Treasury Secretary Scott Bessent reaffirmed that all U.S. gold reserves remain “present and accounted for” while rejecting renewed speculation surrounding Fort Knox. The comments revive long-running questions over independent audits, gold’s statutory valuation, and the continuing monetary significance of America’s largest reserve asset.
Bessent Says America’s Gold Is Accounted For as Calls for an Independent Audit Continue
GFN - WASHINGTON: Treasury Secretary Scott Bessent says America’s gold reserves remain fully intact, renewing one of the longest-running debates in monetary history as lawmakers continue pressing for an independent audit of Fort Knox and other federal bullion holdings.
Speaking during an interview with Fox News, Bessent dismissed speculation surrounding the nation’s reserves, stating that every ounce remains accounted for through existing Treasury verification procedures.
“I am happy to say all gold is present and accounted for. The U.S. has the largest pile of gold in the world.”
According to official Treasury records, the United States holds approximately 261.5 million troy ounces of gold, with roughly 147 million ounces stored at Fort Knox. The remainder is held primarily at West Point, Denver and the Federal Reserve Bank of New York.
Scott Bessent reaffirmed that U.S. gold reserves remain fully accounted for under existing Treasury verification procedures.
The comments arrive as Representative Thomas Massie continues advocating for the Gold Reserve Transparency Act, legislation that would require the Government Accountability Office to conduct a comprehensive physical audit of every U.S. gold reserve every five years.
The proposal reflects a debate that has persisted for decades.
Years ago, a floor broker with deep ties to major bullion banks made a startling statement: Fort Knox holds “nothing but moths and half-eaten IOUs.” We all laughed back then. But as time passed, I realized he was right.
While Treasury officials perform annual inventory reconciliations and limited sampling inspections, critics argue no comprehensive independent examination of every bar has occurred since the mid-1970s.
President Trump has also expressed interest in personally visiting Fort Knox.
“I do want to go to Fort Knox sometime.”
One of the report’s most striking observations involves accounting rather than storage.
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