Trump Urges Physical Audit of Fort Knox After Gold Seizure

President Trump renewed his call for a physical audit of the U.S. Bullion Depository at Fort Knox after federal agents seized 303 gold bars, about $40 million, from former CIA official David Rush during a late-May raid. He wrote on Truth Social, “it is time to physically audit Fort Knox,” linking the call to the arrest and writing that government officials “steal a lot.” In a May 10 interview he described having considered an audit and added he wanted to “knock on the door of Fort Knox, a very thick door, and to see whether or not we have any gold in there.” No formal audit had been scheduled as of May 31.

On or about May 27, FBI agents searched Rush’s Virginia home and seized 303 gold bars, about $2 million in foreign currency and 35 luxury watches, including multiple Rolexes. Prosecutors charged Rush with stealing public money, alleging he falsified credentials to inflate pay and arranged requests for gold and currency that could not be fully accounted for. Rush’s detention hearing was scheduled for early June 2026.

Treasury data show the Fort Knox depository held 147,341,858 fine troy ounces of gold as of April 30, 2026, roughly 4,580 metric tons. That amount represents about 56% of the U.S. Treasury’s reported gold across Fort Knox, West Point, Denver and other sites. At the statutory book value of $42.22 per ounce set in 1973, the Fort Knox holdings are recorded at about $6.22 billion. At market prices near $4,500 per ounce the same gold is valued at approximately $662 billion to $667 billion.

The last full independent physical audit of Fort Knox took place in 1953. A partial inspection in September 1974 covered roughly 21% of the bars without a full count, weighing or independent assay of the entire stock. Treasury Secretary Scott Bessent has stated the gold is audited annually and that “all the gold is present and accounted for.” Critics including Rep. Thomas Massie and Sen. Rand Paul contend internal reviews lack the transparency of a full independent physical audit. Massie introduced the Gold Reserve Transparency Act (H.R. 3795) in 2025 to require independent audits every five years; the bill remained pending in Congress as of May 31.

Gold spot prices have ranged roughly between $4,500 and $5,000 per ounce over the past year. Trump raised the Fort Knox question previously in February 2025 during public remarks with Elon Musk; no independent inspection followed. Treasury officials have maintained routine internal reviews provide verification of the reserves.