Trump Revives Call to Inspect Fort Knox, Reassessing Gold as 'Ultimate Weapon' for Dollar Credibility Amid Debt Crisis

On May 12, U.S. President Donald Trump reiterated his desire to visit the Fort Knox gold vault in Kentucky to confirm whether there is still gold stored there. Trump had previously expressed skepticism, stating that 'some people' might have stolen the gold. Currently, neither the White House nor Fort Knox has responded to Trump's remarks, and it is unclear if a visit has been arranged. The Fort Knox vault, established in 1936, holds approximately 147 million ounces of gold, which accounts for 56% of the U.S. official gold reserves. The Federal Reserve Board had previously released a research brief titled 'Official Reserve Revaluations: The International Experience' in August 2025, exploring how governments can generate disposable cash by revaluing the accounting value of gold at 'market prices' without actually selling it. The report explicitly compared the recorded value of the 261.5 million ounces of gold held by the U.S. Treasury, which is based on the statutory price of $42.22 per ounce set in 1973 (totaling about $11 billion). If revalued at the current gold price (approximately $4,700 per ounce), the total reserve of 261.5 million ounces would yield over $1.2 trillion in accounting gains, seen as the 'ultimate weapon' for restoring dollar credibility amid the debt crisis. Several macro-strategic analysts in the U.S. have long advocated this viewpoint, believing that revaluing gold is a last resort for the U.S. to instantly reduce its debt ratio and inject liquidity into the system in the face of unsustainable debt pressures. In 2025, U.S. Treasury Secretary Becerra publicly mentioned the need to 'mobilize the asset side of the U.S. balance sheet,' although he later expressed caution regarding an immediate revaluation of gold. However, this was interpreted by the market as a signal of a policy shift. (Dongxin News Agency)