Trump eyes Fort Knox audit as gold nears $3,000

President Donald Trump has announced plans for his administration to audit the United States gold reserves at Fort Knox in Kentucky.

"We will visit Fort Knox, the legendary Fort Knox, to ensure that the gold is indeed present," Trump stated on Wednesday, aboard Air Force One.

This initiative gained traction after remarks from Elon Musk on social media, which amplified conspiracy theories about the government's transparency regarding the gold quantity at the facility.

Trump's remarks have also fueled betting activity on prediction markets.

The Treasury Department states that Fort Knox holds 147.3 million troy ounces of gold.

"We do an audit every year. I can tell the American... all the gold is there," Treasury Secretary Bessent stated, referring to an audit conducted in September.

"I believe that if this administration advocates for an audit, it will benefit everyone," remarked John McCluskey, CEO of Alamos Gold.

Bessent's earlier comments about harmonising the U.S. balance sheet also spurred speculation about a gold reserve audit and potential value reassessment.

The Treasury Department values its gold holdings at $42 per ounce, a figure unchanged since 1973 due to legislative rules.

The market value is actually much higher, with gold trading at more than $2,940 per troy ounce on the open market.  

The Fort Knox gold has a market value of $434 billion.

The price of spot gold reached a new record high of $2,954.69 during the session on Thursday, marking the tenth peak this year.

Odds of a Fort Knox audit occurring before May 2025 surged past 70% on Polymarket following Trump's confirmation.

Musk has shared social media posts questioning if the gold is "still there" or "gone" and called for a "live video walkthrough" of the facility.

Senator Rand Paul responded "let's do it" to one of Musk's posts calling for annual audits of Fort Knox.