Trump wants to check whether gold is stolen from Fort Knox: How MAGA allies are profiting from panic

The United States Depository for gold reserves stands in Fort Knox, Kentucky, in 1974. (AP Photo, File)

US President Donald Trump has reignited one of America’s oldest financial conspiracy theories – whether the gold reserves in Fort Knox still exist. In recent remarks, Trump said he wants to personally inspect the US Bullion Depository to ensure no one has stolen the government-owned gold bars stored there, reported New York Times.

While Trump did not mention the reason behind this suspicion, his own Treasury Secretary Scott Bessent insisted that there was no reason to worry. “All the gold is there,” he told Bloomberg earlier this year.

It might seem like just another bold claim from Trump, but this idea is rooted in an old conspiracy theory driven by public mistrust, economic worries, and the business interests of Trump and his allies.

What is Fort Knox?

The United States Bullion Depository, located at Fort Knox, Kentucky, has long symbolized the country’s economic strength. It houses roughly 4,500 metric tons of gold; i.e. more than half of the US Treasury’s total holdings. However, unlike other government assets, Fort Knox’s vault is famously off-limits, even to members of Congress, which has fuelled public curiosity and suspicion for decades.

The gold reserves have grabbed the limelight after Elon Musk-led Department of Government Efficiency (DOGE) questioned whether they were still intact. The new round of discussion about America’s gold reserves started after Musk responded to posts on X, stating that the gold belongs to the American people and they have a right to know its status.

A persistent conspiracy

Conspiracy theories about Fort Knox go back to the 1970s, when economic turmoil led to widespread mistrust in government institutions. Critics claimed the US had secretly sold off or moved large portions of its gold reserves. The Treasury Department has repeatedly refuted such claims.

While partial inspections and high-level visits have occurred over the years, no full independent audit has taken place in recent times, giving the rumours room to persist.

Many experts believe that Trump’s recent interest in the nation’s gold stash may be just another politically useful talking point, but one with financial implications.

How gold dealers are cashing in

As Trump questions the safety of America’s gold reserves, gold investment companies are reaping the benefits, many of which are directly or indirectly linked to Trump allies.

Trump Junior and other MAGA-aligned personalities have served as spokespersons or influencers for gold dealers, promoting them on podcasts, YouTube, and conservative radio. These companies often advertise by playing on economic fear, urging Americans to transfer retirement savings into “gold IRAs” to protect against government theft or collapse of the dollar.

One such company – Birch Gold Group – is endorsed by Donald Trump Jr’s gold company. A recent article on Birch Gold’s website stated that the idea of an “empty Fort Knox” has gone “from conspiracy theory to mainstream concern.” It stated that if gold was missing, it would be the “quickest way down for the US dollar.”

“It is only those without physical gold exposure that feel the need to panic, perhaps with good reason, about the greenback’s admittedly dismal prospects,” states the article, which is accompanied by an offer for a “FREE gold IRA info kit.”

The Fort Knox rhetoric has eventually become a marketing tool. Some of these companies have started referencing his comments to validate their pitch, claiming that “even Trump wants to inspect the vault” because the situation is so serious.

What we actually know about the gold

Despite Trump’s innuendo, there is no credible evidence that the gold in Fort Knox is missing. The US Mint has confirmed that routine audits and checks are performed, and officials like former Treasury Secretary Steve Mnuchin have visited and verified its existence.

In 1974, growing doubts about US gold reserves led Congress and some journalists, including from The New York Times, to inspect Fort Knox. One reporter called the sight of over 36,000 gold bars in a vault “awesome.”

In August 2017, during Trump’s first term, Treasury Secretary Steve Mnuchin visited Fort Knox with Senate leader Mitch McConnell. They took photos standing next to stacks of gold bars.