{"id":75451,"date":"2026-07-15T15:56:44","date_gmt":"2026-07-15T15:56:44","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/treasury-secretary-bessent-says-all-the-gold-is-there-skeptics-demand-an-audit\/"},"modified":"2026-07-15T15:56:44","modified_gmt":"2026-07-15T15:56:44","slug":"treasury-secretary-bessent-says-all-the-gold-is-there-skeptics-demand-an-audit","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/treasury-secretary-bessent-says-all-the-gold-is-there-skeptics-demand-an-audit\/","title":{"rendered":"Treasury Secretary Bessent Says All the Gold Is There, Skeptics Demand an Audit"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Treasury Secretary Scott Bessent said all 147.3 million ounces at Fort Knox remain accounted for.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Trump\u2019s 24-karat coin remains stalled since March 2026, delaying a planned 250th anniversary release. Bessent stated on Wednesday that the coin is being minted.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Rep. Thomas Massie compared Congress to Rome on July 14 over penny and nickel metal changes.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Bessent Breaks Down the Vault<\/h2>\n<p>Bessent <a href=\"https:\/\/x.com\/WSBGold\/status\/2077220131919519964?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">commented<\/a> during a Fox News interview, where he walked through the history of U.S. currency backing before turning to the current state of the country\u2019s <span>gold<\/span>. He noted that the United States shifted to fiat currency in the 1970s, ending the requirement to hold <span>gold<\/span> or silver against outstanding paper certificates.<\/p>\n<p>\u201cI haven\u2019t. People, my staff has,\u201d Bessent told the host when asked whether he personally visited Fort Knox, the largest <span>gold<\/span> vault in the United States. He said the U.S. Treasurer has toured the facility and confirmed the holdings firsthand. Bessent continued:<\/p>\n<blockquote>\n<p>\u201cI am happy to say all <span>gold<\/span> is present and accounted for. The U.S. has the largest pile of <span>gold<\/span> in the world, over a trillion dollars, at current market value.\u201d<\/p>\n<\/blockquote>\n<p>The Fort Knox depository in Kentucky reportedly holds 147,341,858.382 fine troy ounces of <span>gold<\/span>, according to Treasury data from June 2026. That accounts for roughly 59% of the government\u2019s total bullion reserves, with additional stockpiles said to be held at West Point, Denver, and the Federal Reserve Bank of New York. No <span>gold<\/span> has left Fort Knox in a documented capacity since 1974, aside from limited testing samples.<\/p>\n<h2>Book Value Collides With Market Reality<\/h2>\n<p>Here\u2019s where the numbers get complicated. Federal law still values <span>gold<\/span> at $42.2222 per fine troy ounce, a rate frozen since 1973. That places <a href=\"https:\/\/news.bitcoin.com\/trump-signs-order-establishing-digital-fort-knox-bitcoin-reserve-funded-by-seized-assets\/\">Fort Knox<\/a>\u2018s book value near $6.2 billion. At spot prices around $4,000 to $4,100 per ounce in mid-July 2026, the same <span>gold<\/span> carries a market value closer to $600 billion.<\/p>\n<h2>\u2018Trust Me Bro\u2019 Doesn\u2019t Cut It \u2014 Skeptics Demand Proof Beyond Bessent\u2019s Word<\/h2>\n<p>In the past, Bessent has cited annual internal audits by the Treasury Department\u2019s Office of the Inspector General as evidence that the reserves remain intact. Those reviews reconcile records and sample select vault compartments rather than physically weigh and assay every bar. The last large-scale public verification took place in 1974, when a congressional delegation and journalists toured the facility. A smaller 2017 visit included then-Treasury Secretary Steven Mnuchin and Kentucky lawmakers.<\/p>\n<p>That gap has fueled skepticism among lawmakers and <span>gold<\/span> advocates. Rep. Thomas Massie, R-Ky., <a href=\"https:\/\/news.bitcoin.com\/us-lawmakers-seek-audit-of-federal-gold-including-deep-storage\/\">introduced<\/a> the <span>Gold<\/span> Reserve Transparency Act, which would require the Government Accountability Office to conduct a full independent audit within nine months and repeat the process every five years. The bill has not advanced.<\/p>\n<h2>Trump\u2019s Gold Coin Hits a Wall and Resurfaces<\/h2>\n<p>Bessent\u2019s comments arrive alongside renewed attention to a Trump commemorative <span>gold<\/span> coin approved in March 2026 for the nation\u2019s 250th anniversary. The design, cleared unanimously by the U.S. Commission of Fine Arts, features President Trump on the obverse and a bald eagle on the reverse. Bessent authorized the 24-karat coin under his statutory power over <span>gold<\/span> coinage, bypassing rules that generally bar living presidents from U.S. currency.<\/p>\n<figure id=\"attachment_831300\" aria-describedby=\"caption-attachment-831300\" style=\"width:1200px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-831300\" class=\"wp-caption-text\"> <a href=\"http:\/\/www.bitcoin.com\/get-started\/bitcoin-vs-gold\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">Gold<\/a> coin image shared by U.S. Treasury Secretary Scott Bessent on Wednesday, July 15, 2026. Image source: X.<\/figcaption><\/figure>\n<p>Production reportedly stalled. A May 2026 Mint filing placed the project in the design and consultation phase, with striking still six to eight weeks away once final approval clears. The coin was never officially scheduled for a July 4 release and is now expected sometime later in 2026 or into 2027 in a limited run. Eleven days after the 250th anniversary, Bessent wrote on X that the coin is still coming and shared an image of the coin.<\/p>\n<p>The Treasury Secretary said:<\/p>\n<blockquote>\n<p>\u201cAs America commemorates 250 years of independence, the U.S. Mint will begin striking this new $1 <a href=\"http:\/\/www.bitcoin.com\/get-started\/bitcoin-vs-gold\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">gold<\/a> coin to honor the enduring legacy of liberty and a lasting symbol of patriotism. Featuring President Trump, it celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all.\u201d<\/p>\n<\/blockquote>\n<h2>Revaluation Talk Resurfaces, Then Gets Shut Down<\/h2>\n<p>Speculation has also <a href=\"https:\/\/x.com\/oriental_ghost\/status\/2077333634080801113?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">grown<\/a> around a possible revaluation of U.S. <a href=\"http:\/\/www.bitcoin.com\/get-started\/bitcoin-vs-gold\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">gold<\/a> reserves, which would shift the government\u2019s books from the frozen 1973 price to something closer to the market rate. Such a move could generate a one-time accounting gain topping $600 billion. Bessent addressed the idea directly when discussing sovereign wealth fund plans, calling <a href=\"http:\/\/www.bitcoin.com\/get-started\/bitcoin-vs-gold\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">gold<\/a> revaluation \u201cnot what I had in mind.\u201d Treasury data still reflects the statutory price, with no legislative action underway.<\/p>\n<h2>Massie Invokes Roman History to Attack Coin Changes<\/h2>\n<p>Massie raised a separate concern the day prior on July 14, linking Congress\u2019s coin decisions to ancient Rome. He noted that Roman emperors debased currency by cutting precious metal content to fund military spending, then pointed to pending legislation eliminating the penny and allowing the Mint to produce nickels with cheaper metal.<\/p>\n<p dir=\"auto\">The Republican U.S. Representative from Kentucky\u2019s 4th congressional district further noted that the U.S. penny has been mostly zinc since 1982, and production has slowed as the cost to strike each coin exceeds its face value. Nickels, currently 75% copper and 25% nickel, cost more than 13 cents to produce. Bills, including the MINT Act of 2025, would let the Treasury Secretary approve cheaper alloys for the 5-cent coin while preserving its size, weight, and vending machine compatibility.<\/p>\n<p dir=\"auto\">\u201cTo fund an overextended empire, Roman emperors debased their coins by diluting the precious metal content,\u201d Massie <a href=\"https:\/\/x.com\/RepThomasMassie\/status\/2076998163177578565?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">wrote<\/a>. The X post garnered more than half a million impressions and over 24,000 likes. Massie\u2019s historical comparison holds up in broad terms, though modern pennies and nickels already contain no precious metal, making the shift a cost-cutting measure rather than the kind of currency dilution Rome practiced with silver coinage.<\/p>\n<h2>What Comes Next<\/h2>\n<p>For now, Bessent\u2019s position on Fort Knox remains unchanged from statements he has made since early 2025. He has offered to arrange visits for interested senators but said he has no plans to travel to Kentucky himself. The debate over independent verification, the Trump coin\u2019s release date, and coin metal composition is likely to continue as <a href=\"https:\/\/news.bitcoin.com\/cool-cpi-print-ignites-market-rebound-as-bitcoin-gold-and-stocks-rip-higher\/\">gold<\/a> prices hold near record levels heading into the second half of 2026. Trump himself <a href=\"https:\/\/news.bitcoin.com\/trump-demands-fort-knox-audit-after-cia-official-seized-with-40m-in-gold-bars\/\">noted<\/a> at the end of May that it was \u201ctime to physically audit Fort Knox.\u201d<\/p>\n<p>On the legislative side, the penny and nickel bills Massie referenced sit within a broader push to cut Mint production costs. The Treasury has said the current system loses money on both coins every year, the metal and labor costs exceed face value, a gap that lawmakers from both parties have cited when backing composition changes. Whether the House holds a vote this week, as Massie\u2019s post indicated, remains to be confirmed through the chamber\u2019s official schedule.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/fort-knox-standoff-treasury-secretary-bessent-says-all-the-gold-is-there-skeptics-demand-an-audit\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Treasury Secretary Scott Bessent said all 147.3 million ounces at Fort Knox remain accounted for. Trump\u2019s 24-karat coin remains stalled since March 2026, delaying a planned 250th anniversary release. Bessent stated on Wednesday that the coin is being minted. Rep. Thomas Massie compared Congress to Rome [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":75452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/75451"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=75451"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/75451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/75452"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=75451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=75451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=75451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}