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Trump Has Raised Questions About Fort Knox. His Allies Are Trying to Cash In.

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Trump Has Raised Questions About Fort Knox. His Allies Are Trying to Cash In.

It is one of the more baffling story lines of Donald J. Trump’s second term. The president has said he wants to personally visit Fort Knox to ensure that no one has stolen the government-owned gold bars that are stored there.

Mr. Trump has not explained why any gold might be missing from the nation’s heavily guarded reserves. His own Treasury secretary, Scott Bessent, has insisted that there is no reason to worry. “All the gold is there,” Mr. Bessent emphatically told Bloomberg in February, at one point looking directly into a camera and addressing the American people.

Mr. Trump’s interest in the gold reserves has been largely overshadowed by his family’s involvement in various cryptocurrency ventures, which has raised ethical concerns about potential conflicts of interest.

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The president has a long history of embracing conspiracy theories, and is known to be a fan of golden and gilded things. It is difficult to say what exactly is behind his recent fanning of unfounded fears about Fort Knox, which have been floating around since at least the 1970s.

A White House spokesperson did not respond when asked to comment for this story.

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What is certain is that gold is on many investors’ minds these days. Generally seen as a safe place to park wealth during tumultuous periods, the precious metal has risen to record prices recently, in part because of the global economic uncertainty that the president’s shifting tariff policies caused.

Some of Mr. Trump’s allies, including his eldest son, serve as pitchmen for gold investment companies that advertise heavily on their podcasts or radio shows.

And some of them have been using fresh concerns about Fort Knox to make a profit.

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The United States Depository for gold reserves in Fort Knox, Kentucky.

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Associated Press

The Gold Conspiracy That Wouldn’t Go Away

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If nothing else, Mr. Trump’s Fort Knox obsession has resurfaced one of the deeper cuts in the American conspiracy theory catalog.

One reason the government holds onto such large stores of gold is to confer a sense of financial stability, even though the country moved off the gold standard in the 20th century. According to the United States Mint, 147.3 million ounces of gold, about half of the government’s stash, is held at Fort Knox.

The Kentucky facility, known formally as the United States Bullion Depository at Fort Knox, almost never allows visitors and is kept under famously heavy lock and key — an inaccessibility that may explain much of the intrigue around it.

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One of the main early proponents of the idea that gold was missing from Fort Knox was a lawyer named Peter Beter, who earned a modicum of notoriety in the 1970s by spreading dark theories in a mail-order audio cassette series. Among other things, Mr. Beter believed that “organic robotoids,” controlled by Bolsheviks, had infiltrated the federal government.

By 1974, concerns about the gold reserves grew so intense that a congressional delegation and a few news outlets, including The New York Times, were invited to Fort Knox for a rare inspection. A reporter for The Times described the effect of seeing a vault 6 feet wide and 12 feet deep, stacked with 36,236 glistening gold bars, as “awesome.”

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Another wave of concern crested in 2011, when then-Representative Ron Paul, the Texas Republican, introduced a bill calling for an inventory of the reserves. At a subcommittee hearing, Mr. Paul said people had become worried that “the gold had been secretly shipped out of Fort Knox and sold.” He added, “And, still others believe that the bars at Fort Knox are actually gold-plated tungsten.”

U.S. House of Representatives

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The inspector general of the Treasury Department at the time, Eric Thorson, told Mr. Paul that audits were performed yearly, with “no exceptions of any consequence.”

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More recently, Mr. Trump’s first-term Treasury secretary, Steve Mnuchin, had a chance to check on the gold in August 2017, with Mitch McConnell, then the Senate majority leader, in tow. Photos were taken of the men among the gold bars.

“Glad gold is safe!” Mr. Mnuchin wrote on Twitter, now known as X.

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U.S. Department of The Treasury

Questions About Ft. Knox Bubble Up Again

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The latest concerns appear to have taken off on Feb. 14, when the website ZeroHedge, which occasionally promotes conspiracy theories, tagged Elon Musk in a post on X. The post asked him to make sure the gold at Fort Knox is there.

“Surely it’s reviewed at least every year?” Mr. Musk replied.

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“It should be. It isn’t,” ZeroHedge responded. (Mr. Bessent, the Treasury secretary, would later say that the gold is still audited annually.)

Senator Rand Paul of Kentucky, a Republican and the son of Ron Paul, chimed in, calling for an audit. “Let’s do it.”

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The next day, Alex Jones, the “InfoWars” conspiracy theorist, said on his talk show that when he was a child, his great-uncle told him some of the gold was missing, and that the “deep state” was involved in the “crime of the century.”

Mr. Musk responded to this post as well. “It would be cool to do a live video walkthrough of Fort Knox!” he wrote.

Then came Glenn Beck, the conservative radio and TV host, who posted an open letter to Mr. Trump the next day, asking if he could take a camera crew to Fort Knox to “restore faith in our financial system.”

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The chatter about the gold reserves was growing louder.

By Feb. 20, Mr. Trump was telling a press gaggle on Air Force One that he planned to go to Fort Knox to “make sure the gold is there.”

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How the Conspiracy Theory Has Been Integrated Into Sales Pitches for… Gold

Since then, the idea that the government’s gold reserves may have gone missing has been integrated into the sales pitches of companies that trade in gold coins and gold investment accounts. The companies advertise heavily on Trump-friendly TV and internet shows.

InfoWars, The Dan Bongino Show, The Ben Shapiro Show, Triggered with Don Jr.

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A number of “gold I.R.A.” companies have suggested that a future audit of Fort Knox could determine that gold is missing, setting off a crisis among Americans about the stability of the economy. Amid such chaos, the companies argue, privately held gold would be a lucrative safe haven for investors.

One of the companies, Birch Gold Group, is endorsed by the president’s eldest son and bills itself as “Donald Trump Jr’s gold company.” A recent article on Birch Gold’s website stated that the idea of an “empty Fort Knox” had gone “from conspiracy theory to mainstream concern.” A discovery that gold was missing from Fort Knox, the article stated, would be the “quickest way down for the U.S. dollar.”

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“It is only those without physical gold exposure that feel the need to panic, perhaps with good reason, about the greenback’s admittedly dismal prospects,” states the article, which is accompanied by an offer for a “FREE gold IRA info kit.”

The younger Mr. Trump lauded his father’s plans to visit Fort Knox in a Feb. 24 episode of his online talk show, on which he regularly makes pitches for Birch Gold. “If it’s empty,” he said, “I would imagine there’s hell to pay.”

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On Feb. 27, Lear Capital, a gold company that Mr. Beck promotes, posted, “As calls for a Fort Knox audit grow louder, investors should stay informed and consider their exposure to gold as part of a diversified portfolio.”

On Instagram, Rogan O’Handley, a conservative influencer who goes by the handle DC Draino, posted a plug for Donald Trump Jr.’s preferred gold company.

“If Fort Knox is empty, do you know what Gold prices will do?,” Mr. O’Handley wrote. “Get a **Free** info packet from Birch Gold – LINK IN MY BIO – to learn more about @birchgold’s tax-advantaged precious metals retirement plans.”

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On another section of Birch Gold’s website, a “Message from Donald Trump Jr.” raised the possibility that his father’s administration could “revalue America’s gold reserves on the national balance sheet from their outdated book value of $42” — the price per ounce the government assigns for bookkeeping purposes — “to current market prices.”

This, he wrote, “could cause a surge in gold prices.” He added, “The potential upside for gold investors is substantial.” A gold I.R.A., he added, would be a great way to benefit. He did not mention that Mr. Bessent had publicly stated that he had no plans to revalue the gold reserves.

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Above the message was a digitally altered photo of the president at a desk, showing off an important-looking signed document, a wall of gold bricks behind him.

Mr. Trump has still not visited Fort Knox.

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Video: President Fires Noem as Homeland Security Secretary

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Video: President Fires Noem as Homeland Security Secretary

new video loaded: President Fires Noem as Homeland Security Secretary

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President Fires Noem as Homeland Security Secretary

President Trump fired Kristi Noem, his embattled homeland security secretary, on Thursday and announced his plans to replace her with Senator Markwayne Mullin of Oklahoma.

“The fact that you can’t admit to a mistake which looks like under investigation is going to prove that Ms. Good and Mr. Pretti probably should not have been shot in the face and in the back. Law enforcement needs to learn from that. You don’t protect them by not looking after the facts.” “Our greatness calls people to us for a chance to prosper, to live how they choose, to become part of something special. Anyone who searches for freedom can always find a home here. But that freedom is a precious thing, and we defend it vigorously. You crossed the border illegally — we’ll find you. Break our laws — we’ll punish you.” “Did you bid out those service contracts?” “Yes they did. They went out to a competitive bid.” “I’m asking you — sorry to interrupt — but the president approved ahead of time you spending $220 million running TV ads across the country in which you are featured prominently?” “Yes, sir. We went through the legal processes. Did it correctly —” Did the president know you were going to do this?” “Yes.” “I’m more excited about just ready to get started. There’s a lot of work we can do to get the Department of Homeland Security working for the American people.”

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President Trump fired Kristi Noem, his embattled homeland security secretary, on Thursday and announced his plans to replace her with Senator Markwayne Mullin of Oklahoma.

By Jackeline Luna

March 5, 2026

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DOJ continues Biden autopen probe despite former president unlikely to face charges

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DOJ continues Biden autopen probe despite former president unlikely to face charges

NEWYou can now listen to Fox News articles!

The Department of Justice (DOJ) is continuing its investigation into former President Joe Biden’s use of an autopen in the final months of his administration — focusing on pardons and commutations — though a senior official said Biden is unlikely to face criminal exposure.

A senior DOJ official told Fox News the autopen investigation is ongoing and not closed, adding investigators are reviewing clemency actions taken in the final months of the Biden administration.

The official also pointed out, however, that the use of an autopen by a sitting president is “established law.”

The issue under review is whether the autopen was used in violation of the law, specifically, whether Biden personally approved each name included on pardon and commutation lists.

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A framed portrait shows former President Joe Biden’s signature and an autopen along “The Presidential Walk of Fame” outside the Oval Office of the White House.  (Andrew Harnick/Getty Images)

“These types of cases are tough. Executive privilege issues come into play,” the official said.

What is also clear, the official indicated, is that the target of any potential prosecution would not likely be Biden.

“It’s hard to imagine how [Biden] could be criminally liable for pardon power,” the senior DOJ official said.

BIDEN’S AUTOPEN PARDONS DISTURBED DOJ BRASS, DOCS SHOW, RAISING QUESTIONS WHETHER THEY ARE LEGALLY BINDING

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The use of the autopen by former President Joe Biden remains under investigation. (AP Photo)

The official noted that one reason the former president would be unlikely to face charges stems from a 2024 Supreme Court ruling that originally involved current President Donald Trump but would also apply to Biden.

“We conclude that under our constitutional structure of separated powers, the nature of Presidential power requires that a former President have some immunity from criminal prosecution for official acts during his tenure in office,” the Supreme Court ruled in Trump v. United States in 2024. 

“At least with respect to the President’s exercise of his core constitutional powers, this immunity must be absolute.”

Sources familiar with the matter told Fox News Digital that U.S. Attorney Jeanine Pirro’s team continues to review the Biden White House’s reliance on an autopen, contradicting a recent New York Times report that indicated the investigation had been paused.

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DOJ SIGNALS IT’S STILL DIGGING INTO BIDEN AUTOPEN USE DESPITE REPORTS PROBE FIZZLED

President Donald Trump has pushed for consequences for former President Joe Biden’s alleged use of the autopen. (Julia Demaree Nikhinson/AP Photo)

Trump has pushed for consequences over the autopen controversy, alleging on social media that aides acted unlawfully in its use and raising the prospect of perjury charges against Biden.

Biden has rejected those claims, saying in a statement last year he personally directed the decisions in question.

“Let me be clear: I made the decisions during my presidency,” Biden said. “I made the decisions about the pardons, executive orders, legislation and proclamations. Any suggestion that I didn’t is ridiculous and false.”

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The House Oversight Committee has homed in on Biden’s clemency actions, including five controversial pardons for family members in the final days of his presidency, citing what it described as a lack of “contemporaneous documentation” confirming that Biden directly ordered the pardons.

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The committee asked the DOJ to investigate “all of former President Biden’s executive actions, particularly clemency actions, to assess whether legal action must be taken to void any action that the former president did not, in fact, take himself.”

Fox News Digital’s Ashley Oliver contributed to this report.

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Top Biden officials questioned and criticized how his team issued pardons, used autopen: report
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Anxiety grows among California Democrats as gubernatorial candidates rebuff calls to drop out

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Anxiety grows among California Democrats as gubernatorial candidates rebuff calls to drop out

Despite a plea from the head of the California Democratic Party for underperforming candidates to drop out of the governor’s race, all but one of the party’s top hopefuls spurned the request.

Party leaders fear the growing possibility that the crowded field will split the Democratic electorate in the state’s June top-two primary election and result in two Republicans advancing to the November ballot, ensuring a Republican governor being elected for the first time since 2006.

His advice largely unheeded, state party Chairman Rusty Hicks on Thursday said the fate of a Democratic victory now rests squarely on the gubernatorial candidates who flouted him.

“The candidates for Governor now have a chance to showcase a viable path to win,” Hicks said in a statement Thursday.

Eight top Democratic candidates filed the official paperwork to appear on the June ballot after Hicks released a letter on Tuesday urging those “who cannot show meaningful progress towards winning” to drop out. Friday is the deadline to file to appear on the primary election ballot. On March 21, the secretary of state’s office will formally announce who will appear on the June ballot.

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“It sounded like someone who has his head in the sand,” former Los Angeles Mayor Antonio Villaraigosa said of Hicks’ open letter. “[Most] of us filed within 24 hours of getting that letter. It created some press but not much else. It didn’t impact [most] of the candidates and it certainly didn’t impact my candidacy.”

Democratic strategist Elizabeth Ashford said it was appropriate for Hicks and other Democratic leaders to make a public plea as opposed to keeping such discussions solely behind closed doors.

But the response showed the limited power of the modern-day party bosses.

“It’s definitely not Tammany Hall,” said Ashford, referring to the storied Democratic political machine that had a grip on New York City politics for nearly a century. “The party and Rusty are influential and they are helpful and that is their role. I don’t think anyone would be comfortable with outright public strong-arming of specific candidates.”

Ashford, who worked for former Govs. Jerry Brown and Arnold Schwarzenegger, along with former Vice President Kamala Harris when she served as state attorney general, added that the minimal power of the state GOP is likely a factor in the dynamics of Democrats’ decision to stay in the race. Democratic registered voters outnumber Republicans by almost a 2-to-1 margin in the state, and Democrats control every statewide elected office and hold supermajorities in both chambers of the California Legislature.

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“If there were a strong viable opposition that existed, if the Republican Party was actually relevant in California, I think that would sort of force greater unity amongst Democrats,” she said.

Just one of the nine major Democrats did heed the party chair’s message. Ian Calderon, a former Los Angeles-area Assemblyman who consistently polled near the bottom of the field, withdrew from the race and endorsed Rep. Eric Swalwell (D-Dublin) on Thursday.

Candidates cannot withdraw their name from the ballot once they officially file to run for office, leading to some fears that even if other candidates drop out of the race, a crowded primary ballot could still split California’s liberal votes.

“I’m disappointed most of them will be on the ballot,” said Lorena Gonzalez, the head of the California Federation of Labor Unions, which will announce whether it endorses in the governor’s race on March 16. But “I do still think you can have people drop out of the race or become viable. I think that there are candidates who know viability is a real thing they have to show in coming weeks” before ballots start being mailed to voters.

Jodi Hicks, chief executive and president of Planned Parenthood Affiliates of California, said she is “still worried” about the prospect of two Republicans winning the top two spots in the June primary, shutting Democrats out of any chance of winning the governor’s office in November.

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“I didn’t have any specifics of who I wanted to do what,” she said. “I’m just very, very concerned and the stakes are really high right now and seem to be getting worse by the day.”

Republican candidate Steve Hilton, a former Fox News host, said he is “confident that I’ll be in the top two” along with a Democratic candidate. “I find it very difficult to believe that the Democratic Party will just surrender California and allow two Republicans to be in the top two.”

Hilton made the comments Thursday after a gubernatorial forum in Sacramento hosted by the California Assn. of Realtors focused on housing and homeownership. Villaraigosa, former Health and Human Services Secretary Xavier Becerra, San Jose Mayor Matt Mahan and former Rep. Katie Porter also attended. Swalwell, who is currently in Washington, joined the panel virtually.

During the panel, candidates were in broad agreement about the need to reduce barriers and costs in order to build more housing in California, where the median single-family home costs more than $820,000. Many also endorsed proposals to disincentivize private investment firms from buying up homes as well as a $25-billion bond proposed by former Sen. Bob Hertzberg to help first-time homebuyers afford a down payment.

“This really isn’t a debate because we’re agreeing so much with each other,” Hilton said at one point during the event.

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That political alignment on one of the most pressing issues facing California may explain why voters are having such a difficult time deciding who to support.

A recent poll of the Public Policy Institute of California found that the five candidates topping the crowded field were within 4 percentage points of one another: Porter, Swalwell, Hilton, Democratic hedge fund founder Tom Steyer and Republican Riverside County Sheriff Chad Bianco. Earlier polls had Hilton and Bianco leading the field, though many voters remained undecided.

Some candidates took issue with Hicks’ push to cull the field, noting that most of the lower-polling candidates he asked to drop out are people of color.

“Our political system is rigged, corrupted by the political elites, the wealthy and well connected,” state Supt. of Public Instruction Tony Thurmond, who is Black and Latino, said in a video posted on social media in response to the open letter. “The California Democratic Party is essentially telling every person of color in the race for Governor to drop out.”

Villaraigosa argued that enough voters remain undecided that it was too early for quality candidates to call it quits.

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“Most people don’t even know who’s in the race,” said Villaraigosa. “It’s premature to be thinking about getting out of the race. I certainly am not considering it and I feel no pressure.”

Aside from the opinion polls, other indicators on who may emerge from the pack a candidates are slowly emerging.

Though it wasn’t enough to win the party’s endorsement, Swalwell won support from 24% of delegates at the state Democratic convention last month, the most of any party candidate.

While spending is no guarantee of success, Steyer has donated $47.4 million of his own wealth to his campaign. Mahan, who recently entered the race and is supported by Silicon Valley leaders, has quickly raised millions of dollars, as have two independent expenditures committees backing his bid.

Ashford said part of candidates’ decisions to remain in the race could have been driven by their lengthy political careers, as well as Democrats’ crushing November redistricting victory.

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“In several cases, these are people who have won statewide office,” she said. “It’s tough to feel like there may not be a sequel to that.”

Nixon reported from Sacramento and Mehta from Los Angeles.

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