Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Is Fort Knox’s gold still there?
It’s a question that has long fascinated Americans — including President Donald Trump (1).
Treasury Secretary Scott Bessent now says he has an answer.
Must Read
-
JPMorgan still sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Learn more with a free guide from Priority Gold
During a recent conversation (2) with Fox News, host Jesse Watters asked Bessent bluntly, “Have you visited Fort Knox?”
“I haven’t. People on my staff have,” Bessent replied. “The treasurer has been to Fort Knox, and I’m happy to say all gold is present and accounted for.”
Built in 1936, the Fort Knox Bullion Depository is a highly fortified vault adjacent to the U.S. Army post in Fort Knox, Kentucky. According to the U.S. Mint (3), the facility currently holds 147.3 million ounces of gold, doesn’t allow visitors and has only removed “very small quantities” of bullion for purity testing during audits.
But Fort Knox holds only part of America’s gold reserves.
“The U.S. has the largest pile of gold in the world — over $1 trillion at current market value,” Bessent added.
The U.S. does hold more gold than any other country. But while the metal remains in government vaults, it no longer backs the dollars Americans carry in their wallets.
That became clear when Watters asked Bessent about framed displays of earlier U.S. currencies hanging on the wall.
“These are the displays of our currency over the years. We used to have silver certificates. We used to be backed by silver, sometimes gold. And then in the ’70s, we just went to what was called fiat currency — where you didn’t have to keep gold or silver in the vault,” Bessent explained.
For decades after World War II, the dollar sat at the center of the Bretton Woods monetary system. Foreign governments could exchange U.S. dollars for gold at a fixed price of $35 an ounce, requiring Washington to maintain enough bullion to support confidence in the currency.
That arrangement ended in August 1971, when President Richard Nixon closed the “gold window” and stopped foreign central banks from converting dollars into U.S. gold. The move ended the dollar’s last official tie to gold and marked the beginning of today’s fiat system, where the currency is backed by the “full faith and credit” of the U.S. government rather than a fixed amount of gold.
And while the U.S. remains an economic powerhouse, critics of fiat currency have long warned that because the Federal Reserve can essentially print money in unlimited quantities, too much money creation can fuel inflation and erode the dollar’s purchasing power over time.
Americans have already felt that erosion firsthand. According to the Federal Reserve Bank of Minneapolis Inflation Calculator (4), $100 in 2026 has the same purchasing power as just $12.25 did in 1971.
That’s right. $100 became $12 in real terms — even though the gold at Fort Knox never left the vault.
The asset central banks can’t print
During the conversation with Fox News, Watters told Bessent that he had heard the U.S. was receiving more gold from Venezuela.
Bessent confirmed it.
“We are getting a lot from Venezuela. We are getting gold,” he said.
And the U.S. is far from the only country adding to its reserves. According to the World Gold Council (5), central banks around the world have purchased an average of roughly 1,000 metric tons of gold annually over the past four years — about double the average recorded during the previous decade.
That buying spree sends a clear signal: Even in a world dominated by fiat currencies, governments still see value in owning an asset that can’t be printed at will or created at the push of a button.
Everyday Americans may not have a vault like Fort Knox, but they can apply the same principle on a smaller scale. Adding some gold to a diversified portfolio can offer a potential hedge against inflation, currency weakness and periods of market or geopolitical stress.
Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, told CNBC (6) in 2025 that “people don’t have, typically, an adequate amount of gold in their portfolio,” adding that “when bad times come, gold is a very effective diversifier.”
Over the past five years, as inflation continued to chip away at the purchasing power of the dollar, gold has climbed around 120% (7).
Other prominent voices see further potential. JPMorgan Chase CEO Jamie Dimon has said (8) that in this environment, gold can “easily” rise to $10,000 an ounce.
Going for gold
One way to invest in gold that can also provide significant tax advantages is to open a gold IRA with the help of Goldco.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, combining the tax advantages of an IRA with the protective benefits of investing in gold. This feature makes it a compelling potential option for those wanting to ensure their retirement funds are diversified during rough economic times.
Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.
If you’re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.
A real asset that pays
Gold isn’t the only asset investors turn to during inflationary times. Real estate has also proven to be a powerful hedge.
When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts for inflation.
Over the past 10 years, the S&P Cotality Case-Shiller U.S. National Home Price NSA Index (9) has jumped by 88%, reflecting strong demand and limited housing supply.
Of course, high home prices can make buying a home more challenging, especially with mortgage rates still elevated. And being a landlord isn’t exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time (and returns).
Becoming a real estate mogul
The good news? You don’t need to buy a property outright — or deal with leaky faucets — to invest in real estate today. Crowdfunding platforms like mogul offer an easier way to get exposure to this income-generating asset class.
As a real estate investment platform offering fractional ownership in blue-chip rental properties, mogul gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or late-night tenant calls.
Founded by former Goldman Sachs real estate investors, the team handpicks the top 1% of single-family rental homes nationwide for you. In other words, you gain access to institutional-quality offerings for a fraction of the usual cost.
Each property undergoes a rigorous vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.
Sign up for an account and browse available properties here to start investing today.
Diversify your portfolio into multifamily properties
Another option is Lightstone DIRECT, which gives accredited investors access to single-asset multifamily and industrial deals.
Lightstone DIRECT’s direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.
With Lightstone DIRECT, accredited individuals can access the same multifamily and industrial assets Lightstone pursues with its own capital, with minimum investments starting at $100,000.
You May Also Like
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
YouTube (1), (2), (6), (8); U.S. Mint (3); Federal Reserve Bank of Minneapolis (4); World Gold Council (5); Gold Price (7); S&P Global (9)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.