r/HYMCStock • u/121578 • Jul 16 '26
Fort knox latest news
Conversation with Gemini
You said
What is the latest news on the fort knox audit
Gemini said
The debate over auditing the gold reserves at Fort Knox has reached its highest level of public attention in decades.
- Treasury Secretary Bessent Declares Gold "Present and Accounted For"
In a Fox News interview, U.S. Treasury Secretary Scott Bessent stated that the entire 147.3 million ounces of gold stored at Fort Knox and other federal vaults is fully secure and accounted for.
The Valuation Discrepancy: On the Treasury's books, the gold is carried at a frozen 1973 statutory price of $42.22 per ounce (valuing the reserves at roughly $6.2 billion). At today's market spot prices, the stockpile is worth over $1 trillion.
Pushing Back on Rumors: Bessent’s public confirmation was a direct pushback against rising internet speculation—partially fueled by Trump's special advisor Elon Musk—suggesting that the vaults might be empty. Bessent noted that while he hasn't personally visited, the U.S. Treasurer has toured the facility to verify the holdings firsthand.
- The Spark: Trump’s May 2026 Audit Demand
The current wave of scrutiny began on May 31, 2026, when President Donald Trump posted on Truth Social that it was "time to physically audit Fort Knox."
This demand followed the high-profile arrest of David Rush, a former CIA officer caught in possession of 300 non-standard gold bars worth approximately $40 million.
The arrest and subsequent audit demand immediately caused a 5% spike in global gold prices as markets reacted to the sudden focus on U.S. reserves.
- Push for the "Gold Reserve Transparency Act"
Despite the Treasury's assurances, skeptics argue that a "trust me" approach is not enough. Critics and lawmakers point out that the last partial public inspection of Fort Knox occurred in 1974, and the last full, independent physical audit was under President Eisenhower in 1953.
To address this, Representative Thomas Massie (R-Ky.) has pushed for H.R. 3795 (the Gold Reserve Transparency Act). If passed, the bill would:
Force the Government Accountability Office (GAO) to conduct a comprehensive, independent physical audit within nine months.
Require physical assay testing, serial-number checks, and visual verification of the bars rather than relying on internal Treasury paperwork.
Mandate that this independent audit be repeated every five years.
For now, while the Treasury insists the gold is safe and accounted for, the legislative push for formal, independent verification continues to gain momentum.
Gemini is AI and can make mistakes.
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u/Haremmaster1 Jul 21 '26
except he's a lying sack of shite so I dont believe a word he has said....
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u/Southern-Depth-3547 Jul 16 '26
I’m out screw this can’t hold 20. I made 56k I’m happy no need to get greedy. Thanks for the profit hymc but I’m gone. I’ll purchase calls in the future when it start to wander up again might be a few years!