Is It Time To Audit Fort Knox?
Calls for a new audit of Fort Knox have surged in recent weeks, reviving a decades-long debate over transparency fueled by a growing demand for proof of the nation’s vast gold reserves that were last publicly inspected nearly half a century ago.
Despite official statements claiming Fort Knox holds roughly 5,000 tons of gold—valued at a fraction of its market price on government books—some demand physical verification as the new administration settles in.
Fort Knox, officially the United States Bullion Depository, has long been synonymous with impenetrable security. Built in 1936, it served as a safe haven for gold moved inland from coastal vaults. During World War II, the fortress famously housed invaluable historical documents such as the US Constitution and Declaration of Independence.
While partial inspections and high-profile visits—most notably in 1974, when journalists and members of Congress toured the vault, and again in 2017, when Treasury Secretary Steven Mnuchin made a brief stop—did occur, a comprehensive audit of the bullion reserves has not been conducted since the 1950s.
Supporters of the status quo maintain that the logistical challenges, costs, and security risks far outweigh potential benefits. They also point to longstanding trust in the Treasury’s reports, noting there has never been a credible indication that the bullion is anything but intact.
However, advocates for renewed verification argue that a fresh look would reassure taxpayers that the gold, which was once the bedrock of US monetary policy under the gold standard, is accounted for. Figures such as Senator Rand Paul and Elon Musk have been cited as potential catalysts for pressure on government agencies to open the vault doors.
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