Treasury Secretary Scott Bessent said the United States holds more than $1 trillion in gold, while arguing that the size of that hoard does not define the dollar’s role. His remarks put a spotlight on how Washington views its gold reserves and their connection to confidence in the U.S. currency.
Bessent said he has not personally visited Fort Knox, but indicated the gold stored there is still fully accounted for. The Kentucky vault has remained a focus of public attention, especially after questions resurfaced about whether the reserves should be physically checked.
That debate gained traction in May, when President Donald Trump said he wanted to open Fort Knox to verify that the gold was still inside. The reserves held there were described as being worth more than $600 billion, making the site central to renewed interest in the nation’s bullion stockpile.
Even so, Bessent’s broader message was that U.S. gold holdings and the dollar’s standing are not the same issue. His comments suggest the administration sees the dollar’s position as resting on wider economic and financial foundations, rather than on the market value of bullion stored in government vaults.
