Sen. Rand Paul, R-Ky., traveled to Fort Knox in northern Kentucky on Monday to inspect the nation’s gold reserves and discuss the history of the U.S. dollar, as reported [1] by The Gateway Pundit.
Paul’s visit comes amid renewed attention to the country’s gold holdings and the purchasing power of the dollar.
According to the U.S. Mint, the last full audit of the gold reserves stored at Fort Knox was conducted in 1953. A partial audit followed in 1974.
Fort Knox has also been the subject of longstanding speculation about the condition and contents of the gold stored inside the U.S. Bullion Depository.
Over the years, rumors have circulated that some of the gold could have been replaced with gold-plated tungsten.
Paul went underground inside the facility Monday as part of his inspection.
“I’m at Fort Knox. We’ve come to see the gold. Our country has about 147 million ounces of gold, and about half of it is stored here at Fort Knox,” Paul said.
He said the visit was also an opportunity to discuss the consequences of the United States ending the dollar’s direct link to gold in 1971.
“We’re going to be going deep underground to see the gold, but more importantly, we’re going to be talking about what happened to the dollar when we separated from gold in 1971. Over 85 percent of the value of the dollar has been lost since we de-linked from gold,” he added.
Paul then turned to inflation, arguing that the term commonly used in political discussions to describe rising household expenses does not fully explain the underlying issue.
“So there is a problem. The media now calls this affordability, but what it really is is inflation.”
The Kentucky senator also pointed to federal deficits and the role of the Federal Reserve in purchasing government debt with newly created dollars.
“We run a debt. As the deficit runs up — $2 trillion a year — part of that debt is bought by the Federal Reserve with newly created dollars. This leads to inflation, and prices are up,” he explained.
“Prices are up 25 percent in the last five years. It’s inflation. It’s related to deficit spending. It’s related to unbalanced budgets.”
Paul said he would provide an update after entering the underground storage area.
“I’m going down underground, and I’ll let you know what I see in a little bit,” Rand Paul said.
Later Monday, Paul reported that the gold was present and said the inspection demonstrated the significance of the nation’s gold reserves.
“Yes, the gold is there, all (approximately) 147 million ounces. It is impressive, but the real point is what it still teaches in 2026,” Rand Paul said later Monday.
Yes, the gold is there all (approximately) 147 million ounces. It is impressive, but the real point is what it still teaches in 2026.
In 1971 we severed the dollar from gold. Since then the currency has lost roughly 85% of its value. Prices are higher because the money itself is…
— Senator Rand Paul (@SenRandPaul) August 10, 2026 [3]
Paul also connected the condition of the dollar to the Federal Reserve’s history, saying the currency has lost most of its purchasing power since the central bank was established.
“I visited Fort Knox today. The dollar has lost 97% of its purchasing power since the Fed opened in 1913. $100 then is worth just over $3,300 today. This is no accident. Congress spends without limit, while the Fed prints the difference,” Rand Paul said later.
I visited Fort Knox today.
The dollar has lost 97% of its purchasing power since the Fed opened in 1913. $100 then is worth just over $3,300 today.
This is no accident. Congress spends without limit, while the Fed prints the difference. https://t.co/TmeJw3ZkJv [4]
— Senator Rand Paul (@SenRandPaul) August 10, 2026 [5]
The inspection puts the physical presence of the nation’s gold reserves alongside a broader debate over federal spending, deficits, monetary policy and inflation.
For Paul, the Fort Knox visit was about more than confirming that the gold remains in storage.
He used the occasion to highlight what he sees as the long-term consequences of government spending and changes to the nation’s monetary system.