Trump says he will check amount of gold stored at Fort Knox
President Donald Trump said his administration intends to ensure that the significant amount of US gold reserves held at Fort Knox is accounted for and accurate.
鈥淲e hope everything鈥檚 fine with Fort Knox, but we鈥檙e going to go to Fort Knox 鈥 the favorite Fort Knox 鈥 to make sure the gold is there,鈥 Trump told reporters aboard Air Force One on Wednesday en route to Washington from an event in Miami.
鈥淚f the gold isn鈥檛 there, we鈥檙e going to be very upset,鈥 he added.
The president鈥檚 comments come amid speculation over an idea that the US Treasury could revalue its gold stockpiles. The idea has gripped some on Wall Street even as people familiar with the matter say that the concept is not under serious consideration by Trump鈥檚 top economic advisers.
The speculation centers around the notion that the US Treasury could re-peg its gold holdings at a higher level 鈥 a move that would generate cash for the government. Such a move would likely require Trump to seek congressional approval.
Fort Knox, a US Army installation in Kentucky, holds little over half of the Treasury鈥檚 gold reserves. Gold was transferred there from New York and Philadelphia in the 1930s, in part to make it less vulnerable to foreign attack. Much of the rest of the bullion is held in facilities in Denver and West Point, New York.
(By Hadriana Lowenkron)
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Comments
Victor Jonas Janulaitis
It is unsurprising to note that the US Gold reserves might be re-valued. After the past few years, when a number of Central Banks responded to its steady world price increase by buying the Gold metal to raise their own stocks ( China, Russia, India et al鈥) it is not only prudent to run a stock take of one鈥檚 assets, but at this time, when the USD could do with some support, a healthy dose of financial updating might be just what is needed! And, like James Bond, I had always thought that all of this Reserve was held at Fort Knox. Wait till the all the numbers are brought together. We might yet get a pleasent surprise!