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Sen. Rand Paul (R-KY) finally got a look inside Fort Knox, more than a year after asking to inspect America’s gold reserves.
“Yes, the gold is there all (approximately) 147 million ounces,” he wrote on X after the visit.
However, it seems that for Paul, confirming the gold was only part of the story. He said the bigger lesson is what has happened to the U.S. dollar while that gold has remained in the vault.
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“I visited Fort Knox today,” Paul wrote on X in his first post about the visit on Monday. He said the dollar has lost 97% of its purchasing power since the Federal Reserve was created in 1913, adding that $100 at the time had the purchasing power of more than $3,300 today. “This is no accident,” he wrote. “Congress spends without limit, while the Fed prints the difference.”
Fort Knox Still Has a Lesson for 2026
Paul’s visit came after he formally requested an inspection in February 2025, when President Donald Trump and Tesla (NASDAQ:TSLA) CEO Elon Musk, who was serving as a special government employee and senior adviser to the president, were publicly questioning whether the gold was still there.
Trump said at the time that the administration would be “very upset” if it wasn’t, while Musk, who wanted to livestream Fort Knox’s gold reserves, wrote on X, “Maybe it’s there, maybe it’s not.”
Treasury Secretary Scott Bessent confirmed at the time that the gold was there and audited annually. The U.S. Mint website also says that Fort Knox holds 147.3 million ounces.
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After seeing it himself, Paul quickly moved past the question of whether the gold existed. “It is impressive, but the real point is what it still teaches in 2026,” he wrote.
Paul pointed to 1971, when the U.S. ended the dollar’s convertibility into gold, and said the currency has lost roughly 85% of its value since then.
He connected that decline to a problem millions of households experience through everyday prices. “A family making $50,000 with two kids that has not received a 25% raise in the last five years is falling behind,” Paul wrote.
“This is now often called ‘affordability,’ but the accurate word is inflation.”
‘Every New Dollar Dilutes the Value’
Paul blamed the loss of purchasing power on government deficits and monetary policy. He said the U.S. runs annual deficits of about $2 trillion and said the Federal Reserve buys roughly one-third of that debt by creating new money.
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“Every new dollar dilutes the value of the dollars already in people’s pockets,” Paul wrote. “Gold does not expand when Congress spends. Paper does.”
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This article Sen. Rand Paul Visited Fort Knox and Confirmed, ‘Yes, the Gold Is There.’ He Says the Bigger Lesson Is What It Means in 2026 originally appeared on Benzinga.com
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