On February 16, a frequent spreader of false information, lawyer Irakli Zakareishvili, published a Facebook post claiming that an audit conducted by Elon Musk had discovered counterfeit gold bars in the Fort Knox depository. The post included an image of a gold bar allegedly counterfeited using tungsten.
Elon Musk has not conducted an audit of the U.S. gold reserves stored in Fort Knox, and consequently, the circulating claim is false. While Musk has suggested that he would like to inspect the reserves, it remains unclear whether he or his agency will actually audit the Fort Knox gold reserves. Moreover, the circulated image has no connection to the U.S. gold reserves and has been shared on social media since at least 2023.
On February 17, Musk posted several times about the Fort Knox gold reserves. One of his posts echoed old conspiracy theories claiming that the gold stored at this military base might no longer be there.
“Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not. That gold is owned by the American public! We want to know if it’s still there,” Musk wrote, responding to a post by Senator Mike Lee, who stated that he had repeatedly attempted to visit the military base but was denied access.
One of Musk’s posts on Fort Knox prompted a response from Senator Rand Paul, who also expressed interest in inspecting the gold reserves. The information about a potential audit of the gold reserves by Musk began circulating following this series of posts on X. However, no audit has been conducted so far, and it remains unknown whether it will take place.
Fort Knox is a military base in Kentucky, where the U.S. bullion depositary was built in the 1930s. Over the years, numerous conspiracy theories have emerged regarding the gold stored in Fort Knox, including claims that the gold was moved elsewhere, sold, or replaced with counterfeit gold. The depository has only been opened to unauthorized visitors three time: in 1943, when President Franklin D. Roosevelt toured it; in 1974, when ten members of Congress and journalists were granted access following rumors that the gold was missing; and in 2017, when a delegation including Senator Mitch McConnell and Treasury Secretary Steven Mnuchin visited the facility. Each visit confirmed that the gold was still in the depository, indicating that Musk’s doubts lack any real basis.
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What Do We Know About the Circulating Photo?
The circulating photo, which appears to depict a counterfeit gold bar, has no connection to the U.S. gold reserves or any audit conducted by Elon Musk. The image has been circulating on social media since at least 2023. The earliest known version of the photo that can currently be found was posted on Reddit in March 2023 as an example of how a gold bar could be counterfeited using tungsten. The author of the Reddit post also likely shared another image of the same gold bar.
Tungsten has a density similar to that of gold, which means a counterfeit bar made from it would weigh almost the same as a real one. In November 2023, a precious metals trading company used the same image to warn customers about fraud. Therefore, the photo has no connection to Musk or the Fort Knox gold reserves. While cases of gold counterfeiting using tungsten are known, multiple methods exist for verifying gold’s authenticity, which make it possible to detect such forgeries.
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