Who Really Owns the Gold in Fort Knox, and Is It Still There?
Fort Knox is synonymous with a place that guards its charges staunchly, but who is it holding that gold in trust for?
Published March 7 2025, 9:12 a.m. ET
The name Fort Knox is synonymous with something that is impossible to break into and which staunchly protects its charges. You might say your house is "locked down like Fort Knox" if you have ample security measures and feel as though your home is well-protected.
But for the actual Fort Knox, whence comes the phrase, the charges inside aren't living beings, they're gold bars. Gold bars that we once converted into the value of the American dollar.
Yet the United States hasn't backed our dollar with gold since the 1970s, making it just a repository of wealth in the United States. But who owns that gold? The answer may or may not surprise you.
Who really owns the golf in Fort Knox? It's not who you might think.
Fort Knox is one of those American mysteries that everyone knows about. Or so we think. The building itself, located in Kentucky, just outside of Louisville, is heavily guarded and the general public can't get inside. The gold amounts to around 147.3 million ounces, at around $42.22 per ounce, according to the US Mint.
So who owns the contents of the repository?
As it turns out, the gold belongs to that same public which isn't allowed entry.
The contents of Fort Knox are owned by the U.S. Treasury. The U.S. Treasury, of course, is funded by taxpayer dollars that come from individuals, small businesses, and corporations.
So you and all American taxpayers own a little chunk of the gold in Fort Knox.
On the one hand, it's a little understandable that American taxpayers aren't allowed to visit the gold repository. Human beings are notoriously bad at following directions, perhaps especially in the maverick-rich land of the USA, and it would be difficult to keep people from wandering where they don't belong in pursuit of a great gold payout.
On the other hand, if taxpayers own that money, shouldn't they be allowed to use it?
Is the gold still in Fort Knox? Trump and Musk raise skepticism.
In 2025, President Donald Trump and Elon Musk announced plans to tour Fort Knox, making their visit the third such since Fort Knox opened. Normally, only authorized personnel are allowed inside the vault to test and monitor the gold.
In 1974 and again in 2017, US officials visited the vaults amid rumors that the gold had been removed from the vault. During both visits, the gold was where it was supposed to be.
Yet Trump and Musk parroted an oft-spread rumor that the gold was missing and the vault had lain empty for a long time.
While checking on the gold seems like a needless task, it could be useful in putting fears to rest that the gold has been mishandled and that taxpayer wealth has been lost.
However, the gold in Fort Knox, who owns it, and who should be responsible for its storage and use all feed into a larger question about the U.S. government and who's really in charge.
After all, if taxpayers and voters are the ones funding and choosing the government, why aren't they the ones choosing how the gold will be used?
The reason behind Trump and Elon's crusade to tour the repository is anyone's guess, but it comes at a time when the wealth gap in the United States is greater than ever and people are increasingly distrustful of their elected leaders.
However, the government is funded by tax dollars. Therefore how those dollars are spent, stored, and distributed is of concern to the American taxpayer.