Fort Knox Gold: "Present and Accounted For"

Well, everyone can relax.

Apparently, we don't need a Fort Knox gold audit after all.

Treasury Secretary Scott Bessent recently assured Fox News that the gold is "present and accounted for."

Not that he's been there... and not that any compartments have been opened or audited for many years. But a couple of Bessent's own staff members said they've checked the schedule of vault compartment seals. So, everything must be totally fine.

This is ridiculous. Would you trust a bank that refused an independent audit? Or one that insisted an audit wasn't necessary because the bank's management says everything is in order?

Of course not.

That's precisely why businesses conduct external audits. They catch mistakes, deter misconduct, and give customers confidence that the books actually match the reality.

Despite decades of official assurances like the one we received from Secretary Bessent this week, the U.S. gold reserves have never been subjected to the kind of comprehensive, independent audit that any reputable private depository -- like Money Metals Depository -- routinely undergoes.

Even the famous 1974 Fort Knox tour wasn't an audit – it was a photo op. Giddy politicians posed with gold bars, but there was no full bar count, no systematic verification of serial numbers, no comprehensive assaying, and no public accounting of the inventory. Nor has there been any independent examination or disclosure of any financial transactions involving America's gold reserves, which is frankly the largest area of concern.

And here's the part that has always puzzled us here at Money Metals: whenever someone suggests conducting a real audit of U.S. gold reserves, critics don't just disagree – they seem offended by the very idea.

If the gold is really all there and unencumbered, a true and complete independent audit should settle the debate once and for all.

After all, if the U.S. Treasury has nothing to hide, what exactly are they afraid of?

Turning to the markets, gold and silver have stabilized heading into the weekend as investors continue to wrestle with the competing forces of rising geopolitical tensions and persistent expectations for higher interest rates.

Gold and silver both suffered sharp declines of 2-3% in Thursday's trading before bouncing back here on Friday. Normally, escalating conflict in the Middle East would provide a strong tailwind for safe-haven assets. However, this time the dominant market reaction has been through the energy markets.

Crude oil prices exploded higher after Houthi forces attacked two Saudi oil tankers in the Red Sea, prompting President Donald Trump to promise what he described as "major military punishment" against Iran and its proxies. Brent crude surged more than 7%, climbing back above the psychologically important $100-per-barrel level for the first time since May. Brent crude as slipped back below $100 here today though.

Higher oil prices have reignited inflation concerns, and that's shifted investor attention back toward the Federal Reserve. While policymakers are widely expected to leave interest rates unchanged at next week's meeting, futures markets continue to anticipate another rate hike later this year, with traders assigning roughly an 80% probability of a September increase.

That prospect has boosted Treasury yields and supported the U.S. dollar, creating headwinds for precious metals despite the deteriorating geopolitical backdrop.

For now, the bigger picture hasn't changed dramatically. Both gold and silver appear to be marking time inside broad trading ranges. The next decisive move – whether driven by the Fed, inflation data, or further geopolitical escalation – will likely determine the next major trend for precious metals.

Let’s take a look at the weekly market action.

Gold is up about 1.4% to trade at $4,083 an ounce. Silver is advancing 5.0% or nearly $3 an ounce and checks at $59.47.

The PGMs are fairly quiet with neither platinum nor palladium looking all that different today in terms of price than they were a week ago. Platinum trades at $1,607 – up a scant $4 and palladium is up $6 and comes in at $1,272 an ounce of this Friday late morning recording.

Well now, without further delay, and for much more on the future of metals and the overall financial markets, let’s hear from a man who has an incredible pulse on the state of things and let’s get right to this week’s exclusive interview.

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