US President Donald Trump on Saturday said that Elon Musk will be looking at gold depository at Fort Knox “to make sure the gold is still there”.
The United States Bullion Depository at Fort Knox has served as the storage facility for the country’s precious metal bullion reserves since 1937, earning a reputation for its robust security.
“We’re going to open up the doors.We’re going to inspect Fort Knox,” Trump said in a speech to Republican governors Thursday evening.
“I don’t want to open it and the cupboards are bare,” he added.
In addition to safeguarding the gold, Fort Knox also functions as the Army’s human resources command center and hosts the Army’s largest annual training event each summer.
What is Camp Knox?
The Army post, located about 35 miles south of Louisville, covers 109,000 acres across three Kentucky counties—Bullitt, Hardin, and Mead.
Established during World War I, Camp Knox was initially an artillery training center. It was made a permanent installation in 1932 and has been known as Fort Knox ever since. In 1937, the first shipment of gold arrived at Fort Knox, with the 1st Cavalry Regiment assigned to guard it.
When World War II broke out in Europe, the Army formed the Armored Force at Fort Knox, where thousands of soldiers were introduced to tank training. For nearly 80 years, the post was called the “Home of Cavalry and Armor.”
In 2005, the Army moved the Armor Center and School to Fort Benning, Georgia, and established the Human Resource Command Center of Excellence at Fort Knox. In 2013, ROTC Cadet Summer Training was consolidated at the base, and it now hosts the Army’s largest annual training event each summer.
According to the US Mint, Fort Knox currently holds 147.3 million ounces of gold, which accounts for about half of the US Treasury’s total gold reserves.
“There’s like 5,000 tons of gold in Fort Knox. We all want to see it. This is your gold. It’s the public’s gold. I don’t know if it’s there. We just want to see it and make sure someone didn’t spray paint some lead or something. Part of this is also let’s have some fun and it’s the public’s gold so we have a right to see it,” Elon Musk said.
“The President seems into it. It should be a live tour, let’s open the door and see what’s behind it. I’d watch that. What does 5000 tons of gold even look like? Maybe there’s some other stuff in there too,” he added.
Has any gold been removed?
Except for these samples, no gold has been transferred to or from the depository for many years. The gold’s book value is $42.22 per ounce.
It is said that no single person knows all the procedures to open the vault.