Elon Musk Demands Fort Knox Audit: Is the U.S. Gold Supply at Risk?

Elon Musk has stirred a new controversy by calling for an audit of Fort Knox’s gold reserves after U.S. Senator Mike Lee revealed he was denied access. With no full audit since 1953, doubts about the U.S. gold supply are growing, especially after Australia discovered fake gold in the Bank of England’s reserves. This has fueled speculation about a potential gold crisis, with India already moving 102 tonnes of its reserves in response.

This comes after U.S. Senator Mike Lee revealed that he was denied access to the facility, prompting Musk to share his views in X: “Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not.” This X post caught the attention of many, including other prominent figures like Senator Rand Paul, who are now pushing for transparency.

The 50-Year Gap in Audits

Fort Knox holds more than 8,100 tonnes of gold, according to Trading Economics, but the last full audit was done in 1953, with a partial audit in 1974. Since then, no one has verified the actual amount of gold in the vaults, leading to rising concerns about whether the gold is there or if it’s been replaced or stolen. This lack of transparency has made many question the credibility of the U.S. gold reserves.

Polymarket Bets Raises Doubts

Meanwhile, bets on Polymarket suggest doubts, with 56% odds against an audit by April. However, as gold prices surge toward Goldman Sachs’ $3,100 target, concerns over Fort Knox’s transparency are gaining momentum. If doubts turn into revelations of missing or fake gold, confidence in traditional reserves could collapse—something Bitcoin supporters claim would strengthen the case for BTC as a superior alternative.

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The Bitcoin Angle – Is BTC the Better Reserve?

Bitcoin advocates, including Senator Cynthia Lummis, argue that BTC’s transparent and verifiable nature makes it a better reserve asset than gold. With Bitcoin already at a critical price point, any scandal surrounding Fort Knox could act as a catalyst for BTC to surge toward $100K according to Crypto analyst MaxPain. 

On the flip side, if an audit confirms all gold is intact, the Bitcoin market may remain unaffected. In this scenario, Some analysts predict Bitcoin could even reach $270K–$300K by 2025 if this trend continues.

But if the U.S. continues to resist transparency, lingering doubts could still fuel Bitcoin’s long-term adoption. For now, the financial world watches closely as Musk’s audit push could have far-reaching effects on gold, Bitcoin, and investor confidence.