Sen. Rand Paul confirmed Monday that the gold is still in Fort Knox after visiting the Treasury Department’s facility in his home state of Kentucky.
Paul shared a video outside Fort Knox, a U.S. Army post located about 40 miles southwest of Louisville.
“I’m at Fort Knox. We’ve come to see the gold. Our country has about 147 million ounces of gold, and about half of it is stored here at Fort Knox,” Paul said.
“We’re going to be going deep underground to see the gold, but more importantly, we’re going to be talking about what happened to the dollar when we separated from gold in 1971. Over 85 percent of the value of the dollar has been lost since we de-linked from gold,” he added.
Historically, the U.S. dollar was backed by physical gold, but during the Nixon administration, the country left the gold standard, entering a fiat system, where the value of the dollar is based on its worth against other currencies.
Investopedia noted, “One major advantage of the gold standard is price stability, as it limits government’s ability to inflate prices by expanding the money supply.”
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On the downside, “Some economists argue that the gold standard may hinder recession recovery as it restricts governments from increasing the money supply, a key tool for economic growth.”
At Fort Knox, we’ve come to see the gold!
Our country has about a hundred and forty-seven million ounces of gold, and about half of it is stored here at Fort Knox.
We’re gonna be going deep underground to see the gold, but more importantly, we’re gonna be talking today about… pic.twitter.com/qNtHkVMQzg
— Senator Rand Paul (@SenRandPaul) August 10, 2026
Paul said, “So there is a problem. The media now calls this affordability, but what it really is is inflation.”
“We run a debt. As the deficit runs up — $2 trillion a year — part of that debt is bought by the Federal Reserve with newly created dollars. This leads to inflation, and prices are up,” he explained. “Prices are up 25 percent in the last five years. It’s inflation. It’s related to deficit spending. It’s related to unbalanced budgets.”
“I’m going down underground, and I’ll let you know what I see in a little bit,” Paul told followers before entering Fort Knox.
The senator posted later in the day, “Yes, the gold is there, all (approximately) 147 million ounces. It is impressive, but the real point is what it still teaches in 2026.
Paul also re-shared the letter he sent to Treasury Secretary Scott Bessent in February 2025, when he originally asked to tour Fort Knox.
“I visited Fort Knox today. The dollar has lost 97% of its purchasing power since the Fed opened in 1913. $100 then is worth just over $3,300 today. This is no accident. Congress spends without limit, while the Fed prints the difference,” the lawmaker wrote.
I visited Fort Knox today.
The dollar has lost 97% of its purchasing power since the Fed opened in 1913. $100 then is worth just over $3,300 today.
This is no accident. Congress spends without limit, while the Fed prints the difference. https://t.co/TmeJw3ZkJv
— Senator Rand Paul (@SenRandPaul) August 10, 2026
ABC News reported in February 2025 that, as Elon Musk was ramping up his Department of Government Efficiency review of the federal government, he posted on social media that he wanted the gold at Fort Knox audited.
“Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not. That gold is owned by the American public! We want to know if it’s still there.”
Who is confirming that gold wasn’t stolen from Fort Knox?
Maybe it’s there, maybe it’s not.
That gold is owned by the American public! We want to know if it’s still there. https://t.co/aEBXK1CfD6
— Elon Musk (@elonmusk) February 17, 2025
That same month, President Donald Trump told reporters when discussing the DOGE efforts, “We have found hundreds of billions of dollars of fraud so far. And we’ve just started. We’re actually going to Fort Knox to see if the gold is there, because maybe somebody stole the gold. Tons of gold.”
Fox affiliate WNYW-TV reported in 2019 that the U.S. Mint at West Point, New York, holds the second largest portion of the U.S. gold reserves, with 54 million ounces, along with silver and platinum reserves, as well.
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