The U.S. Mint reports 147,341,858.382 fine troy ounces of gold at Fort Knox—about 147.34 million ounces. Treasury’s monthly series shows the same quantity through August 2026. The “$400 billion” figure is a market-value framing, not a fixed official valuation: gold’s dollar price changes, and the sources available here do not establish the date or calculation behind that estimate.
What prompted the questions about Fort Knox?
On February 20, 2025, the Associated Press reported that President Donald Trump said Elon Musk would look at Fort Knox “to make sure the gold is there.” Musk had publicly asked who could confirm the gold had not been stolen. Treasury Secretary Scott Bessent replied that an annual audit was performed and offered to arrange an inspection for any senator interested. The report documented a proposal and public remarks; it did not confirm that Musk carried out the proposed visit. Associated Press, February 20, 2025.
How much gold does Fort Knox hold?
The Mint’s reserve breakdown, dated January 2023, lists 147,341,858.382 fine troy ounces at Fort Knox. Treasury-sourced monthly data published by the Federal Reserve Bank of St. Louis show that same reported quantity through August 2026. The Mint lists 248,046,115.696 ounces in gold held across its locations, so Fort Knox is a substantial portion, but not the entirety, of that reported total.
These figures are quantities of fine gold, not dollar valuations. The Mint says a standard gold bar weighs approximately 400 ounces, or 27.5 pounds; that is an approximate bar weight, not a claim that every bar contains exactly 400 fine troy ounces of gold. U.S. Mint: Fort Knox Bullion Depository; FRED: U.S. Mint Held Gold Deep Storage: Fort Knox, KY.
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What does the “$400 billion” figure mean?
It is an estimate based on assigning a dollar price to the reported ounces. Because gold prices move, a market-value figure needs a price date and calculation; the sources cited here do not establish those details for the headline’s $400 billion. It should not be read as an official fixed Treasury valuation.
A 1974 Mint document provides a useful historical contrast, not a present-day price: it said Fort Knox held 147.4 million fine troy ounces, valued at $6.2 billion using the then-official rate of $42.2222 per fine troy ounce. The same document put the total U.S. monetary gold stock at 276.0 million fine troy ounces across several federal depositories. That statutory-rate valuation belongs to its historical context and is not a current market quote. U.S. Mint: Inspection of Gold at Fort Knox.
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What did the latest located audit establish?
The Treasury Inspector General’s December 12, 2025 report audited the Mint’s schedules of custodial deep-storage gold and silver reserves as of September 30, 2025 and 2024. The OIG said the schedules were presented fairly in all material respects under U.S. generally accepted government auditing standards. It also reported no material weaknesses based on the limited procedures performed and no reportable noncompliance for FY2025 with the provisions tested. Treasury OIG: Audit and Evaluation Reports.
The scope matters. This was an audit of reserve schedules, with stated limits on internal-control procedures. Its opinion is not evidence of a public political walkthrough, a livestream, or a bar-by-bar inspection witnessed by Musk. A routine audit and a proposed public inspection are different events; the audit report supports conclusions about the schedules and procedures it describes, not claims beyond that scope.
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How to read the claims side by side
| Question | What the cited records say |
|---|---|
| Reported Fort Knox quantity | 147,341,858.382 fine troy ounces in the Mint’s January 2023 breakdown; the same quantity appears in Treasury-sourced monthly data through August 2026. |
| Mint-held gold across locations | 248,046,115.696 ounces in the cited Mint breakdown; this is not a Fort Knox-only figure. |
| “$400 billion” | A market-value framing whose exact price date and calculation are not established by the cited sources; not an official fixed valuation. |
| Latest located OIG audit | Audit of Mint reserve schedules as of September 30, 2025 and 2024; favorable opinion on fair presentation in all material respects, with stated limits on internal-control procedures. |
| Proposed Musk inspection | Trump’s proposal was reported by the Associated Press on February 20, 2025; the cited report does not confirm that the visit occurred. |
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