Gold Standard Shift: China Challenging US Dominance at Fort Knox

The global gold market is witnessing a significant shift as central banks, led by China, aggressively accumulate bullion. This challenge to the traditional dominance of U.S. gold reserves held at Fort Knox reflects deeper economic and geopolitical undercurrents that extend beyond simple asset diversification.

Fort Knox, officially the United States Bullion Depository, holds about 147.3 million ounces of gold, a figure largely unchanged since the 1950s. Its strategic importance is not just in sheer volume but also its role as a symbol of monetary stability. The U.S. government has not conducted a full audit of these reserves since the 1950s.

China's official gold reserves have grown steadily, with the People's Bank of China reporting increases nearly every month since late 2022. In 2024 alone, China added over 44 tonnes, continuing a trend that began in earnest after the 2008 financial crisis. However, the true scale of China's gold holdings is a matter of debate.