The Trump administration plans to audit Fort Knox's gold reserves.
▪️The US government claims to own nearly 5,000 tons of gold, but Fort Knox has not been audited since 1974 — nearly 50 years ago.
▪️No one has actually seen the gold. Time for Elon and DOGE to step in and check every ounce.
The company is betting on Doge Auditing Fort Knox by May 2025 at a positive 57%, suggesting that more and more people believe it is likely to happen.
Elon Musk supports the Fort Knox audit because he believes the public has a right to know.
In light of Fort Knox, Senator Cynthia Lummis took aim at Musk on Bitcoin, saying it establishes a transparency that gold lacks.
The company is betting on Doge Auditing Fort Knox by May 2025 at a positive 57%, suggesting that more and more people believe it is likely to happen.
Elon Musk was advised to break into Fort Knox and check the gold reserves inside. This was after it was discovered that the top secret locations were not undergoing annual audits.
The U.S. Mint says the physical vault holds at least 147.3 million ounces, or 9.2 million pounds at the new gold price. That's about half of the gold the Treasury keeps on hand.
The government estimates the gold in Fort Knox is worth $42.22 an ounce, or about $6.2 billion. But that's too low; gold prices have surged in the past year and are now worth nearly $2,900 an ounce, meaning the stash is worth $425 billion.
Looking back, reporters and members of Congress were the first to be allowed to tour the building in 1974. This was because the stores were said to have been looted. In 2017, during Trump's final term, the vaults were reopened so Treasury Secretary Steve Mnuchin could take a look inside.
However, there were rumors about Fort Knox, at least since the 1970s, that the vast amount of gold said to be stored there was not there and that the US government had sold it.
Senator Mike Lee said he tried to enter Fort Knox without success. He said he was told Fort Knox is a military facility, so he couldn't have access. In response, Musk wrote: Who confirms that gold wasn't stolen from Fort Knox? It's possible it's there. This gold belongs to the American public! We want to know if it's still there.
Senator Rand Paul of Kentucky initiated the Fort Knox audit. Interestingly, his father, former Rep. Ron Paul (R-Texas), was a gold fan and pushed the government to be more transparent about the nation's stocks.
Senator Paul's father questioned the government about the gold stores at Fort Knox. In 2011, then-incumbent Representative Ron Paul held a meeting in Congress about audits of U.S. reservations.
In a statement released by the U.S. House, former Rep. Paul specifically mentioned the issues regarding Fort Knox during the meeting.
It said: “No one from Congress has been allowed to view the gold at Fort Knox in nearly 40 years, recent photographs of the gold holdings seem difficult to find, and audit statements from the Mint and Inspector General contain only the bare minimum of information.”
The former congressman stated: “Since the government has refused to provide essential information about its gold holdings for so long, it is not surprising that so much confusion abounds both inside and outside the government.”
Crypto is back in the spotlight. Senator Cynthia Lummis said in a new post that Bitcoin fixes the transparency that gold lacks. It’s one of the most famous things people have said about Bitcoin, a line that has become almost legendary in the industry.
Lummis said: Bitcoin reserves can be checked at any time, 24/7, with a basic computer. It is time to update our reserves.
Michael Saylor, CEO of Strategy and Bitcoin evangelist, said the same thing. He responded to Elon Musk with the same “Bitcoin fix this”
On the other hand, Peter Schiff, the most vocal critic of Crypto and a major opponent of Bitcoin, said that when you check gold, you check something. However, the expert said that when you check Bitcoin, you check nothing. In other words, according to Schiff, Bitcoin does not fix anything.
Well, it seems that this Trump gang didn't get everything...let's see what else happens during his presidency