Searching for gold at Fort Knox

What happens if the amount of gold reserves in Fort Knox turns out to be wrong?

The question of whether the American gold reserves really exist in the intended quantity was probably raised by Elon Musk, but the doubts are not new. According to US Treasury Secretary Scott Bessent, they would be reviewed at regular intervals. The USA is the world’s largest holder of gold. And the US gold reserves are stored in Kentucky at the Fort Knox military base. The central bank owns around 8,133 tons of gold. If it turns out that the gold is available as assumed, this could provide confidence in the American financial world. However, if there were less gold than believed, this would be a shock and would probably fuel the gold price even further. Since 1937, the gold reserves (about half) have been stored in Fort Knox. Visitors have only been allowed in three times, once by President Franklin D. Roosevelt. In 1974, journalists and a congressional delegation were allowed to visit. There was another visit in 2017. Otherwise, there is a general ban on visiting the gold depot, which is classified as impregnable.

Since the end of gold’s status in 1971, when an ounce of gold cost around 35 US dollars, the price has risen almost eighty-fold. In 2024 alone, the price of the precious metal rose by around 27%. Many analysts expect it to reach the USD 3,000 mark this year. Prominent voices, such as Ronald Stöferle from Incrementum, are also calling for an estimated price of USD 5,000 by the end of the decade. Gold analyst Johannes Heinritzi from FOCUS MONEY also calculated a gold price of well over 4,000 US dollars per ounce for the end of the decade, based on US shadow inflation. In any case, the fundamental data for gold is excellent, so that gold mine operators such as Osisko Development and U.S. GoldMining should also be in a good position

U.S. GoldMining – https://www.commodity-tv.com/ondemand/companies/profil/us-goldmining-inc/ – has the promising Whistler project in Alaska. Drilling results and exploration work have also been very encouraging to date.

Osisko Development – https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/ – is focusing on the Cariboo gold project in Canada, the San Antonio gold project in Mexico and the Tintic project in the USA. The aim is to become a medium-sized gold producer.

Current company information and press releases from Osisko Development (- https://www.resource-capital.ch/en/companies/osisko-development-corp/ -) and

U.S. GoldMining (- https://www.resource-capital.ch/en/companies/us-goldmining-inc/ -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

Disclaimer: The information provided does not represent any form of recommendation or advice. Express reference is made to the risks in securities trading. No liability can be accepted for any damage arising from the use of this blog. I would like to point out that shares and especially warrant investments are always associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. Despite the greatest care, I expressly reserve the right to make errors, especially with regard to figures and prices. The information contained herein is taken from sources believed to be reliable, but in no way claims to be accurate or complete. Due to court decisions, the contents of linked external sites are also co-responsible (e.g. Landgericht Hamburg, in the decision of 12.05.1998 – 312 O 85/98), as long as there is no explicit dissociation from them. Despite careful control of the content, I do not assume liability for the content of linked external pages. The respective operators are exclusively responsible for their content. The disclaimer of Swiss Resource Capital AG also applies: https://www.resource-capital.ch/en/disclaimer/.