Elon Musk Granted Access to Fort Knox for Gold Reserve Inspection
In a surprising turn of events, President Donald Trump has revealed that tech entrepreneur Elon Musk will be granted access to inspect the United States' gold reserves held at Fort Knox. Musk's visit to the iconic depository in Kentucky is aimed at confirming the presence of the gold reserves.
Scott Bessent, the Treasury Secretary, assures that an annual audit is conducted, and every ounce of gold is accounted for. The United States Bullion Depository at Fort Knox has been a secure storage facility for the nation's precious metal bullion reserves since 1937. Apart from safeguarding the gold reserves, Fort Knox serves as the Army's human resources command center and is the venue for the Army's largest annual training event.
During a recent address to Republican governors, Trump announced, "We're going to open up the the doors. We're going to inspect Fort Knox." He humorously added that he hoped not to find empty storage rooms.
Fort Knox is located approximately 35 miles south of Louisville, occupying 109,000 acres across three Kentucky counties — Bullitt, Hardin, and Mead. Initially established as Camp Knox during World War I, it served as an artillery training center. The facility was made permanent in 1932, and it received its first shipment of gold in 1937, which was guarded by the 1st Cavalry Regiment.
The post has been referred to as the "Home of Cavalry and Armor" for nearly eight decades, particularly after the creation of the Armored Force during World War II. However, in 2005, the Armor Center and School were relocated to Fort Benning, Georgia, while the Human Resource Command Center of Excellence was established at Fort Knox. In 2013, the ROTC Cadet Summer Training was also consolidated at this location.
According to the U.S. Mint, the US Bullion Depository currently holds 147.3 million ounces of gold, which represents about half of the Treasury's stored gold. The Mint reveals that only minimal amounts of gold have ever been removed, mainly for purity tests during audits. The book value of the gold is $42.22 per ounce.
The security of the depository is a closely held secret, with the complete knowledge of the facility and its procedures known to only a select few. The imposing structure was constructed in 1936 using vast quantities of granite, concrete, and steel, and has only allowed visitors on three exceptional occasions.
The depository gained attention in 1974 when the US Mint opened the vaults to journalists and a congressional delegation to dispel rumors about the gold's removal. The only other instance was in 2017 when Treasury Secretary Steve Mnuchin visited with Kentucky Gov. Matt Bevin and congressional representatives. Bessent has expressed willingness to arrange inspections for interested senators.
The perceived impenetrability of Fort Knox has made it a popular element in culture and media. It has featured in a Looney Tunes cartoon, the James Bond film "Goldfinger", and the comedy film "Stripes".