Is the Gold at Fort Knox Still There?

WASHINGTON — “Is the gold there?” This decades-old question about the legendary Fort Knox has resurfaced, with U.S. President Donald Trump seeking answers.

“We’re actually going to Fort Knox to see if the gold is there, because maybe somebody stole the gold. Tons of gold,” Trump stated on Monday.

His call for an audit is gaining traction, with notable figures like cost-cutting czar Elon Musk and Republican Senator Rand Paul of Kentucky joining the discussion recently.

“Who is confirming that gold wasn’t stolen from Fort Knox?” Musk posted on X on February 17. “Maybe it’s there, maybe it’s not. That gold is owned by the American public! We want to know if it’s still there.”

This allegation is not new. Despite Treasury Secretary Scott Bessent’s assurances about the gold’s presence and annual audits, suspicions linger, fueling ongoing speculation about the state of the treasure at Fort Knox.

What is Fort Knox?

The United States Bullion Depository, commonly referred to as Fort Knox, is an ultra-secure vault located at a World War I-era military installation, 56 kilometers (35 miles) south of Louisville, Kentucky.

Named after Henry Knox, America’s first secretary of war, Camp Knox was established in 1918 and later became a permanent military base, rebranded as Fort Knox in the 1930s.

The depository was constructed in 1936 to store the government’s expanding gold reserves that backed the U.S. currency.

In 1937, Fort Knox received its first gold shipment via the U.S. Mail, and by 1941, it held an astonishing 649.6 million ounces of gold — four times its current holdings.

However, Fort Knox was not solely focused on gold. During World War II, it safeguarded America’s founding documents — the Declaration of Independence, the Constitution, and the Bill of Rights — along with valuable items from other nations, including a copy of the Magna Carta, England’s 13th-century charter of liberties.

How Much Gold is There Today?

According to the U.S. Mint, the depository currently houses 147.3 million ounces of gold, equating to 5,000 tons. This amount represents half of the U.S. Treasury’s reserves, with the remainder stored in other secure facilities across the country.

A standard gold bar at Fort Knox weighs approximately 12.4 kilograms (27.5 pounds). The gold’s book value was established in the 1970s at $42.22 per ounce. Based on today’s market, it is valued at around $428 billion, according to mining.com.

What is Known About the Vault’s Security?

Fort Knox’s legendary security has inspired the phrase “secure as Fort Knox.” The facility was constructed using 16,000 cubic feet of granite, 4,200 cubic yards of concrete, 750 tons of reinforcing steel, and 670 tons of structural steel, making it a formidable fortress.

Inside, the two-story vault features 21-inch-thick, concrete-reinforced steel walls. The vault door, which is blast-, drill-, and torch-proof, weighs over 20 tons and requires 14 turns to open. No single individual knows the complete procedure to access it, as noted by former Mint Director Philip Diehl in a 2023 CoinWeek article.

Guarded by the United States Mint Police and a substantial military presence at Fort Knox, the facility is nearly impenetrable. Additional layers of protection, such as razor wire and minefields, are also in place according to Diehl.

Have Visitors Been Allowed Inside?

The U.S. Mint designates the depository as a “classified facility,” maintaining a strict “no visitors, no exceptions” policy. Even former presidents have been denied access.

However, in 1974, an exception was made, allowing a group of journalists and members of Congress to tour the vaults. This historic visit, captured on camera and broadcast on television, was prompted by rumors that significant amounts of gold had mysteriously disappeared.

Four decades later, in 2017, former Treasury Secretary Steve Mnuchin led a delegation of Kentucky politicians to view the vaults. “Glad gold is safe!” Mnuchin tweeted post-visit.

Prior to these rare visits, President Franklin D. Roosevelt was the only outsider to enter the vaults, according to the Mint.

Currently, pressure is mounting for a new public audit. Conservative radio host Glenn Beck recently wrote to Trump, proposing to bring a camera crew to Fort Knox “to document and verify the presence of America’s gold reserves.”

While few doubt the gold’s presence, some experts believe that opening the vault doors to the public could resolve the ongoing controversy. “A full, independent audit — potentially even a livestreamed verification — would dispel doubts and reinforce trust in U.S. financial institutions,” mining.com remarked in a commentary.