Bessent Confirms Fort Knox Gold Is Intact but Says U.S. Dollar Is No Longer Backed by Gold

U.S. Treasury Secretary Scott Bessent said America's gold reserves remain securely stored at Fort Knox but emphasized that the precious metal no longer backs the U.S. dollar under the modern monetary system.

U.S. gold reserves supposedly remain intact at Fort Knox despite no longer backing the dollar.

During an interview with Fox News, host Jesse Watters asked Bessent whether he had visited Fort Knox.

"I haven't," Bessent replied. "People on my staff have. The treasurer has been to Fort Knox, and I'm happy to say all gold is present and accounted for."

According to Moneywise, the Fort Knox Bullion Depository, built in 1936 and located adjacent to the U.S. Army post at Fort Knox, Kentucky, currently holds 147.3 million ounces of gold, according to the U.S. Mint.

Bessent noted that the United States possesses the world's largest official gold reserves, valued at more than US$1 trillion at current market prices.

However, he stressed that the nation's currency is no longer backed by those reserves.

Under the Bretton Woods monetary system established after World War II, foreign governments could exchange U.S. dollars for gold at a fixed rate of US$35 per ounce, requiring the United States to maintain sufficient bullion reserves.

That arrangement ended in August 1971, when President Richard Nixon closed the so-called "gold window," ending the dollar's final official link to gold.

Since then, the U.S. dollar has operated as a fiat currency, backed by the full faith and credit of the U.S. government rather than by gold.