{"id":39776,"title":"Trump Plans Fort Knox Gold Audit as Prices Hit Record High","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2025-02-22T06:06:00+00:00","modified":"2025-02-22T06:06:00+00:00","canonical_url":"https://stockmark.it/trump-plans-fort-knox-gold-audit-as-prices-hit-record-high/","markdown_url":"https://stockmark.it/trump-plans-fort-knox-gold-audit-as-prices-hit-record-high.md","json_url":"https://stockmark.it/trump-plans-fort-knox-gold-audit-as-prices-hit-record-high.json","category":"Financial","categories":["Financial","Gold Markets"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2023/01/gold-st-1.jpg?fit=800%2C400&quality=89&ssl=1","format":"news","language":"en-GB","content":"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.\n\nThe 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.\n\nMarket 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.\n\nTreasury 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.”\n\nThe 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.”\n\nGold 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."}