Elon Musk announces possible investigation into Fort Knox to check that $428,000,000,000 of gold hasn't been 'stolen'
Elon Musk might be heading to Fort Knox to check on $428 billion worth of gold in the US.
The head of the Department of Government Efficiency (DOGE) has been invited to Fort Knox to take a look at the largest gold reserves in the US after he discovered there's no yearly review for it.
The suggestion was floated when a libertarian-leaning news aggregator with two million followers called Zero Hedge posted on X.
"It would be great if Elon Musk could take a look inside Fort Knox just to make sure the 4,580 tons of US gold is there," Zero Hedge wrote. "Last time anyone looked was 50 years ago in 1974."
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The tech billionaire then responded to the post: "Surely it's reviewed at least every year?"
But Republican Senator Paul of Kentucky replied: "Nope. Let’s do it."
Now, some are questioning whether the SpaceX founder will add the U.S. gold reserves to his list of concerns and take a trip to the Fort Knox military base.
Since President Donald Trump returned to the White House and put Musk in a position of power in Washington, the South African has targeted areas for budget cuts that will save the federal government from 'wasteful spending.'
Senator Paul, who has reportedly spent the last decade trying to verify himself to the military base 'to make sure it's all there' has spoken about the need for greater transparency. He originally received permission to visit during the first Trump administration, but the trip did not go ahead.
"I think some of them may not think it needs to be audited all the time, but I think the more sunlight, the better, more transparency, the better," Paul explained.
The Bullion Depository holds around 147 million troy ounces of gold, representing over half (56%) of the US federal gold reserves.
Guarded by the US Mint Police, the total US reserve sits at more than 8,100 tonnes, making it the largest in the world, according to the World Gold Council.
As of current, the stash of 147 million gold ounces is equivalent to just around $430 billion (£341 billion) - which is a little over Elon Musk's net worth in case you were wondering.
Despite not backing the dollar directly anymore, the reserves act as a financial safety net against inflation as well as maintain public confidence in the economy.
And also, it brings attention to the fact that gold still has value and implicitly, not explicitly, but implicitly, gold still gives value to the dollar," Paul explained.
"That's why we don't get rid of it. We've got it. The IMF has it, the World Bank has it. Most of the central banks… around the world have gold, and it's an implicit trust that the dollar still has some backing."