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Posted On: 02/27/2025 4:35:12 PM
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Musk’s DOGE Targets Fort Knox and the Gold it Holds
For decades, conspiracy theories have swirled around Fort Knox, the heavily guarded vault in Kentucky that holds much of the U.S. government’s gold. But now, these theories have gained new life thanks to billionaire Elon Musk and President Donald Trump. Over the past two weeks, Musk has raised questions about whether the gold is still there, and Trump has vowed to check for himself.
On social media, Musk openly questioned the state of the gold reserves at Fort Knox, asking if it was “still there” or if it had been “stolen.” He even called for a “live video walkthrough” of the vault, sparking public curiosity. Shortly after, Trump joined the conversation, announcing plans to visit Fort Knox personally. “We’re going to Fort Knox to check if the gold is there. Maybe someone took it—there’s a lot of gold,” Trump said at the White House.
While the idea of missing gold might sound dramatic, there is no real evidence to support these concerns. Treasury Secretary Scott Bessent, who oversees the reserves, insists the gold is accounted for. “We check the gold every year. I can assure Americans that all the gold is there,” Bessent said in a recent interview.
Fort Knox stores 147.3 million troy ounces of gold, which is 59% of all the gold owned by the U.S. Treasury. On the open market, where gold is trading at over 2,960 dollars per troy ounce, this gold is worth approximately 436 billion dollars. Interestingly, the U.S. government officially values the gold at just 6 billion dollars, based on an outdated book value of 42.22 dollars per ounce.
Former Treasury Secretary Steven Mnuchin, who saw the gold in 2017, dismissed recent doubts. “When I visited, the gold was there. I just hope it’s still in place, and I believe it is,” he told CNBC.
Despite Bessent’s assurances, some lawmakers support Musk’s call for more transparency. Senator Rand Paul responded to Musk’s proposal for annual audits with a simple, “Let’s do it.”
The renewed focus on Fort Knox comes as gold prices soar. Over the past year, gold has increased 40 percent, outperforming the stock market. With growing concerns about inflation and government debt, gold remains a symbol of financial security. Whether or not Musk and Trump’s concerns hold any truth, one thing is clear: Fort Knox and its gold are once again at the center of public attention.
The immense attention that is being directed towards the gold reserves of the U.S. federal government underscores how increasingly vital this precious metal is becoming. It also confirms that gold industry actors like Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) stand to offer substantial value to their shareholders over the coming years as market conditions maintain their bullish direction.
NOTE TO INVESTORS: The latest news and updates relating to Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) are available in the company’s newsroom at http://ibn.fm/ELRRF
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
For decades, conspiracy theories have swirled around Fort Knox, the heavily guarded vault in Kentucky that holds much of the U.S. government’s gold. But now, these theories have gained new life thanks to billionaire Elon Musk and President Donald Trump. Over the past two weeks, Musk has raised questions about whether the gold is still there, and Trump has vowed to check for himself.
On social media, Musk openly questioned the state of the gold reserves at Fort Knox, asking if it was “still there” or if it had been “stolen.” He even called for a “live video walkthrough” of the vault, sparking public curiosity. Shortly after, Trump joined the conversation, announcing plans to visit Fort Knox personally. “We’re going to Fort Knox to check if the gold is there. Maybe someone took it—there’s a lot of gold,” Trump said at the White House.
While the idea of missing gold might sound dramatic, there is no real evidence to support these concerns. Treasury Secretary Scott Bessent, who oversees the reserves, insists the gold is accounted for. “We check the gold every year. I can assure Americans that all the gold is there,” Bessent said in a recent interview.
Fort Knox stores 147.3 million troy ounces of gold, which is 59% of all the gold owned by the U.S. Treasury. On the open market, where gold is trading at over 2,960 dollars per troy ounce, this gold is worth approximately 436 billion dollars. Interestingly, the U.S. government officially values the gold at just 6 billion dollars, based on an outdated book value of 42.22 dollars per ounce.
Former Treasury Secretary Steven Mnuchin, who saw the gold in 2017, dismissed recent doubts. “When I visited, the gold was there. I just hope it’s still in place, and I believe it is,” he told CNBC.
Despite Bessent’s assurances, some lawmakers support Musk’s call for more transparency. Senator Rand Paul responded to Musk’s proposal for annual audits with a simple, “Let’s do it.”
The renewed focus on Fort Knox comes as gold prices soar. Over the past year, gold has increased 40 percent, outperforming the stock market. With growing concerns about inflation and government debt, gold remains a symbol of financial security. Whether or not Musk and Trump’s concerns hold any truth, one thing is clear: Fort Knox and its gold are once again at the center of public attention.
The immense attention that is being directed towards the gold reserves of the U.S. federal government underscores how increasingly vital this precious metal is becoming. It also confirms that gold industry actors like Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) stand to offer substantial value to their shareholders over the coming years as market conditions maintain their bullish direction.
NOTE TO INVESTORS: The latest news and updates relating to Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) are available in the company’s newsroom at http://ibn.fm/ELRRF
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
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