What happened to the Fort Knox Gold Reserve audit? Remember when Elon Musk and Donald Trump were supposed to do an Adin Ross kick-type livestream showing us all the gold? 99Bitcoins remembers.
Instead we only got pictures of gold bars and triumphant proclamation the the gold is secure. Really make you think.
For decades, conspiracy theories have swirled around the gold depository; here are the most plausible.
Where is the gold? Is there gold in Fort Knox?
(source)
Recently, Germany has been considering calling home its massive gold holdings parked in New York and Fort Knox, driven by anxiety over Trump’s tariff strategies.
With 3,350 tonnes secured worldwide, Germany is a gold heavyweight, second only to the US, which sits atop an unmatched 8,100 tonnes. If increasing economic insecurity continues worldwide, we’ll know whether the gold is really there or not.
Some Germans worry about their gold, stored in the US
– After the EU legalising the theft of sovereign funds, it set a dangerous precedent for such confiscationhttps://t.co/RedCTq2IVb pic.twitter.com/HSc3l9t7cF— Glenn Diesen (@Glenn_Diesen) April 5, 2025
The only gold bugs this will burn are those who accepted gold certificates over real gold, even though it is a consistent pattern that certificate sellers get greedy and sell more promissory notes than they can honor.
Gold in general will dump if this is true.
Then, the scramble for physical will send demand and price through the roof.
Fort Knox Gold Reserve: Can we audit US gold?
Fort Knox, built in the 1930s as a fortress for America’s gold, holds 147.3 million ounces—59% of the Treasury’s supply. An answer to pre-WWII jitters, it’s a concrete and steel enigma. It’s opened its doors just three times—to Roosevelt in ’43, Congress in ’74, and Steven Mnuchin and others in 2017.
The rest is shadows and speculation, reinforced by its closed doors.
(source)
The problem with using gold as currency is that it’s heavy, which complicates the logistics of moving money around. Hence, the Silk Road – not the digital one – had so many bandits. If we want to make it easier to transact, then we’ll create a Type-2 currency or a linked currency. That’s the Gold Standard.
However, the biggest problem is that passing around paper money quickly creates more notes in circulation than gold in the bank. If everyone tried to redeem at the same time, there would be a whole lot of people holding the bag, literally.
This was the state of the US in the 70’s.
The Fed better hope Trump doesn’t audit Fort Knox for that specific reason.
If it ever gets out that the entire gold market is smoke and mirrors, this opens the door to alternatives like Bitcoin and other cryptocurrencies.
The Case for Transparency
Audits and assurances are tossed around like confetti, but public trust in Fort Knox remains thin.
The Treasury swears all the gold is accounted for, yet critics aren’t dropping the issue. Officially, Knox’s gold cache stands at $6 billion, thanks to a near-mythical valuation of $42.22 per ounce. But factor in reality, and that should be closer to $436 billion. That chasm is the crack through which rumors of conspiracy pour.
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Key Takeaways
- What happened to the Fort Knox Gold Reserve audit? Remember when Elon Musk and Donald Trump said they’d do that.
- Instead we only got pictures of gold bars and triumphant proclamation the the gold is secure. Really make you think.
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