Current status and audits of Fort Knox gold holdings 2023

1. What officials say: inventory numbers and routine checks

The U.S. Mint and related government sites list Fort Knox holdings at roughly 147.3 million troy ounces (about 4,579–4,583 metric tonnes) and note the bars are recorded on the books at the statutory price of $42.22 per ounce even though market prices are thousands of dollars per ounce; official pages and mainstream outlets emphasize that the depository’s gold is an asset of the United States and that routine internal accounting and some inventory controls occur ^{[1] [6] [7]}.

2. What advocates and some journalists want: an independent, comprehensive audit

A group of Republican lawmakers introduced legislation—commonly described as the Gold Reserve Transparency Act of 2025—to require the Government Accountability Office (GAO) or Comptroller General to perform a full assay, inventory and audit across U.S. gold holdings and to report publicly, with proponents arguing that only such an independent process will dispel doubts and document any sales, swaps, or encumbrances over decades ^{[3] [2] [8]}.

3. Historical context and dispute over “when was the last audit?”

There is wide agreement that the most widely publicized physical inspection was in 1974 when members of Congress and press were allowed a viewing, and that earlier mid‑century procedures (including a 1950s review) are sometimes cited; critics say those events were limited in scope (spot checks or seals), not equivalent to a modern independent assay of every bar, and that some audit records from past decades are incomplete or hard to obtain ^{[9] [10] [11] [12]}.

4. Government statements vs. outside skepticism

Treasury officials and the Mint maintain that gold is “present and accounted for” and that continuing audits or seals have been used historically to monitor custody ^{[3] [4]}. Independent analysts, bullion dealers, and some journalists counter that paper reconciliations have been performed many times and that paper‑record checks are not the same as a full physical assay of every bar; they note that a truly exhaustive audit would be complex, time‑consuming, and potentially take well over a year ^{[5] [13] [14]}.

5. Practical challenges an audit would face

Analysis from industry commentators estimates a full physical audit of hundreds of thousands of standard bars—roughly 147.3 million ounces translates into hundreds of thousands of 400‑ounce bars—would require specialized personnel, equipment, and lengthy logistics; JMBullion’s modeling suggested at minimum many months to more than a year to verify weights and assay results across the stockpile ^[13]. Commentators also point to custody/ownership complexities (e.g., gold stored elsewhere like the New York Fed or held for foreign central banks) that make a single snapshot audit more complicated ^{[14] [15]}.

6. Political drivers and market implications

The recent push for transparency has been driven by high‑profile figures publicly questioning Fort Knox and calling for inspections; proponents argue an audit would restore confidence and document any historical transactions, while opponents warn that a superficial “walkthrough” would be propaganda rather than assurance ^{[3] [16] [15]}. Analysts and market commentaries also speculate an audit — or talk of one — could feed debate about whether to revalue gold holdings on the government balance sheet, which still uses an antiquated statutory price ^[17].

7. What reporting does and does not confirm

Available reporting confirms: (a) the public, official figure for Fort Knox’s holdings is ~147.3 million troy ounces ^[1]; (b) legislative efforts in 2025 sought a comprehensive GAO audit ^{[2] [8]}; and (c) experts differ on whether prior procedures constitute a modern independent audit ^{[4] [11]}. Available sources do not mention that a full, GAO‑led, modern assay of all Fort Knox bars was completed in 2023 — several pieces explicitly note paper reconciliations and routine checks but say a truly comprehensive, public assay has not occurred in decades ^{[5] [11] [12]}.

8. Bottom line for readers

If you seek a definitive, independent verification of every ounce at Fort Knox, current mainstream reporting shows that lawmakers and some industry voices in 2025 pushed for exactly that ^[2], while government sources continue to assert custody controls and published holdings of 147.3 million ounces ^[1]. The central disagreement in coverage is not over the published figure but over whether historical procedures amount to the kind of modern, public, forensic audit many critics demand ^{[4] [11]}.