Bets are in, and D.O.G.E could audit Fort Knox before May: The gold controversy

Polymarket has opened two linked prediction markets as pressure increases on D.O.G.E. to perform an audit of Fort Knox’s gold holdings. The betting odds on D.O.G.E. auditing Fort Knox by May 2025 are 57% positive, suggesting that more individuals believe it is very likely to happen.

Elon Musk was encouraged to crack open Fort Knox and audit the gold reserves inside. This was after it was revealed the top-secret locations are not subject to a yearly audit. 

The US Mint says that the real vault holds at least 147.3 million ounces, or 9.2 million pounds, of gold value. That’s about half of the gold that the Treasury keeps on hand.

The government thinks that the gold in Fort Knox is worth $42.22 an ounce, which adds up to about $6.2 billion. But that’s way too low; gold prices have skyrocketed in the last year and are now almost $2,900 an ounce, which means the stash is worth $425 billion. 

We need to restore full faith and credit in the government of the United States. It begins with our balance sheet. The first place we need to audit is Fort Knox because there hasn’t been a full audit since the 1950s. Here’s the letter I sent to @realDonaldTrump. pic.twitter.com/6V3FqXSsJm

— Glenn Beck (@glennbeck) February 17, 2025

Glenn Beck, a right political commentator, also wrote a letter to US President Donald Trump asking him to restore full faith and credit in the US government, starting with its balance sheet.

In retrospect, in 1974, reporters and members of Congress were the first people to be allowed to tour the building. This was done because it was said that the stores had been robbed. In 2017, during Trump’s last term, the vaults were opened again so that Treasury Secretary Steve Mnuchin could look inside.

However, there have been rumors about Fort Knox since at least the 1970s that the huge amounts of gold that are said to be stored there didn’t exist and that the US government sold them off.

Elon Musk’s take on the Fort Knox

Yesterday, Senator Mike Lee said that he had tried entering Fort Knox without success. He said that he was told Fort Knox is a military installation, so he cannot have access. In response, Musk wrote, “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.”

Other than that Musk has been very responsive regarding Fort Knox. In fact, he said, “It would be cool to do a live video walkthrough of Fort Knox!” He wrote a post to insinuate that there is a possibility that the gold is gone.

Looking for the gold at Fort Knox … pic.twitter.com/YVGQvBfwVt

— Elon Musk (@elonmusk) February 17, 2025

Sen. Rand Paul of Kentucky initiated the audit of Fort Knox. Interestingly, his father, former Rep. Ron Paul (R-Texas), was a big fan of gold and had pushed the government for more openness about the country’s stocks.

Sen. Paul’s father questioned the government about the gold stores at Fort Knox. In 2011, Rep. Ron Paul, who was then in office, led a meeting in Congress about audits of the U.S. gold reserves.

In a statement made public by the U.S. House, former Rep. Paul specifically mentioned concerns about Fort Knox during the meeting.

It read, “No one from Congress has been allowed to view the gold at Fort Knox in nearly 40 years, recent photographs of the gold holdings seem to be hard to come by, and the Mint’s and Inspector General’s audit statements contain only the bare minimum of information,” 

The former congressman said at the time, “Because the government has for so long refused to provide substantive information on its gold holdings, it is not surprising that so much confusion abounds, both within and without the government.”

On the weekend, in a discussion on X between Musk and another user, Sen. Paul replied. The person said, “It would be great if [Musk] could take a look inside Fort Knox just to make sure the 4,580 tons of US gold is there.”

Musk asked if the gold is not reviewed every year. Paul replied that it was not. He also said, “Let’s do it.” This insinuates that he is ready to help.

The gold debate brings excitement to the crypto market

Crypto is once again in the spotlight of discussion. Senator Cynthia Lummis said in a new post that Bitcoin fixes this transparency that is lacking in gold. This is one of the most famous things people have said about Bitcoin, a line that has almost become legendary in the field. 

Lummis said, “A Bitcoin reserve could be audited any time, 24/7, with a basic computer. It’s time to upgrade our reserves.”

Bitcoin fixes this.

A bitcoin reserve could be audited any time 24/7 with a basic computer.

It’s time to upgrade our reserves. https://t.co/ViA9FuJTg4

— Senator Cynthia Lummis (@SenLummis) February 16, 2025

Michael Saylor, CEO of Strategy and a Bitcoin evangelist, said the same thing. He responded to Elon Musk with the same “Bitcoin fixes this” mantra.

On the other hand, Peter Schiff, the loudest critic of crypto and a main opponent of Bitcoin, said that when you audit gold, you audit something. However, the expert said that when you check Bitcoin, you check up on nothing. In other words, according to Schiff, Bitcoin does not fix anything.

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