Gold has been on a tear lately, but there’s a wild card in the mix: a rare inspection of Fort Knox.
If you don’t know, Fort Knox is the highly secure U.S. depository where a significant portion of America’s gold reserves are stored — or at least, that’s what we’ve been told.
For years, there’s been speculation about how much gold is actually in there. The U.S. government rarely allows inspections, and the last one was evidently decades ago.
Now, reports are emerging that officials may be taking another look. And that raises some big questions:
- What happens if the vaults are nearly empty? The U.S. dollar, which has no gold backing anymore, still benefits from the assumption that Fort Knox holds substantial reserves. If that turns out to be untrue, confidence in the dollar could take a major hit.
- What if the gold is still there — but not owned by the U.S.? In recent years, foreign countries have been withdrawing their gold reserves from Fort Knox. If the U.S. has significantly less than expected, it could shake the global markets.
- How could this impact gold prices? If doubts emerge about U.S. gold holdings, we could see a surge in demand — and prices — for physical gold. Central banks and investors would likely move quickly to secure their own reserves.
Why This Matters Now
Gold has been flirting with all-time highs, and central banks have been accumulating gold at record rates.
Meanwhile, inflation is still running hot, and now this Fort Knox story adds another layer of uncertainty to the landscape with gold.
Whether this inspection turns out to be routine or reveals something shocking, it’s something every gold investor should keep an eye on.
I just covered this and more in my free bi-weekly Market Radar session. Watch the whole episode here!
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— Geof Smith
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