US Gold Reserves: Fort Knox, West Point and the Fed
US gold reserves are the largest in the world at around 8,133 tonnes. The owner is the US Department of the Treasury; the gold is mostly held in US Mint depositories and a small part at the Federal Reserve Bank of New York. The Treasury publishes the holdings in a monthly report.
How much gold does the US have?
According to the World Gold Council, the United States holds around 8,133 tonnes of gold as of the end of September 2026. That is more than twice as much as the second-largest holder, Germany. The figure matches the Treasury’s “Status Report of U.S. Government Gold Reserve”, which shows a total of just under 261.5 million fine ounces.
The holdings have been practically unchanged in the monthly reports for years. The US is therefore not one of the central banks that have actively bought gold in recent years. Because the gold price has risen sharply, gold now makes up around 83.8 per cent of US foreign reserves.
Where is America’s gold stored?
The Treasury report distinguishes between gold in US Mint deep storage, a working stock for coins, and gold at the Federal Reserve Bank of New York. Converting the published ounces into tonnes gives the following breakdown:
Almost all of the holdings consist of bars, around 258.6 million ounces. On top of that come just under 2.9 million ounces in the form of coins, blanks and miscellaneous gold. The gold at the Fed in New York also belongs to the Treasury; the central bank only holds it in custody.
| Storage site | Fine ounces | Approx. tonnes |
|---|---|---|
| Fort Knox, Kentucky | 147,341,858 | 4,583 |
| West Point, New York | 54,067,331 | 1,682 |
| Denver, Colorado | 43,853,707 | 1,364 |
| Federal Reserve Bank of New York | 13,452,811 | 418 |
| US Mint working stock | 2,783,219 | 87 |
Fort Knox: history of the most famous vault
According to the US Mint, the United States Bullion Depository at Fort Knox was built from 1935 and completed in December 1936. The first gold shipment arrived in January 1937, by rail from Philadelphia and New York. The depository reached its highest level at the end of 1941 with 649.6 million ounces.
A law of 13 August 1935 allowed parts of the Fort Knox military reservation to be transferred to the Treasury. According to the US Mint, construction cost US$560,000. The gold was shipped through the Post Office, as it was the only agency able to accept liability for possible losses. The first series of shipments was completed in June 1937.
The holdings in deep storage have been unchanged for years; the figures for Fort Knox, West Point and Denver appear with the same numbers in every monthly report.
Gold and the dollar: Bretton Woods and 1971
After the Second World War, gold became the foundation of the Bretton Woods monetary system. In 1944, 44 countries agreed on fixed exchange rates against the dollar, and the dollar was tied to gold. From 1958, foreign states could exchange dollars for gold at US$35 per ounce.
On 15 August 1971, President Nixon closed the so-called gold window. Since then, foreign governments can no longer convert dollars into gold. The system of fixed exchange rates ended shortly afterwards.
Why is the gold on the books at only US$42?
By law, the Treasury values its gold at US$42.2222 per fine ounce. This value is set in US law (31 U.S.C. 5116–5117) and has nothing to do with the market price. The book value of the entire reserve is therefore around US$11 billion, while its market value is many times higher.
The New York Fed as a vault for other countries
Only a small part of America’s gold is held in the vault of the Federal Reserve Bank of New York. However, large holdings of other countries are stored there: according to its 2025 annual report, the Bundesbank keeps around 1,236 tonnes there, and the Banca d'Italia around 1,061.5 tonnes.
Some central banks have reduced their holdings in New York in recent years. The Banque de France sold its bars there, and the Netherlands moved part of its gold to London in 2026. More on this on the individual country pages.
