.3 million troy ounces of gold. This massive stockpile is valued at up to $426.3 billion, representing a significant portion of the nation’s wealth. The United States holds the world’s largest gold reserve, with over 8,100 tonnes as of the end of 2024, split between Fort Knox and the Federal Reserve Bank of New York.
Despite its immense value, the gold reserves are appraised at a historical book value, reflecting rates from before the discontinuation of the gold standard. This discrepancy between historical and current market values has fueled calls for a more accurate assessment of the nation’s gold holdings.
Growing Skepticism and Calls for Audit
Senator Rand Paul and his father, former Representative Ron Paul, have long expressed skepticism about the official figures and have repeatedly called for audits of the gold reserves. Their concerns stem from the lack of regular, comprehensive reviews of these valuable assets.
“It’d be nice for the American people to know whether or not the gold is there.” – Ron Paul
The push for transparency has not been limited to the Paul family. Bills have been introduced in the House of Representatives calling for regular reviews of U.S. gold reserves. Critics argue that the absence of annual audits raises questions about the true state of the nation’s gold holdings and the overall management of these assets.
Musk’s Potential Involvement
Elon Musk, known for his innovative approaches and willingness to challenge established norms, has shown interest in the idea of inspecting Fort Knox. He suggested the possibility of a live video walkthrough, which could potentially provide unprecedented access to the public. However, it remains unclear whether such access will be granted, given the high-security nature of the facility.
Musk’s Department of Government Efficiency (DOGE) initiative, aimed at eliminating government spending waste and reviewing the federal budget, could potentially play a role in this proposed audit. The involvement of a high-profile figure like Musk has brought renewed attention to the issue of gold reserve transparency.
Past Attempts and Future Implications
While calls for audits have been made before, access to Fort Knox has been limited. Senator Paul himself attempted to visit the facility during the Trump administration but was unable to do so. In 2017, then-Treasury Secretary Steven Mnuchin and Senator Mitch McConnell visited the vaults and confirmed the presence of the gold, but this has not fully satisfied those calling for a more comprehensive audit.
The potential implications of an audit extend beyond mere verification of the gold’s existence. James Rickards, an attorney and investment banker, suggests that an audit could reveal complex issues such as how much U.S. gold is leased, a topic the government may be reluctant to address publicly.
As the debate continues, the call for transparency in Fort Knox’s gold reserves highlights broader questions about government accountability and the management of national assets. Whether Elon Musk and his DOGE initiative will be granted access to conduct an audit remains to be seen, but the discussion has undoubtedly brought renewed attention to this long-standing issue of national importance.
