U.S. gold reserves total over $1 trillion, but the dollar’s value remains untouched – Bessent says

Scott Bessent, the U.S. Treasury’s top economist, appeared on Fox News and asserted that the nation’s U.S. gold reserves are fully accounted for, with a market valuation of roughly ↑ $1 trillion. He emphasized that this massive cache “doesn’t move the needle on the dollar’s purchasing power today.”

“The treasurer has been to Fort Knox; every ounce is present,” Bessent said.

U.S. gold reserves: facts and figures

The Fort Knox Bullion Depository holds about 147.3 million ounces, equating to roughly $608 billion at today’s spot price, according to the U.S. Mint. Since the 1971 abandonment of the gold standard, the metal’s role shifted from a backing of fiat currency to a strategic reserve.

Why the gold stash matters little for the dollar

Modern monetary policy relies on interest rates and fiscal credibility, not metal backing. The dollar’s share of global foreign‑exchange reserves has slipped to ↓ 57% from a 1999 peak of 71%, a trend analysts link to geopolitical frictions and diversification into other currencies. France’s recent repatriation of its gold holdings and Canada’s sovereign‑wealth fund expansion signal a broader move among allies to reduce exposure to dollar‑denominated assets. For a deeper dive, see the latest coverage on Reuters.