{"id":3998,"date":"2026-07-22T23:41:44","date_gmt":"2026-07-22T23:41:44","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=3998"},"modified":"2026-07-22T23:41:44","modified_gmt":"2026-07-22T23:41:44","slug":"scott-bessent-casually-says-the-u-s-has-more-than-1-trillion-in-gold-and-that-it-doesnt-matter-for-the-dollar","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=3998","title":{"rendered":"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar"},"content":{"rendered":"
\n

Trump was doubling down on plans he and Elon Musk, then-head of the Department of Government Efficiency (DOGE) made last year, calling on an audit of the reserves to delve into conspiracies that gold had been stolen.<\/p>\n

Read more Fired an hour after being sworn in, former Seattle U.S. attorney sues Trump administration<\/a><\/p>\n

Now, U.S. Treasury Secretary Scott Bessent is offering assurance the cache of gold is indeed safe and sound\u2014but is completely inconsequential to the value of the dollar today.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

\u201cThe treasurer has been to Fort Knox,\u201d Bessent said in a recent Fox News<\/em> appearance. \u201cI am happy to say all gold is present and accounted for. The U.S. has the largest pile of gold in the world, over a trillion dollars at current market value.\u201d<\/p>\n

Established in 1918 in Kentucky, Fort Knox was a key military installation for the U.S. through both World Wars and the Vietnam War. The Fort Knox Bullion Depository was added years later, holding much of the U.S. gold reserves beginning in 1937. Today it holds about 147.3 million ounces, worth about $608 billion, according to the U.S. Mint.\u00a0<\/p>\n

In its early decades, Fort Knox and the ample military security around U.S. gold reserves was symbolic of the stability of the American currency and economy after the Gold Reserve Act of 1934, which established that the U.S. dollar would be backed by the precious metal. But following then-President Richard Nixon ending the gold standard in 1971, the U.S. supply of the metal lost its primary utilitarian function, a fact Bessent made clear in his recent interview.<\/p>\n

\u201cWe used to be backed by silver, sometimes gold, and then in the \u201870s we just went to what was called fiat currency, where you didn\u2019t have to keep gold or silver in the vault,\u201d Bessent said. \u201cIf any of these are still outstanding, though, the silver or gold for them is at Fort Knox waiting for them to be claimed, if so needed.\u200b\u200b\u201d<\/p>\n

\n
<\/div>\n<\/div>\n

Bessent drawing attention to the U.S.\u2019s changing relationship with gold is a reminder about how the Trump administration may be redefining the value of the dollar in the face of the world economy. The establishment of the gold standard in 1934 paved the way for the creation of the Bretton Woods System a decade later, which tethered the international monetary system to the gold standard, connecting the value of other currencies to the U.S. dollar, which was pegged to the cost of gold at $35 per ounce. By fixing other currencies to the dollar, the global economy could stabilize the value of currencies and facilitate trade.<\/p>\n

But by the 1960s, the system was unraveling. The cost of the Vietnam War ballooned U.S. inflation, and the flood of dollars into circulation meant the U.S. was out of the necessary gold to back the influx of available cash, resulting in the overvaluation of the dollar. Other countries began to catch on to the U.S. running out of gold, with France quietly repatriating gold between 1963 and 1966 out of fear the U.S.\u2019s increasing debt would devalue the dollar, and this accelerated Nixon ending the framework in 1971, along with it the gold standard.<\/p>\n

Read more Carney and Trump agree to speed up trade negotiations a day after Trump puts a 50% tariff on Canadian goods<\/a><\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

Yet, history may be repeating itself. The end of the gold standard paved the way for the creation of the petrodollar, which once again tethered other currencies to the U.S. dollar, which didn\u2019t derive its value from the price of gold, but rather from oil. In 1974, following multiple oil crises, the U.S. struck a deal with Saudi Arabia, where in exchange for Saudi Arabia selling oil in U.S. dollars alone, the U.S. would provide military aid. The deal accomplished Nixon\u2019s goal of securing global demand for U.S. currency as oil became foundational to nearly every industry. As oil-rich countries looked for where to place their growing reserve of greenbacks, they turned to U.S. Treasuries, cementing the dollar at the center of international trade.<\/p>\n

\n
<\/div>\n<\/div>\n

The gold standard and petrodollar helped stabilize global trade, but renewed geopolitical tensions may be accelerating the erosion of the dollar\u2019s power. The dollar\u2019s share of global foreign exchange reserves has been falling for decades, reaching a 25-year-low of 57% compared to 71% in 1999.<\/p>\n

\n
<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n

Following the closure of the Strait of Hormuz at the end of February, industry experts said some ships were able to pass through the chokepoint by paying in Chinese yuan, part of a trend of Gulf countries quietly diversifying trade partners and currencies following a series of sanctions that pre-dated the Trump administration. Between July 2025 and January of this year, France withdrew all 129 tons of gold it held in the Federal Reserve Bank of New York, choosing to update the reserve and store it in Paris, making $15 billion through a sale of its previous cache. French officials denied a political motive behind the move.<\/p>\n

EBC Financial Group market analyst Sana Ur Rehman argued in a note to clients in May that France\u2019s gold repatriation\u2014and Canada\u2019s similar move to create a $25 billion sovereign wealth fund to make its economy less dependent on the U.S\u2014marks a new era of de-dollarization because it\u2019s America\u2019s long-established allies becoming less reliant on the U.S. currency. This is, in part, a result of tariffs and other trade uncertainties that have rocked trust in the dollar.<\/p>\n

\u201cThese are not the actions of enemies,\u201d Ur Rehman wrote in a note. \u201cThey are the actions of allies and partners who have watched the United States weaponize the dollar-based financial system, and have quietly concluded they need to reduce their exposure to it.\u201d<\/p>\n

\u201cThat shift,\u201d Ur Rehman continued, \u201cdriven by allies rather than adversaries, is what makes the current moment different from anything in the past 80 years of dollar dominance.\u201d\u00a0<\/p>\n

Read more Trump admin deferring $1 billion-plus Medicaid payments to California and Minnesota amid \u2018suspected fraud\u2019<\/a><\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Treasury Secretary says he hasn\u2019t been to Fort Knox, but said all $600 billion in gold there is \u201cpresent and accounted for.\u201d<\/p>\n","protected":false},"author":1,"featured_media":3997,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[373],"tags":[],"class_list":["post-3998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-department-of-the-treasury"],"yoast_head":"\nScott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=3998\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"The Treasury Secretary says he hasn\u2019t been to Fort Knox, but said all $600 billion in gold there is \u201cpresent and accounted for.\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=3998\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-22T23:41:44+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar\",\"datePublished\":\"2026-07-22T23:41:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998\"},\"wordCount\":1026,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/9498511f15f8bc8f34310ec7dd3c29d2.webp\",\"articleSection\":[\"U.S. Department of the Treasury\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998\",\"name\":\"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar - Cross Country Moving Team\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/9498511f15f8bc8f34310ec7dd3c29d2.webp\",\"datePublished\":\"2026-07-22T23:41:44+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998#primaryimage\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/9498511f15f8bc8f34310ec7dd3c29d2.webp\",\"contentUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/9498511f15f8bc8f34310ec7dd3c29d2.webp\",\"width\":1200,\"height\":600},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3998#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\",\"name\":\"Cross Country Moving Team\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\\\/\\\/crosscountrymovingteams.com\"],\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar - Cross Country Moving Team","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/crosscountrymovingteams.com\/?p=3998","og_locale":"en_US","og_type":"article","og_title":"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar - Cross Country Moving Team","og_description":"The Treasury Secretary says he hasn\u2019t been to Fort Knox, but said all $600 billion in gold there is \u201cpresent and accounted for.\u201d","og_url":"https:\/\/crosscountrymovingteams.com\/?p=3998","og_site_name":"Cross Country Moving Team","article_published_time":"2026-07-22T23:41:44+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/crosscountrymovingteams.com\/?p=3998#article","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=3998"},"author":{"name":"admin","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"headline":"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar","datePublished":"2026-07-22T23:41:44+00:00","mainEntityOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=3998"},"wordCount":1026,"commentCount":0,"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=3998#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/07\/9498511f15f8bc8f34310ec7dd3c29d2.webp","articleSection":["U.S. Department of the Treasury"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/crosscountrymovingteams.com\/?p=3998#respond"]}]},{"@type":"WebPage","@id":"https:\/\/crosscountrymovingteams.com\/?p=3998","url":"https:\/\/crosscountrymovingteams.com\/?p=3998","name":"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar - Cross Country Moving Team","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=3998#primaryimage"},"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=3998#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/07\/9498511f15f8bc8f34310ec7dd3c29d2.webp","datePublished":"2026-07-22T23:41:44+00:00","author":{"@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"breadcrumb":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=3998#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/crosscountrymovingteams.com\/?p=3998"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/crosscountrymovingteams.com\/?p=3998#primaryimage","url":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/07\/9498511f15f8bc8f34310ec7dd3c29d2.webp","contentUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/07\/9498511f15f8bc8f34310ec7dd3c29d2.webp","width":1200,"height":600},{"@type":"BreadcrumbList","@id":"https:\/\/crosscountrymovingteams.com\/?p=3998#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/crosscountrymovingteams.com\/"},{"@type":"ListItem","position":2,"name":"Scott Bessent casually says the U.S. has more than $1 trillion in gold\u2014and that it doesn\u2019t matter for the dollar"}]},{"@type":"WebSite","@id":"https:\/\/crosscountrymovingteams.com\/#website","url":"https:\/\/crosscountrymovingteams.com\/","name":"Cross Country Moving Team","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/crosscountrymovingteams.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/crosscountrymovingteams.com"],"url":"https:\/\/crosscountrymovingteams.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/3998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3998"}],"version-history":[{"count":0,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/3998\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/media\/3997"}],"wp:attachment":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}