Commodities
Home›Commodities›Precious Metals›Bessent says Fort Knox gold reserves are fully account…
Bessent says Fort Knox gold reserves are fully accounted for
Bessent said the bullion stockpile is worth more than $1 trillion at market prices, as debt and interest costs renew debate over whether the reserves should be revalued.
US Treasury Secretary Scott Bessent said the gold reserves stored at Fort Knox remain fully accounted for, reviving renewed discussion about whether Washington should revalue its bullion holdings amid rising borrowing costs and a growing national debt, according to Mining.com.
Bessent said in a Fox News interview that all US gold is present and accounted for at the depository, which holds the world’s largest official gold stockpile, valued at more than $1 trillion at market prices.
Supporters of a higher official valuation argue the government’s gold is carried on Treasury books at a statutory price far below current market levels, and that revaluing could strengthen the federal balance sheet without selling any gold.
Critics point out that about $1 trillion in gold could cover roughly one year of interest payments on outstanding debt, and they question how long the government can rely on new borrowing to refinance existing obligations as debate continues over the fiscal impact of revaluation.
Latest closeGold $4,058.20 ▲1.5%