Trump seeks Fort Knox inspection after $40M gold seizure

David Rush, a former senior CIA executive with top-secret clearance, was arrested May 19 and charged in Virginia federal court with criminal theft of public money. An FBI affidavit states that between November and March he requested and received a significant quantity of gold bars and foreign currency for work-related expenses. Federal agents searched his home on May 18 and seized more than 300 gold bars valued at over $40 million, about $2 million in U.S. currency and 35 luxury watches. The FBI, working with the CIA and the Department of Justice, found probable cause to believe Rush converted government property for personal use. His attorney declined to comment. Investigators also allege he fabricated parts of his résumé, including claims of being a Navy pilot and holding degrees from two universities.

The arrest prompted renewed calls from former President Donald Trump for a personal inspection of Fort Knox. He wrote on Truth Social linking the charges to earlier requests to verify the federal gold stockpile. In a May 10 interview he told interviewers, “I do want to go to Fort Knox sometime. I want to see if the gold is there, which I’m sure it will be.” No federal official has announced a timeline for an inspection tied to the case.

Treasury Secretary Scott Bessent affirmed that the full allotment of gold is present at Fort Knox and that the Treasury conducts annual internal audits. He invited any member of Congress to visit and verify the holdings. The Department of Government Efficiency had previously proposed an audit of the depository but has not filed a formal plan.

Fort Knox holds about 147 million ounces of gold, roughly 59% of U.S. official reserves, with an estimated value near $700 billion. The depository has not undergone an independent public audit since 1974. The size of the seizure and the involvement of a federal employee have prompted questions about how government agencies track and control high-value assets.

Prosecutors continue to investigate the alleged theft and the résumé allegations. The case has drawn attention from investors and renewed interest in tokenized gold products that saw increased demand during gold’s 2026 rally. Treasury officials say internal checks are in place and that members of Congress may inspect the holdings.