Monday Morning Brief for Feb. 24, 2025: Access denied?

There have been some well publicized visits to Fort Knox, but current requests are more likely to be denied due to national security.

Coin World file images

Despite being one of the shortest words in the English language, it is also one of the most powerful words when used in the right context. We’ve all heard it and we’ve all used it, so it’s not an unusual exclamation at all.

It’s the word “No.”

It is a very real possibility that Elon Musk and his supporters are going to experience the power of the word if they continue in efforts to secure access to the United States Bullion Depository at Fort Knox. It has been reported that suggestions have been made to the Department of Government Efficiency that someone needs to check out the contents of the vault. It may sound like something that’s a good idea, but would it be in reality?

Since I am unable to predict the future, it could happen that Musk and company won’t hear the word “no.” I have a hunch, however, that Musk, like hundreds of others before him, will be denied access if it’s requested.

While access is incredibly difficult by design and purpose, at times access has been granted, but not to just everyone who wants it. As reported in the Oct. 9, 1974, issue of Coin World, a seven-member congressional delegation and 100 news media personnel took a tour and concluded the right amount of gold was there. It was the first time in more than 30 years that an “outsider” was in the vault and the “outsider” on the previous occasion was President Franklin Roosevelt. Mint Director Mary Brooks in 1974 surmised that the visit would probably be the last time the facility would welcome outsiders.

A highly publicized visit in 2017 by then-Secretary of the Treasury Steven Mnuchin got him suspected of using government assets for personal gain. Mnuchin was accompanied by a select group of officials with a viewing of an eclipse from the facility as part of the agenda.

Before and after the 2017 visit, efforts have been made to see the gold. Coin World attempted to get access on the 50th anniversary of the 1974 visit, and the denial was swift and complete. Other media outlets and even members of the government had been equally stonewalled without exception. There’s no real reason to believe that this latest effort will be more successful.

Skeptics think there is no gold in Fort Knox. We know Auric Goldfinger wasn’t actually successful in the 1964 James Bond movie, because all those officials visited 10 years later. We know there is a consistent effort in keeping activities related to the depository on a need-to-know basis and the public doesn’t meet that stringent requirement. It comes down to the conflict of “need” versus “want.” Do we need to know about the contents of Fort Knox? Probably not, but do we want to know? Of course we do. After all, it’s not that far-fetched to imagine the government is not being entirely truthful. That alone isn’t likely to cause a vault opening to happen.

Musk will likely learn the power of “Access Denied” is more than just for digital platforms and social media accounts. He might be better served retrofitting Cybertrucks to armored cars, and maybe then he’ll get access as a supplier of transport vehicles.

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