Polymarket bets on Fort Knox audit amid reserve debate

Polymarket, a cryptocurrency-based prediction market platform, has listed bets on whether Elon Musk's Department of Government Efficiency (DOGE) will audit the U.S. gold reserves at Fort Knox.

Polymarket introduced two Fort Knox prediction markets on February 17, 2025, with one betting on whether DOGE would audit Fort Knox by May 2025, and the other predicting the outcomes of such an audit.

Polymarket's betting odds that the audit will take place by the end of April stood at 56%, indicating scepticism about whether the push for transparency will lead to the first official audit of the U.S. Treasury's gold reserves since 1974.

Senator Rand Paul initiated the call for an audit of its gold reserves on February 16, 2025.

On February 17, conservative political commentator Glenn Beck sent a letter to U.S. President Donald Trump, urging him to “restore full faith and credit” in the U.S. government, beginning with its balance sheet.

Beck requested the opportunity to bring a camera crew to document and verify the presence of America’s gold reserves.

According to the U.S. Mint, the U.S. Bullion Depository in Fort Knox, Kentucky, holds 147.3 million troy ounces of gold, or about 59% of the Treasury’s total supply.

With gold trading at more than $2,930 per troy ounce on the open market Tuesday, that means the Fort Knox gold has a market value of $435 billion.

The government denotes the value of this gold at Fort Knox as just $6 billion based on the government-set book value for gold of $42.22 per troy ounce.

Spot gold has been gaining momentum, setting a new all-time high above $2,940 last week and reportedly reaching a new record in inflation-adjusted terms recently.

Amid rising gold prices, Goldman Sachs has raised its year-end gold target to $3,100, reiterating its "Go for gold" trading recommendation to hedge against global trade tensions.