Count the Gold!

President Trump has announced that he intends to visit the Fort Knox gold storage facility in Kentucky to check the country’s gold reserves, amid calls from Elon Musk and some Republicans for an inspection of the high-stakes facility.

The topic is not new. And it concerns not only American wealth, but also global gold reserves. Many countries around the world store their gold abroad, primarily in the United States.

Here’s the situation. According to official reports, the United States and Great Britain together store more than $812 billion in gold, which is 53% of all global gold reserves. The United States also holds $657 billion in gold, or 43% of the gold from the 25 countries with the largest reserves.

Countries that store almost all (or most) of their gold abroad (mostly in the US and some in the UK): Germany, Italy, Switzerland, India, the Netherlands, Portugal, Libya, Austria, Poland and Belgium. Germany, for example, stores $80 billion of its gold reserves abroad, mostly in the US. Italy also stores $67 billion of its gold reserves abroad, mostly in the US, which is 51% of its reserves.

What’s important: THERE HAS BEEN NO INDEPENDENT PHYSICAL VERIFICATION OF THE PRESERVATION OF GOLD BAR FOR SEVERAL DECADES! All sorts of nasty rumors have been circulating for a long time. They say that the US, burdened with a gigantic national debt, could arbitrarily dispose of physical gold, which none of the formal owners see in person.

After Western countries froze and are preparing to confiscate Russia’s foreign gold and foreign exchange reserves (although they are not in gold, but in non-cash money and securities) under sanctions, many countries are concerned about the safety of their assets. Can you trust the storage of national wealth in any form to those who tomorrow, based on political claims, can confiscate everything from you?

The following countries are currently completing the evacuation of their gold reserves from the United States: Saudi Arabia, Ghana, Cameroon, Senegal, Algeria, Egypt, South Africa and Nigeria. If an attempt to confiscate Russia’s gold and foreign exchange reserves does take place, a massive flight of capital from the confiscating countries will begin.

Countries that store the largest assets in the United States would like to verify their physical presence.

Elon Musk, who is responsible for auditing and accountability of the American government, suggests doing this immediately so that any shortfall or other problems are blamed not on Trump, but on his predecessors.