Elon Musk desires a golden audit.
The world’s richest man obtained encouragement Sunday to deliver his cost-cutting Division of Authorities Effectivity (DOGE) into one of the vital safe locations on this planet: Fort Knox.
Sen. Rand Paul known as for a assessment of the large gold reserves — value an estimated $425 billion based mostly on market charges — in response to the tech mogul’s musings concerning the stash.
Musk, 53, drew consideration to a consumer who requested him to “have a look inside Fort Knox simply to verify the 4,580 tons of US gold is there.”
“Absolutely it’s reviewed not less than yearly,” Musk replied to X consumer Zerohedge.
“Nope. Let’s do it,” Paul (R-Ky.), 62, chimed in, referring to the Military set up south of Louisville.
The Kentucky senator’s father, former Rep. Ron Paul (R-Texas), a giant gold bug, had beforehand pressed authorities officers for higher transparency on the nation’s reserves.
It’s unclear the final time the ability underwent a complete audit, the vaults have been completely off-limits for many years.
The primary tour of the ability got here in 1974 when journalists and a Congressional delegation have been allowed in following claims the shops had been looted. The vaults have been opened once more in 2017, over the last Trump administration, for Treasury Secretary Steve Mnuchin to view them.
Fort Knox has not less than 147.3 million ounces — 9.2 million lbs. — value of gold sitting in its vaults, in response to the US Mint. That’s about half of the Treasury’s reserve gold.
(The biggest gold vault on this planet is definitely in Decrease Manhattan on the Federal Reserve Financial institution of New York Constructing, however that additionally homes gold from different governments.)
The federal government asses the guide worth of $42.22 per ounce, totaling about $6.2 billion value of gold in Fort Knox.
However that’s virtually a comical undervalue; gold is at present buying and selling at almost $2,900 per troy ounce after skyrocketing within the final yr — that means the stash is value a whole lot of billions.
Gold started arriving at Fort Knox in 1937. The biggest quantity of gold that had been stashed within the Kentucky-based Military set up was 649.6 million ounces in late 1941, per its web site.
Fort Knox is closely fortified. The US authorities claims that the dear steel bullion’s construction and content material are “recognized by only some” and “nobody particular person is aware of all of the procedures to open the vault.”
The Kentucky-based facility’s bullion depository, which shops different beneficial objects to the US authorities apart from gold, doesn’t enable guests and has hardly ever been opened to the general public.
Throughout World Conflict II, it was used to safeguard the Invoice of Rights, Declaration of Independence and Structure. The founding paperwork have been returned to Washington, DC, when the conflict concluded.
Musk has been busy conducting what is basically an audit of the federal authorities’s spending as a part of his DOGE group.
President Trump has instructed that Musk’s DOGE group started with about “12 geniuses” and has since ballooned to “virtually 100 folks.”
The Put up contacted reps for Fort Knox and the US Mint for remark.
