The potential revaluation of US gold reserves, particularly those stored at Fort Knox in Kentucky, has sparked considerable speculation, with some analysts predicting a surge in the price of the precious metal.
These discussions have been fuelled by President Donald Trump’s announcement of plans to inspect the Fort Knox stockpile to verify its status. This move comes amid rumours and conspiracy theories questioning the integrity of the stash, despite Treasury Secretary Scott Bessent insisting that “all the gold is present and accounted for”. Bessent has also emphasised that regular audits confirm the reserve’s integrity.
The debate around revaluation centres on the discrepancy between the book value of US gold reserves and current market prices. As of February 2025, the US Treasury recorded its gold holdings at a statutory rate of US$42.22 per troy ounce, a valuation unchanged since 1973. In contrast, the market price of gold has gone past $2,900 per ounce.
According to the US Mint, the current gold holdings at the US Bullion Depository at Fort Knox are 147.3 million troy ounces or about 4,579 tonnes.