Whether billionaire Elon Musk steps away from his work with the federal government and the Department of Government Efficiency remains to be seen. But one item on President Donald Trump and Musk’s agenda has been getting their eyes on the $400 billion worth of gold bars stored in Fort Knox.
As recently reported by The Wall Street Journal, Trump wants to “inspect Fort Knox,” the famed gold repository in Kentucky. Scott Bessent, U.S. Treasury secretary, assured the public, via a Bloomberg broadcast dated Feb. 20, 2025, “We do an audit every year. I can tell the American people … all the gold is there,” as reported by The Wall Street Journal.
Around the same time, Musk, the chairman and chief technology officer of X, formerly Twitter, told news sources, it “would be awesome to livestream Fort Knox,” according to Fox Business. “It is actually the gold of the American people, so the American people, it seems to me, have a right to see their gold.”
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In 1943, President Franklin D. Roosevelt inspected the bars, according to a Wall Street Journal video. In 1974, congressional delegates and journalists entered the vault amid rumors that the gold was missing. (Spoiler alert: It was still there.)
In 2017, Treasury Secretary Steven Mnuchin, under the first Trump administration, also inspected the vault.
But what do investors have to gain — or lose — with the attention being placed on our nation’s gold repository?
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What Would an Inspection Mean for Investors?
Experts GOBankingRates spoke with agreed that the current focus on gold shouldn’t drive prices up. But other factors can.
Collin Plume, founder and CEO of Noble Gold Investments and My Digital Money, called the interest in gold “a media play,” saying, “I don’t think putting a spotlight on gold in this manner will increase its value.”
“When high-profile figures like Trump and Musk bring attention to gold, it naturally sparks public interest. However, the driving factor behind gold’s meteoric rise over the last few years is more deeply rooted in the dire conditions of the American economy,” said Jonathan Rose, CEO of BlockTrust IRA and Genesis Gold Group.
Noting that gold historically thrives in times of economic uncertainty, inflation and geopolitical instability, Rose said, “It’s looking like a very solid hedge.”
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What If the Gold Isn’t There?
Experts said there is virtually zero chance that the vault will be empty. “That CANNOT happen,” Plume said. In this highly unlikely hypothetical scenario, however, it would create a tremendous loss of confidence in the U.S., Plume said.
Rose agreed. “It would send shockwaves through the global financial system … We would expect the value of physical gold to skyrocket overnight as people scramble to secure real assets with value detached from the U.S. dollar,” he said.
What If the Gold Is Confirmed?
On the other hand, if the gold is confirmed to be in the vault, as expected, it might make an interesting streaming video but is likely to be anticlimactic, economically.
“The market is currently operating under the assumption that the gold is there, so confirming that fact shouldn’t introduce any major shifts in the supply and demand,” Rose said. “The verification process will likely generate some media buzz and shift some focus onto the gold market in general. The real factors that should keep driving gold prices higher are market concerns, trade war implications and inflation, as has been the case for the last hundred years.”
“Gold is always a good investment; it has no off-season,” Plume said.
What To Do If You’re Considering Investing in Gold
If you’re considering investing in gold as stock prices fall, you should first consider your financial goals. Plume pointed out that gold is not a get-rich-quick endeavor.
“If you want gold so you can diversify and have an asset you can tap during those times while you wait for your traditional assets to recover, then it’s the right time to invest,” he said.
Rose agreed, citing gold’s independence from other assets. “For those concerned with financial security, physical gold provides a level of independence from digital assets and banking systems. Since it’s recognized and valued worldwide, it offers a universal form of wealth storage that has stood the test of time,” Rose explained.
How To Invest in Gold
If you’re looking to invest, find a reputable precious metals dealer that won’t sell bars or bullion at a tremendous markup and will also buy back your assets when you’re ready to liquidate, according to Plume.
“It is also imperative to ensure that you are purchasing physical gold and silver, rather than stocks, certificates or ETFs that traditional banking institutions may try to sell to their clients in lieu of the physical metal,” Rose explained.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Trump and Musk Are Focused on Gold — Does That Make It a Better Investment for You?