Trump says his administration will check Fort Knox 'to make sure the gold is there'
Published On Feb 20, 2025, 8:09 AM
President Trump announced plans for his administration to audit the U.S. gold reserves stored at Fort Knox, Kentucky. This move follows increasing public interest in the transparency of the government's gold holdings, sparked by comments from Elon Musk. The last official valuation of these reserves was set at $42 per ounce back in 1973, despite recent market values surpassing $2,900 per ounce. This renewed scrutiny over the gold reserves is correlated with growing prices in the gold market, which recently hit another record high.
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If the U.S. government proceeds with an audit of the gold reserves and potentially increases the gold's official value, it may drive more investors toward gold holdings, reinforcing gold's status as a hedge against inflation and economic uncertainty. This could bolster demand for gold-related assets and ETFs.
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