U.S. Treasury Secretary Scott Bessent has confirmed that the nation's gold reserves at Fort Knox are intact, stating that over a trillion dollars worth of gold is present and accounted for. Despite this assurance, Bessent emphasized that the gold's value is now inconsequential to the U.S. dollar's current standing. He explained that the U.S. transitioned to a fiat currency system in the 1970s, moving away from the gold standard that once tied the dollar's value to precious metals. AI
RANK_REASON Commentary from a government official about the irrelevance of gold reserves to the modern dollar.
- Bretton Woods system
- Department of Government Efficiency (DOGE)
- Donald Trump
- Elon Musk
- Fort Knox
- Fox News
- France
- Gold Reserve Act of 1934
- Richard Nixon
- Scott Bessent
- United States Mint
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