Sen. Rand Paul (R-Ky.) toured Fort Knox to inspect the gold reserves on Monday, voicing concerns over the diminishing purchasing power of the dollar.
Paul, in a post on Monday, stated that Fort Knox holds approximately 147 million ounces of gold, which is half of the U.S. gold reserve, but argued its deeper lesson is monetary. Since the dollar left gold in 1971, he says it has lost roughly 85% of its value.
In another post, he pointed out that the dollar has lost 97% of its purchasing power since the Federal Reserve was established in 1913. He equated $100 in 1913 to $3,300 today, blaming this on Congress’s unchecked spending and the Federal Reserve’s money printing.
Paul linked today’s affordability crisis to inflation, citing $2 trillion annual deficits.
A family making $50,000 with two kids that has not received a 25% raise in the last five years is falling behind. This is now often called "affordability," but the accurate word is inflation,” wrote Paul.
Yes, the gold is there all (approximately) 147 million ounces. It is impressive, but the real point is what it still teaches in 2026.
— Senator Rand Paul (@SenRandPaul) August 10, 2026
In 1971 we severed the dollar from gold. Since then the currency has lost roughly 85% of its value. Prices are higher because the money itself is…
Fort Knox Gold Faces Renewed Scrutiny
The senator’s visit comes amid a backdrop of growing concerns about the U.S. government’s gold holdings at Fort Knox. Last month, economist Peter Schiff criticized Treasury Secretary Scott Bessent for incorrectly suggesting that old gold and silver certificates remain redeemable for physical metal.
Schiff noted gold certificate redemption ended in 1933 and silver certificate redemption in 1968. He questioned Bessent’s understanding of U.S. currency history and argued that the error raises doubts about his assurances that America’s gold reserves remain intact at Fort Knox.
In 2025, President Donald Trump and billionaire Elon Musk reignited discussions about the gold reserves as gold prices soared. Musk even suggested a “live video walkthrough” of the facility.
Gold Eyes Breakout As Dollar Risks Rise
Gold appears poised for a potential breakout after consolidating through July, with prices surging more than 2% intraday and approaching the key $4,200 resistance level. Repeated defense of $4,000 support and a more favorable post-Fed environment are supporting the bullish case. However, Goldman Sachs’ Samantha Dart cautions that risks remain.
Meanwhile, Jamie Dimon warned that the U.S. could lose the dollar’s reserve-currency status if it falls behind in economic and military strength over the next 25 years. The JPMorgan Chase (NYSE:JPM) CEO said financial dominance is closely tied to national security, arguing that a strong economy and military are essential to maintaining U.S. global influence and deterring threats.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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