From News Addicts
By Trent Walker, February 17, 2025
Sen. Rand Paul is inviting Elon Musk to come to his state of Kentucky to review the largest reserves of gold in the U.S.
A libertarian X account with 2 million followers asked the leader of the Department of Government Efficiency (DOGE) to set his sights on Fort Knox to make sure the U.S. supply of gold is still in its reserves.
Musk questioned why the gold supply is not reviewed every year, leading to speculation that he could look into the military base with the fortified vault full of U.S. gold.
Since President Donald Trump took office and put Musk in a position of power in Washington, the billionaire has targeted multiple agencies for cuts that the duo feels will save the federal government from ‘wasteful spending.’
He helped completely dismantle USAID – either firing or putting more than 10,000 employees in limbo – and has cut billions in funding in agencies like the Department of Education and fired four of the top financial officials at FEMA.
‘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,’ the libertarian Zero Hedge news aggregator account posted to X. ‘Last time anyone looked was 50 years ago in 1974.’
Musk responded to the post with: ‘Surely it’s reviewed at least every year?’
But Republican Sen. Paul of Kentucky said ‘nope’ and invited Musk to ‘do it’ and have his DOGE staffers conduct an audit of the reserves located in the Fort Knox Army base.
The Bullion Depository holds roughly 147 million troy ounces of bulk gold, which represents over half the gold held by the U.S. federal government or 56.35 percent of the total.
The U.S. Mint Police are responsible for protecting the gold reserve.
Gold reserves in the U.S., just like all gold reserves, act as a financial safety net against economic instability.
It stores actual, tangible value and helps hedge against inflation with the intention of maintaining public confidence in the nation’s currency despite the gold standard no longer being the way the economy operates.
While the X post suggests the last inspection of the gold coffers was conducted in 1974, there was also one in August 2017 when Kentucky Sen. Mitch McConnell brought a small group, including then-Treasury Secretary Steven Mnuchin, to the vault.
A few very grainy black and white images of Mnuchin in the vault were released after the visit in front of what the public is told are golden bars.
Mnuchin was the first head of the Treasury to visit the depository since 1948.
The first inspection of the vault was in 1943 by President Franklin Roosevelt in the aftermath of the Great Depression and in the throes of World War II.
The aforementioned 1974 inspection came in response to a circulating conspiracy theory at the time that claimed elites had secretly removed the gold and the vaults were actually empty.
Members of Congress and the media attended the tour led by the U.S. Mint Director at the time to prove to the public the gold was still there.
Musk and his DOGE team have been on a rampage the past month in efforts to make cuts to federal spending and better spend federal government funds from taxpayers.
Terry Shulze said – “… the Australian gold stock… was something over 600 metric tons…”
… which at the current price is over 100 Billion Australian dollars.
With only blue sky above, it would seem. Except now we don’t got it no more. So our crappy plastic fiat paper money here in Australia isn’t actually backed by anything at all. Have you stocked up on all your essential supplies yet folks?
Just BTW, folks, here’s a fun fact – Australia was the very FIRST Western country to sell off all it’s gold reserves, all those years ago. Kind of warrants some sort of award, don’t you think?
Back in the 1990s I was following the reports of GATA (gold anti-trust association). A couple of their members visited the gold refineries in China. Apparently the refiners were never given an NDA to sign and admitted that they had melted down, refined and then cast the American ‘coin melt’ bars into good delivery one kilo bars. They had also melted down German Bundesbank bars.
Then there was a story during the Clinton administration of gold plated tungsten bars being substituted into the American gold inventory.
As far as the Australian gold stock. It was something over 600 metric tons, then Labor, followed by Liberal under Costello that sold off the majority of Australian gold at the bottom of the price swing. Costello said, “it is a barbaric relic”. They kept 20 bars of gold for photographic purposes. However, with the tungsten bars circulating, I expect those 20 bars won’t qualify as good delivery bars. – Gold is now at A$4,600+
Just wait until the audit of Fort Knox….
Elon Musk’s latest trick
Musk has just blitzed the U.S. Social Security system [another Ponzi scheme]: – Head of Agency resigns.
DOGE has just found, that America with a population of ~335 million has 394 million names registered on its Social Security database.
The data shows that 21 million Americans are collecting SS payments over the age of 100, with many payments going to those over 140 [so they’ve presumably been in the freezer for some time].
Elon tweeted, – ‘this might be the biggest fraud in history.’
AI is the new ‘Sherf in town.’
‘They actually sell more paper gold (or digital gold if you prefer) than is physically available to them. It’s called “fractional gold reserve” trading.’
Yeah – I know, its Comex trading as you say. As long as people just want to trade there’s no problem. That’s what its for.
‘Good luck getting your hands on your few ounces or tons of it if there’s a rush. rotfl’
Yeah – if people want to take delivery there in the wrong place, that’s what bullion dealers and storage are for.
Folks should not invest in what they don’t understand, – they’ll get their purse burnt 🤣.
If AI proceeds as Elon outlined in his recent talk to World Governments [link below], – currency could become obsolete.
According to Elon, – money is perceived as a data base, or information system for resource allocation, but if there is an abundance of products, which AI will generate, scarcity of resources and services will be eliminated, so it will no longer be clear what purpose money serves?, – its intended function becomes meaningless.
If correct, the money men must be a tad vexed!
RE: “With that said, why would they even bother?, as they can now achieve the same ends via an increase in digital gold (Bitcoin), which moves in tandem with physical gold. ”
They actually sell more paper gold (or digital gold if you prefer) than is physically available to them. It’s called “fractional gold reserve” trading. Good luck getting your hands on your few ounces or tons of it if there’s a rush. rotfl
Ponzi schemes clearly work for some profit seekers, but only up to a point, provided they get in and out early enuff before the lights get switched off.
I think what really matters is the amount they claim to be there, as the quantity will then determine the value of the U.S. dollar. If they claim more gold is there, this will revalue the dollar upwards: which is exactly what they need.
Due to the weak value of the dollar, now valued at around 1% (max) of its original purchasing power, then its only correctly proportionate to hold the same amount of gold reserves, i.e. – next to nothing. So if in fact, they are holding virtually zero gold reserves, this is actually correct in relation to the current value of the dollar. Most people don’t get that.
However, if they conveniently discover more gold than possibly imagined, wouldn’t that be fortunate? – as this would rightfully increase the value of the U.S. dollar, – which is precisely what the dollar needs to retain its privileged status as the global reserve currency.
With that said, why would they even bother?, as they can now achieve the same ends via an increase in digital gold (Bitcoin), which moves in tandem with physical gold.
So instead of increasing their bullion gold reserves to revalue the dollar, the Government can equally increase their BTC strategic reserves to the same ends, – which is precisely what the new administration repeatedly stated during last year’s presidential campaign.
True to their campaign pledge, the Trump administration are presently working on the legislation and finer details of such a reserve.
Central to this program will be the so named, U.S. Crypto Strategic Reserve, as outlined by Senator Lummis. With DJT in office and SAB Rule 121 scrapped, the program is now speeding up, where if all goes according to plan, the digital strategic reserve should be confirmed over the next few months.
On top of this, DOGE top-boy, Elon Musk, has already called for the U.S. Treasury to be put on the blockchain, making every Treasury transaction fully transparent, non-erasable and effortlessly tracked. Every cent will be easily accountable, so no more fudging of the books, or back-door illicit deals: AI will be watching them.
A few days ago, Musk explained to World Governments, – that very soon AI will account for ~99% of all intelligence on Earth, with human intelligence amounting to less than 1%.
Naturally, the criminal usurpers of Government are rightly concerned.
https://m.youtube.com/watch?v=-4LOoxK4j4A
“Perhaps gold plated lead bars weighing the same as 100% gold bars are what is “seen” when inspections are made.”
Last I heard you have to book an inspection some months ahead, ostensibly to provide sufficient time so that bars with the numbers you’re given to identify them can be stamped, usually in Switzerland, on recycled bars from someone else’s prior inspection.
That’s just one of the reasons most countries are not permitted to reclaim their full gold reserves at any point in time. The gold is simply not physically there.
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Leonard said – “… Perhaps gold plated lead bars…”
More likely Tungsten.
Gold density – 19.320 g/cm³
Tungsten Density – 19.254 g/cm
Lead Density – 11.340 g/cm³
Silver Density – 10.497 g/cm³
Perhaps gold plated lead bars weighing the same as 100% gold bars are what is “seen” when inspections are made. Take a few dozen bars at random & cut them open, then test the center sections for gold purity.
Commenter Simon
The gold price says as much about the falling AUD
I am not looking forward to your prediction for the falling AUD
Supermarket prices have already doubled over the post-Covid period.
Electricity prices up to record levels, petrol up 50%, next will be council rates.
The deliberate incompetence of the LibLab government has been scheduled and implemented via Hegelian zigzag method, their intention is that we own nothing, eat ze bugs and be fully boostered with mRNA at quarterly intervals, for which their masters will provide handsome rewards to those who “duly serve”, ie serve us with the authorised documents.
What about the Australian gold stocks that seems to have disappeared? Went to the UK for ‘cleaning’.
The country didn’t get much benefit from when JWH flogged off 2/3rds of our gold stocks, either.
All that gold being transferred to the US will come in handy for the “official” inspection. Where it goes to after that will depend on where another three card trick may be required in the “Borrow from Peter to show Paul” game.
Watch the price of gold increase quickly. I’ll bet it goes over AU$6,000 / oz before the month is out. China and other BRICS nations have been accumulating physical gold for a few months now. They know something. But shrewd investors will be buying up silver while they still can. Once the ‘fiat’ currencies crash, silver will become very valuable indeed. Look to the Japanese banks – they will be the first dominoes to fall…
Everything else has been stolen, the thieves are like starving vultures, why should there be anything there. A video of Musk proves nothing, there could be a video of him emerging out of an atom bomb blast or a black hole in space. All the stories are meaningless without substantiation and there is no possibility of substantiation when everything is run by insane criminal technocrats.
I can’t wait for part 2
If the alleged gold from the Vatican and that stolen from Iraq is on American soil it should be over and above that of the US Government Reserve stored supposedly at Fort Knox. If this extra gold is in US it should not be automatically calculated as belonging to US or its citizens.
Neville said – “… What ever happened to the alleged “Vatican Gold”…”
… and let’s not forget the entire gold reserves of Libya, blatantly thieved and sent back to the US in military cargo planes. And come to think of it, how did Iraq fare with the arrival of American “Freedom and Democracy”?
Seems to be something of a pattern.
And just BTW, what’s all these rumours about hordes of gold stashed away somewhere beneath the Grand Canyon?
[ youtube.com/watch?v=931DL3_GIa0 ]
What ever happened to the alleged “Vatican Gold” that first time President Trump took possession of from the Pope and it took 24 cargo planes full back to the USA ?
Will there be no gold, just paper certificates?, or more gold?, or less gold?
If more or less gold, America will have to revalue the U.S. gold price accordingly.
Ignoring recent currency dilution, current approximations should be ~$70,000 per oz.
I.e., – Divide $20 Trillion dollars circulating in America by 282m oz’s (8 tons) of gold in America = a new gold price of $70,873 per oz.
U.S. gold. 282m oz’s (8 tons).
New gold price. $70,873 per oz.
Needless to say, they have to lie about their gold holdings to keep the gold price suppressed against the ongoing currency dilution. So in order to balance their books properly, – they either need to hold more gold, – or less currency, meaning a massive contraction of the money supply.
As the latter will eliminate liquidity, hence, crashing the U.S. stock markets, then I guess, we’ll continue experiencing an artificially depressed gold price in the U.S. and elsewhere?
Lets see what Elon finds?
Can’t get any more on-topic than this…
[ https://rumble.com/v6ll8im-maga-is-about-to-prove-there-is-no-gold-in-fort-knox.html ]
… so who can answer the question, what will 4,580 MISSING tons do to the price of gold?
Or would they even fess up to it being missing, even under Trump?
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