Donald Trump is once again demanding a physical audit of Fort Knox, reigniting a decades-old debate over one of America's most closely guarded assets after the FBI seized $40 million worth of gold bars from the home of a former CIA official.

The renewed call has put fresh attention on a little-known fact: the United States has not conducted a full independent public audit of Fort Knox's gold reserves since 1953.

Trump's latest push came after federal agents raided the Virginia home of former CIA official David Rush and allegedly discovered 303 gold bars, approximately $2 million in foreign currency and dozens of luxury watches. Prosecutors accuse Rush of using fraudulent schemes to accumulate the assets during his government career.

Within days of the raid, Trump renewed calls for a physical inspection of Fort Knox, arguing that Americans deserve proof that the country's gold reserves remain where officials say they are.

A Question That Has Haunted Fort Knox for Decades

Fort Knox is officially reported to hold 147.3 million troy ounces of gold, equivalent to roughly 4,580 metric tons. At current gold prices near $4,500 per ounce, the reserves would be worth more than $660 billion, making Fort Knox one of the largest concentrations of gold in the world.

Yet despite the size of the holdings, no complete independent public audit has been conducted in more than 70 years. The last full inspection took place in 1953 under President Dwight Eisenhower. Later in 1974, a partial review was also conducted involving members of Congress and journalists.

Since then, no comprehensive public count or independent verification of every gold bar has been released. That transparency gap has fueled speculation for decades and periodically resurfaced whenever questions arise about government accountability or the nation's gold reserves.

This isn't the first time Trump has tried to push for a full audit. In early 2025, Trump and Elon Musk (who led the Department of Government Efficiency) publicly discussed plans to inspect Fort Knox. The proposal generated significant attention but was never materialized.

Treasury officials maintained that annual internal reviews were sufficient and insisted that all gold reserves remained fully accounted for.

The latest controversy, however, has given Trump a new political opening. If a former intelligence official can allegedly accumulate tens of millions of dollars in gold bars without immediate explanation, some lawmakers argue, then scrutiny of the nation's own gold stockpile becomes a legitimate public question.

Pressure has also been growing in Congress. Representative Thomas Massie introduced the Gold Reserve Transparency Act, which would require independent audits of Fort Knox every five years. The bill remains stalled, but the debate has gained renewed momentum amid Trump's latest comments.

More Than a Gold Story

The controversy extends beyond bullion itself.

Gold prices have surged to record levels, widening the gap between the government's official accounting value and the metal's real-world worth. While Fort Knox's holdings are carried on Treasury books at a fixed 1973 valuation of $42.22 per ounce, their market value now exceeds $660 billion.

For supporters of an audit, the issue is no longer simply about gold. It is about transparency, trust and whether the public should rely solely on government assurances regarding one of the country's most valuable strategic assets.

For now, Treasury officials continue to insist that all gold reserves are present and accounted for. But with Trump reviving the issue, congressional pressure building and no full public audit conducted since the Eisenhower era, the mystery surrounding Fort Knox is once again back in the national spotlight.