U.S. Gold Purchases from Australia: $272.09 Million Over 17 Years
With the Trump administration’s Department of Government Efficiency (DOGE) poised to audit Fort Knox, the U.S. Mint’s $272.09 million in gold and silver purchases from Australia’s Gold Corporation over the past 17 years has thrust the nation’s bullion reserves into the spotlight. Spanning 2007 to 2024, this hefty sum prompts a burning question: if DOGE finds Fort Knox lacking, could this Australian gold have been onsold—or stolen—to hide a shortfall? Adding to the intrigue, Australia’s own gold reserves, stored overseas and unaudited, raise parallel doubts about the security of precious metals worldwide.
Fort Knox: A Vault Shrouded in Mystery
Fort Knox, Kentucky, purportedly safeguards 147.3 million troy ounces of U.S. gold, a claim unverified by a full public audit since 1953. Decades of secrecy have stoked skepticism, and DOGE—spearheaded by efficiency advocates like Elon Musk and Vivek Ramaswamy—may soon force transparency. Meanwhile, the U.S. Mint’s $272.09 million reliance on Australia’s Gold Corporation, operator of the Perth Mint, hints at a deeper story—one complicated by Australia’s own murky gold situation.
$272.09 Million Over 17 Years: The U.S.-Australia Link
Since 2007, the U.S. Mint has obligated $272.09 million to Gold Corporation for precious metals, primarily for coin production. The trail begins with a $5.77 million order for raw silver on December 11, 2007 (Award ID: TMHQ08P0159), followed by gold purchases like $2.56 million in 2023 (Award ID: 2031JG23F62008) for 22-karat, 1-ounce blanks and $2.45 million in 2024 (Award ID: 2031JG24F62009) for 22-karat and 24-karat blanks. Silver leads the charge, with peaks like $12.66 million in 2013 (Award ID: TMHQ13P0351), totaling over $150 million, while gold blanks account for roughly $50 million.
This $272.09 million over 17 years fuels speculation: why import so much when Fort Knox sits on a supposed gold trove? The answer might lie in practicality—or in something more clandestine.
Australia’s Gold: Overseas and Unaudited
The plot thickens when considering Australia’s own gold reserves. Managed by the Reserve Bank of Australia (RBA), these total approximately 80 tonnes—about 2.57 million troy ounces. Yet, 99.9% of this gold resides overseas at the Bank of England (BoE) in the United Kingdom, with only a token amount—reportedly four gold bars—kept at the RBA’s Sydney headquarters. Far from safe, this stash hasn’t faced a public audit, leaving its status as uncertain as Fort Knox’s. If the U.S. has been buying Australian-mined gold while Australia’s reserves languish unaudited abroad, the global chain of trust in precious metals grows shakier.
Missing Gold? Scenarios Multiply
If DOGE uncovers a shortfall at Fort Knox, the $272.09 million Australian connection—and Australia’s own opaque reserves—could amplify the mystery. Three possibilities loom:
Onselling: The U.S. might have sold Fort Knox gold—perhaps to steady markets or fund secret projects—then used Australian imports to replenish or redirect supplies. Australia’s unaudited BoE stockpile could similarly mask discrepancies.
Theft or Loss: Gold could have vanishied from Fort Knox through corruption or theft, with Australian purchases papering over the gap. Likewise, Australia’s overseas hoard might be vulnerable, its unaudited state a potential blind spot.
Routine Operations: The $272.09 million might reflect pragmatic Mint sourcing, leaving Fort Knox intact as a reserve. Australia’s BoE storage could be equally benign—though its lack of audits invites doubt.
Transparency on Trial
As of February 22, 2025, the U.S. teeters on the edge of clarity or chaos. A full Fort Knox audit could dismiss the $272.09 million in purchases—from 2007’s $5.77 million silver order to 2024’s $2.45 million gold haul—as routine. But if gold is missing, Australia’s role as supplier and its own unaudited, overseas reserves will fuel scrutiny. Is Fort Knox gold onsold, pilfered, or mismanaged? Is Australia’s 80 tonnes truly secure at the BoE? With DOGE at the helm, the answers could reshape trust in both nations’ golden legacies.
The Bank Of England's Gold Vaults