Economist Peter Schiff took aim at Treasury Secretary Scott Bessent on Wednesday, calling his recent comments about old gold and silver certificates “misinformed” and questioning whether the public should trust his assurances about the gold supposedly sitting in Fort Knox.
In a post on X, Schiff said Bessent incorrectly claimed that holders of old gold and silver certificates could still redeem them for the underlying precious metals. That's not true, Schiff argued. U.S. gold certificates have not been redeemable for gold since 1933, and redemption of silver certificates ended in 1968.
“If Bessent is this ignorant about the history and status of U.S. currency, why should we trust his assurances about the gold supposedly held at Fort Knox,” Schiff said.
Bessent made the comments during a Fox interview where he walked through the evolution of U.S. currency from gold- and silver-backed certificates to the modern fiat system. While displaying historical banknotes, Bessent said that any outstanding gold or silver certificates could be redeemed for the underlying metal held at Fort Knox.
The U.S. ended domestic redemption of gold certificates in 1933 after President Franklin D. Roosevelt suspended convertibility of paper currency into gold. Silver certificate redemption for physical silver ended in 1968, though both types of certificates remain legal tender at their face value.
Bessent added that although he had not personally visited the depository, members of his staff and the U.S. Treasurer had, and that the nation's gold reserves remained intact.
The Treasury Secretary's office did not immediately respond to a request for clarification regarding Bessent's comments.
Fort Knox has long been a flashpoint for speculation about the status of U.S. gold reserves, despite repeated government assurances that the bullion is securely stored. Bessent noted that the U.S. holds the world's largest gold stockpile, valued at more than $1 trillion at current market prices. According to the European Central Bank's June report, gold accounted for 27% of global official reserves at the end of 2025, surpassing U.S. Treasury holdings at 22% and the euro at 15%.
