Bessent: Fort Knox Gold Confirmed Safe, Dollar Now Fully Fiat

Treasury Secretary Scott Bessent confirmed that all gold reserves at Fort Knox remain intact while emphasizing that the U.S. dollar is no longer directly tied to gold or silver. Speaking on Fox News, Bessent stated, 'All gold is present and accounted for,' referencing staff visits to the vault. He highlighted the end of the gold standard following Nixon's 1971 decision to close the 'gold window,' marking the transition to today's fiat system.

Fort Knox Gold Reserves Verified Secure

■The Fort Knox Bullion Depository, constructed in 1936, stores approximately 147.3 million ounces of gold and is among the most secure facilities globally.

■Recent audits have only removed minimal quantities for purity testing, confirming physical presence.

■The U.S. holds over $1.1 trillion in gold reserves, the largest in the world, though its monetary linkage has long since dissolved.

The End of Gold-Backed Currency

■Under the post-WWII Bretton Woods system, foreign governments could exchange dollars for gold at $35 per ounce.

■Nixon's 1971 termination of this convertibility initiated the era of fiat money, backed solely by government trust.

■Today’s dollar derives value not from bullion but from institutional credibility and global reserve status.

Markets are interpreting this as a reaffirmation of central bank reserve strategies amid rising inflation concerns. While gold retains symbolic weight in U.S. monetary history, its role as a stabilizing asset underscores long-term fiscal prudence rather than active currency backing.