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Steven Mnuchin Says 'Gold is Safe' At Fort Knox

Kitco News

Editor's Note: CORRECTION: The previously published report had an error in the number of ounces. This story has been corrected.

(Kitco News) - A rare visit occurred Monday, and it wasn't the Solar Eclipse.

Instead, it was U.S. Treasury Secretary Steven Mnuchin’s visit to the country’s gold hoard at Fort Knox.

On Twitter, the former Hollywood producer reassured the American people that all the gold – and all $200 billion worth of it -- was still there.

“Thanks to @usmint staff for hosting at #FortKnox #USBD. First @USTreasury Secretary to visit since John Snyder in 1948. Glad gold is safe!” Mnuchin tweeted Monday afternoon.

He is the third Treasury Secretary to visit the depository with the last visit dating back 69 years.

The Fort Knox vault, which was created in 1936 by President Franklin D. Roosevelt, is at the centerpiece of many conspiracy theories claiming the vault is empty and doesn’t contain any gold. But, the former Hollywood executive turned politician is shutting down those theories.

“We have approximately $200 billion of gold at Fort Knox,” Mnuchin said as reported by Bloomberg. “The last time anybody went in to see the gold, other than the Fort Knox people, was in 1974 when there was a congressional visit. And the last time it was counted was actually in 1953.”

At current prices, that would mean there are about 154 million ounces of gold held in the Kentucky depository.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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