The Trump administration plans to audit the gold at Fort Knox
Being a person with his own tin foil hat tucked away somewhere in the back of the closet, I had to smile at this news report that Trump and his sidekick Musk plan to audit the gold at Fort Knox. “Why not?” says I. What can it hurt?
The article leads with a video interview of the CEO of one of my core gold miners, Alamos Gold’s John McCluskey, after their bang up quarterly results as he tips a tin cap of his own. Then comes the meat of the article, beginning with old friend Minooch, fondling some gold bars in 2018.
You can click the headline to access the article.
I wonder if a full audit of the Fed is far behind?
“We’re going to go to Fort Knox, the fabled Fort Knox, to make sure the gold is there,” Trump said Wednesday on Air Force One.
The gold is there, but we are getting a window into Trump. Either he is obsessive about leaving no stone unturned and being thorough, or he wears a super deluxe 100% impenetrable tin hat that only the wealthy can afford. Or he is muckraking news. Or he likes the spotlight. Or he really does believe all those YouTube video channels banging on 24/7 about the left wing Klepto-state.
Treasury officials have confirmed that the gold is there at Fort Knox. Treasury Secretary Scott Bessent on Wednesday told a Wisconsin broadcaster that the Treasury does an audit every year.
“All the gold is present and accounted for,” Bessent said
In response to a question from CNBC’s David Faber on “Squawk on the Street” on whether there is gold at Fort Knox, former Treasury Secretary Steven Mnuchin said: “The gold was there when I visited it. I hope nobody’s moved it. I’m sure they haven’t.”
Anyway, it’s colorful and harvests some eyeballs for the media. I have to believe that the media, both left and right, are loving this man who is a walking, talking multiple story lines per day.
Aside from the noise of it, my takeaway is that of course gold is important. Much more so than Crypto, which is a speculation. Jeez, I mean they’ve been keeping this stuff locked away at $42/oz. while its free trading, non-money inventory outside of Fort Knox trades over $2,900 an ounce.
Beyond that, I wonder what Trump’s plans for the Fort Knox gold may be. There is, after all, this ending to the article:
Bessent’s comments from earlier this month, to “monetize the asset side of the U.S. balance sheet for the American people” also added to recent investor speculation that the U.S. government should audit its gold reserves and perhaps revalue them. The Treasury Department’s current gold holdings are priced at $42 per ounce, a level that is set by law and hasn’t changed since 1973.
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