Bessent says Fort Knox gold intact amid debt debate

US Treasury Secretary Scott Bessent says the nation’s gold reserves remain fully accounted for at Fort Knox, reigniting debate over whether Washington should revalue its bullion holdings as mounting debt strains federal finances.

Bessent, the first Treasury secretary in years to publicly focus attention on the Fort Knox vault, said in an interview with Fox News that all US gold is present and accounted for. 

The depository holds the world’s largest official gold stockpile, with bullion currently valued at more than $1 trillion at market prices. 

Supporters of a higher official valuation argue the government’s gold is still carried on Treasury books at a statutory price far below current market levels. They contend revaluing the reserves could strengthen the federal balance sheet without selling an ounce of gold.

The renewed discussion comes as the US faces rising borrowing costs and a national debt that continues to climb. Critics argue roughly $1 trillion is only enough to cover about one year’s interest payments on the outstanding debt, raising broader questions about how long the government can rely on issuing new debt to refinance existing obligations. 

While economists remain divided over whether revaluing gold would meaningfully improve the country’s fiscal position, the debate underscores growing concern about the long-term sustainability of US public finances.