Trump Plans Fort Knox Gold Audit as Prices Hit Record High

Former US President Donald Trump has announced plans to inspect America’s gold reserves at Fort Knox, sparking widespread speculation about a potential revaluation of Treasury reserves that could reach £750 billion at current market prices.

The 78-year-old presidential candidate told reporters during an Air Force One flight that his administration would “go to Fort Knox… to make sure the gold is there”. The Kentucky-based ultra-secure bullion depository, established in 1936, reportedly houses 147 million troy ounces of gold.

Market analysts at Wrightson Icap suggest a revaluation of the reserves from the historical Bretton Woods price of $42.22 per ounce to current market rates would dramatically increase the Treasury’s holdings value. Such a move could enable the US government to reduce borrowing or establish a sovereign wealth fund.

Treasury Secretary Scott Bessent moved quickly to quell speculation, confirming to Bloomberg TV that a September audit had verified the gold’s presence. The 62-year-old explicitly ruled out plans to revalue gold for creating a sovereign wealth fund, stating, “When we were talking about the sovereign wealth fund and I said ‘monetise the balance sheet’, I promise you that’s not what I had in mind.”

The announcement gained additional attention after Elon Musk, the world’s wealthiest individual and Trump adviser, questioned the gold’s existence on his social media platform X, writing: “Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not.”

Gold prices have responded positively to the developments, reaching unprecedented levels above $2,950 per ounce. The precious metal has demonstrated remarkable strength this year, posting a 12 per cent increase amid growing concerns over potential trade wars and economic uncertainty.