US Treasury says Fort Knox gold intact, no longer backs dollar

Treasury Secretary Scott Bessent visited the Fort Knox bullion depository and confirmed that the United States’ gold holdings – about 147.3 million ounces, worth over $600 billion and valued at more than $1 trillion at current market prices – are fully present and accounted for. He emphasized that, since the United States abandoned the gold standard in 1971, the metal no longer serves as the basis for the dollar’s value, which now relies on confidence in the U.S. economy.

The remarks come after former President Donald Trump called for an audit of the Fort Knox reserves, a request that generated public debate. Bessent’s statements underscore that while the U.S. still holds the world’s largest official gold stockpile, its role in monetary policy is symbolic rather than functional.