Tech billionaire Elon Musk has his sights set on an audit of the U.S. gold reserve at Ft. Knox through the Department of Government Efficiency (DOGE) after it was revealed there is no yearly review for the world-renowned stash.
Sen. Rand Paul, R-Ky., who invited Musk to review the gold reserve on X over the weekend, joined “FOX & Friends” to discuss the need for greater transparency about the massive reserve after trying to verify it himself for a decade.
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“I think some of them may not think it needs to be audited all the time, but I think the more sunlight, the better, more transparency, the better. And also, it brings attention to the fact that gold still has value and implicitly, not explicitly, but implicitly, gold still gives value to the dollar,” Paul told Lawrence Jones on Monday.
“That’s why we don’t get rid of it,” he continued. “We’ve got it. The IMF has it, the World Bank has it. Most of the central banks… around the world have gold, and it’s an implicit trust that the dollar still has some backing.”
The United States has the world’s largest gold reserve, having more than 8,100 tonnes of it at the end of 2024, according to the World Gold Council.
Fort. Knox’s massive reserve has reportedly been valued at $425 billion according to the New York Post, with the rest of the United States’ highly sought-after metal being stored in the Federal Reserve Bank of New York.
Critics have called for greater transparency regarding the stash after it was revealed the top-secret locations are not subject to a yearly audit.
Paul said he has tried to get his eyes on the Ft. Knox gold for 10 years “to make sure it’s all there.”
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Paul said he received permission to visit during the first Trump administration, but the trip did not materialize.
Then-Treasury Security Steven Mnuchin and Sen. Mitch McConnell, R-Ky., visited the vaults in 2017. They reported that, despite various conspiracy theories, the gold was present.
“I didn’t get to go down, but the secretary of treasury and the senior senator from Kentucky did go down and attest that they believe they saw the gold down there.”
Prior to that, a congressional delegation and journalists were invited to view them in 1974 after claims of looting.
