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February 28, 2025

Elon Musk and the Department of Government Efficiency (DOGE) have fired a shot across the bow: Audit Fort Knox.
The U.S. claims to have 147.3 million troy ounces of gold locked inside, worth over $430 billion—but no one has done a full bar-by-bar verification in over 70 years. The most recent comprehensive audit of the U.S. gold reserves at Fort Knox occurred in 1953, shortly after President Dwight D. Eisenhower took office.
Could this be a quick spot check to calm the skeptics? Or are we talking about a full-scale audit that could take years? Let’s break it down.
How Much Gold Are We Talking About?
Total Number: 368,000 gold bars, each weighing 400 troy ounces (27.5 pounds). If you laid them flat, they would cover an entire football field in a single layer
Total weight: Over 4,500 metric tons—the equivalent of 113 fully loaded semi-trucks
Total value: Approximately $430 billion based on recent spot prices
This isn’t just a pile of gold—it’s an economic superpower locked behind steel and secrecy.
How Long Would an Audit Take?
A full audit would require every single bar to be:
Physically removed
Weighed
Checked for purity
Verified against outdated government records
But here’s the problem: Fort Knox isn’t one giant open space—it’s actually divided into 13 separate vault rooms. The bars aren’t neatly laid out for easy access either. They’re stacked six feet high and 4–5 bars deep, making it even harder to remove and verify each one.
The vault itself is about the size of two basketball courts, meaning only 25-30 auditors could likely work inside at a time. Add in strict security clearances, multi-agency oversight, and chain-of-custody procedures, and things slow to a crawl.
Even with an ambitious 12 bars per hour per team, here’s what the audit timelines look like:
A 10% Spot Check (36,800 bars)
Estimated Time: 6 months
Why? A quick check to calm public fears—but it wouldn’t confirm if all the gold is there.
A 50% Audit (184,000 bars)
Estimated Time: 2 years
Why? This would give a much clearer picture but still leaves half the vault unverified.
A Full Audit (368,000 bars)
Estimated Time: 4 years
Why? The only way to truly confirm the entire gold supply.
And if even 5-10% of bars have record inconsistencies? Resolving those issues alone could add months, if not years.
Security & Logistical Challenges:
Security Clearance: Every auditor needs background checks and security clearance before touching a bar
Physical Handling: Bars must be removed, inspected, and verified one by one
Problem Bars: Any discrepancies trigger forensic testing, adding even more delays
The takeaway? There’s no quick way to verify this much gold.
What If Some Gold Is Missing?
Skeptics have long speculated: Is all the Fort Knox gold really there? If even a fraction of bars were missing, swapped, or lower purity than claimed, the government would have serious explaining to do.
And if anything looked suspicious? Expect lengthy investigations, forensic testing, and even longer delays before the public got answers.
With gold rapidly moving from Western vaults and prices surging, skepticism is growing. If history has taught us anything, it’s this:
When people start questioning the gold supply, demand skyrockets.
Smart investors move early—before the rush for physical metal begins.
Fund Houses Recommendations
Jefferies on Coforge: Maintain Buy on Company, target price at Rs 10100/Sh(Positive)
HSBC on Chola FIn: Maintain Buy on Company,
raise target price at Rs 1610/Sh (Positive)
UBS on Thermax: Initiate Buy on Company, target price at Rs 4100/Sh (Positive)
Jefferies on Jubilant Food: Maintain Buy on Company, target price at Rs 1000/Sh (Positive)
MS on Coal India: Maintain Overweight on Company, target price at Rs 525/Sh (Positive)
CLSA on Bajaj Auto: Maintain Outperform on Company, target price at Rs 9473/Sh (Positive)
JPMorgan on Coal India: Maintain Neutral
on Company, raise target price at Rs 420/Sh (Positive)
Nuvamaon Coal India: Maintain Hold on Company, target
price at Rs 419/Sh (Positive)
UBS on IOC: Maintain Buy on Company, target price at Rs 180/Sh (Positive)
UBS on HPCL: Maintain Buy on Company, target price at Rs 430/Sh (Positive)
UBS on BPCL: Maintain Buy on Company, target price at Rs 365/Sh (Positive)
Nuvamaon CG Consumer: Maintain Buy on Company, target
price at Rs 500/Sh (Positive)
Jefferieson Crompton: Maintain Buy on Company, target
price at Rs 480/Sh (Positive)
Investecon ICICI Pru: Upgrade to Hold on Company, target
price at Rs 725/Sh (Positive)
JefferiesOn Power Financing stocks: Expect companies to increase their provision
coverage ratio on discoms in 4Q25, but it should be range bound (Neutral)
Jefferieson Apollo Hospitals: Maintain Buy on Company, target
price at Rs 7900/Sh (Neutral)
MS on Crompton: Maintain Underweight on Company, target price at Rs 352/Sh (Neutral)
Trump: Additional 10% tariff on China.
PARADEEP PHOSPHATES: Update On composite scheme of arrangement amongst Mangalore Chemicals & Fertilizers Limited (“Transferor Company”), Paradeep Phosphates Limited (“Transferee Company” )
Company received a BSE letter on Feb 27, 2025, with no objections to its Scheme of Arrangement, allowing filing with NCLT soon.
Trudeau: Canada will respond strongly if U.S. imposes tariffs Tuesday.
PARADEEP PHOSPHATES: Update On composite scheme of arrangement amongst Mangalore Chemicals & Fertilizers Limited (“Transferor Company”), Paradeep Phosphates Limited (“Transferee Company” )
Company received a BSE letter on Feb 27, 2025, with no objections to its Scheme of Arrangement, allowing filing with NCLT soon.
Trudeau: Canada will respond strongly if U.S. imposes tariffs Tuesday.
UBS ON THERMAX
INITIATES Coverage ,Energy efficiency compounder, initiate with Buy, PT of Rs4,100
Margin increase to drive a 25% earnings CAGR; capital allocation is key
27% RoCE in FY27E and EBITDA to OCF of 0.7x, well ahead of peers
ANAND RATHI ON PROTEAN EGOV
INITIATES coverage With Buy, Target 1665
Expect earnings to compound at a 22% CAGR over FY25- 27e
New Biz in early stage of unlocking growth opportunities
Regular biz is a cash show, digital documentation rising star
GANESH BENZOPLAST
EOW arrests Ramakant Pilani, former CEO of GBL Chemical Ltd., along with two others for forgery and fraudulent transactions, including a fake SBI account.
https://t.me/BeatTheStreet10
Retail investors holdings are now more than FII holdings in Indian Markets for the first time ever - A remarkable feet
Credits: Edelweiss MF
NUVAMA ON CG CONSUMER
Maintain Buy, TP 500
The company reiterated that it is tracking well on its Crompton 2.0 strategy
Focusing on-industry-leading PAT growth, arresting the decline in the lighting market; and and turning around Butterfly.
Aims to capture a larger share of the premium fans market
The industry’s BEE2.0 transition (in Jan-26) shall provide further market share gain opportunities for Crompton
Off to a good start for summer season
Company is evaluating three–four new categories for solar pumps
Butterfly Gandhimati rejig has been completed with a new team in place and aim is to achieve mid-teens growth
DOLPHIN OFFSHORE : LARGE TRADE BSE + NSE
ELARA INDIA OPPORTUNITIES FUND LIMITED SOLD 11.3 LKH SHARES ( 2.8 % STAKE ) @ ₹ 204.30 /SHARE
ARIES OPPORTUNITIES FUND LIMITED SOLD 39.9 LKH SHARES ( 9.9 % STAKE ) @ ₹ 204.30 /SHARE
K AND K VENTURES BOUGHT 16 LKH SHARES ( 4 % STAKE ) @ ₹ 204.30 /SHARE
BELABEN HIMANSU SHAH BOUGHT 6 LKH SHARES ( 1.5 % STAKE ) @ ₹ 204.30 /SHARE
KINNARI V SHAH BOUGHT 6 LKH SHARES ( 1.5 % STAKE ) @ ₹ 204.30 /SHARE
EBISU GLOBAL OPPORTUNITIES FUND LIMITED BOUGHT 6.9 LKH SHARES ( 1.7% STAKE ) @ ₹ 204.30 /SHARE
UNICON GLOBAL OPPORTUNITIES FUND LIMITED BOUGHT 11.3 LKH SHARES ( 2.8 % STAKE ) @ ₹ 204.30 /SHARE
PLATINUM CHAPLINE LLP BOUGHT 2.28 LKH SHARES ( 0.57 % STAKE ) @ ₹ 217.60 /SHARE
REMSONS INDUSTRIES LIMITED : LARGE TRADE NSE
CHINTAN CHETAN BHAYANI SOLD 1.8 LKH SHARES ( .54% STAKE ) @ ₹ 121.19 /SHARE
JINDAL STEEL ; Jindal Steel raised its bid for Italy’s Acciaierie d’Italia to €4B ($4.2B), outbidding Azerbaijan rivals. - BLOOMBERG
Proposal includes about €3 billion of investments in plant
Note ; Previously Co. Offered € 2 Bn
ASIAN MARKET UNDER PRESSURE
JAPAN'S NIKKEI DOWN 3 %
SOUTH KOREA'S KOSPI DOWN 3 %
HANG SENG DOWN 2 %
Tata Tech, IREDA, IIFL Fin: To Be Included In F&O From Today
Patanjali Foods, Titagarh Rail, Amara Raja: In F&O From Today
NIRMAL BANG ON POLYCAB
STRONG BUY , Upgraded Stock To Buy , Target Price 6228
UltraTech foray Won't Impact POLYCAB
Will have bigger Impact On Housing Focused , B2C Players Finolex Cables and Havells
Bank of Maharashtra : kicks off roadshows for Rs 2,500 crore QIP
Bank plans to launch Rs 2,500 crore QIP in Q3
Bank conducting roadshows in UAE, Singapore, Hong Kong, US and UK
Plans to dilute 4.6% stake via QIP to meet SEBI's minimum shareholding norms
Equity fundraise will be via overseas, domestic route - NDTV PROFIT
ADANI ENT : Adani Group plans 270 retail stores, 40 F&B outlets at airports to boost non-aero revenue, eyeing dominance in airport retail - ET
BROKERAGE FIRMS ON AUTO
JM Financial says PV demand nosedives; 2w holding up
Jefferies Says Feb MTD 2Ws down 2% YoY, PVs/trucks down 5-7%, and tractors down 12% YoY
Phillip Cap says Maruti, Hyundai to report high single digit retail de-growth, while Tata PV to witness low double-digit de-growth
BIOCON; Biocon launches GLP-1 peptide Liraglutide in the UK for diabetes and obesity under Liraglutide Biocon and Biolide brands, following MHRA approval.
With GLP-1 therapies projected to be a substantive future growth driver for Biocon, the Company remains committed to reinforcing its position as a key player in this area.
ABB INDIA ; ABB anticipates India will become its third-largest electrification market by 2026, following the U.S. and China - BS
To support this growth, ABB is investing $20 million to double its factory capacity near Bengaluru and an additional $30 million for a new power lab in Hyderabad.
Key growth drivers include data centers, the solar industry, and semiconductor manufacturing.
BSE , ANGEL ONE , CDSL , MOTILAL OSWAL; Finance Sec.Tuhin Kanta Pandey Appointed As New SEBI Chairman For 3 Years
Note ; Previous Chair Madhabi buch Imposed strict measures for F&O market
NIFTY TO OPEN 111 PTS GAP DOWN
JANUARY AVIATION DATA
IndiGo January Market Share At 65.2% Vs 64.4% (MoM)
Air India January Market Share At 25.7% Vs 26.4% (MoM)
SpiceJet January Market Share At 3.2% Vs 3.3% (MoM)
Akasa Air January Market Share At 4.7% Vs 4.6% (MoM)
NIFTY NOW AT JUNE 2024 LOWS
NIFTY NOW CORRECTED 15 % FROM RECORD HIGHS
AFTER YESTERDAY'S BLOODBATH SESSION , CABLE STOCKS SLIGHTLY UP IN TODAY'S RED MARKET
IT INDEX FACING HEAVING SELLING PRESSURE THAN OTHER SECTOR INDEX
INDUSIND BANK DOWN 6 %
POLYCAB UP 3 %
Axis Cap on IndiGo
Upgrade to Buy from Add; Hike TP to Rs 5450 from Rs 5100
Best play on rising discretionary consumption
Focus on gaining international market share, while domestic share stays intact
Yield expected to be largely stable
Aircraft addition will be gradual, given ongoing issues with global vendors
Marico Says Rural Demand Is Improving, Worst For Urban Consumption Is Over
Improvement will not be like Hockey Stick kind Of Recovery- CNBC-TV18
MARICO Says See Gradual Improvement In Urban Demand Over The Next Few Qtrs - CNBCTV18
MARICO Says Food, Premium Personal Care & Digital Brands Are 21% Of Co's Revenue From 6% In 2020
Difficult To Say When 10% Volume Growth Will Happen
NIFTY BREAKS 22,300
New F&O entrant IREDA shares are now down 50% from their post-listing high
MSCI India index rebalancing will come into effect today
ORIANA POWER ; Oriana Power Signs ₹500 Cr MoU for Solar & BESS in Assam
Oriana Power Limited signed an MoU with Assam’s Renewable Energy Department at the Investment & Infrastructure Summit 2025 in Guwahati.
The ₹500 crore project will develop solar and battery energy storage systems (BESS) in Kamrup district
SMALL ,MID CAP INDEX DOWN 2 %
Japan stocks fall 3.7% as Trump tariff on China spurs risk-off trades - Nikkei Asia
RELIANCE RECOVERED 0.8 %
Crypto currency market has now entered into bear market territory.
Bitcoin is down below 80,000, trading at 78,900 USD. It’s down 25% from its high of $107,000.
Ethereum is down 8% (intraday) to $2,132. ETH is down almost 50% (48.5%) from its all time high of $4,110.
Many of other big and reputed coins such as TON (Toncoin) are down 65% from its all time high.
TATA POWER ; TP Solar Limited, Tata Power’s Solar Manufacturing Arm, wins ₹ 632 crore Contract from SECI to Supply of 292.5 MWp DCR Solar Modules
The contract includes a total scope of 400 MWp DCR Modules, of which TP Solar has secured 292.5 MWp.
360 ONE WAM , AMC STOCKS ; SEBI Releases regulatory framework for specialized investment funds
Two routes for registered mutual funds to set up SIF
Mutual funds with 3 year track record, Rs 10,000 cr assets can launch SIFS
AMC with CIO with 10 yrs experience, managed Rs 5,000 cr in assets can launch SIF
SIFs will be allowed to launch equity long-short, debt long-short, sectoral long-short funds
AMC STOCKS ; SEBI Says SIF can take up to 25% exposure to derivatives
SIFs can be launched as open-ended and close-ended funds
SIF minimum investment amount at Rs 10 lk
Specialized funds regulatory framework effective April 1
OMCs : RUSSIA RESPONDS TO US OIL PRESSURE ON INDIA - Sputnik India
"Russia categorically rejects unilateral pressure measures, including in the energy sector," Foreign Ministry Spokeswoman Maria Zakharova said.
ERIS LIFESCIENCES: UPDATE ON ACQUISITION OF 30% EQUITY STAKE IN LEVIM LIFETECH PRIVATE LIMITED
Co. says transaction has achieved closure.
GANESH BENZOPLAST : EOW has arrested Ramakant Pilani, former CEO and director of GBL Chemical Ltd., the prime accused, Ajit Kumar Jena, director of Cardier Foods & Beverages Pvt. Ltd. and Gopal Chaturvedi, director of Cardier Foods & Beverages Pvt. Ltd.
Pilani allegedly misused his position, forged documents, and conducted fraudulent transactions, including opening a fake SBI account in GBL Chemical Ltd.'s name.
MANKIND PHARMA: NCLT approves amalgamation of Jee Laboratory, JPR Labs & Jaspack Industries with the company
LIC ; LIC gets GST, interest & penalty notice of ₹479.88 crore for FY21
NATCO PHARMA ; Mr. G. Vasan has been designated as Vice President – (Operations) of the Company w.e.f. 27th February, 2025.
He has led NATCO’s Chemical Division, Chennai, as Head of Operations for 12 years. Previously, he held senior operations roles at Shasun Pharmaceuticals, WANBURY, Piramal Enterprises, and spent 12 years in production at Sanmar.
ROTO PUMPS ; Update on construction of factory building
Construction for the first phase of the said factory building, comprising of basement and the ground floor, has commenced on February 26, 2025, and is scheduled to be completed by the end of December, 2025, at the cost of approximately ₹ 18.00 crore, including utilities.
RAJSHREE POLYPACK:Executive Committee approved issuing a ₹4 crore corporate guarantee to Saraswat Co-op Bank for a loan to Olive Ecopak Pvt. Ltd., a JV company.
U.S. GDP Q2 second estimate: 2.3% (forecast: 2.3%, previous: 2.3%).
U.S. initial jobless claims: 242K (forecast: 221K, previous: 219K).
US CORE PCE PRICES PRELIM ACTUAL 2.7% (FORECAST 2.5%, PREVIOUS 2.5%)
US GDP PRICE INDEX ACTUAL 4.2% (FORECAST 2.2%, PREVIOUS 2.2%)
US PCE PRICES PRELIM ACTUAL 2.4% (FORECAST -, PREVIOUS 2.3%)
US Q4 CORE PCE REVISED UP TO +2.7% PACE FROM +2.5%
Trump: Mexico, Canada tariffs start March 4; China gets 10% extra. April 2 reciprocal tariffs unchanged.
Top Trump official: US seeks fair, reciprocal trade with the UK.
KRN HEAT ; Co. has incorporated a wholly owned subsidiary company namely "THERMOTECH RESEARCH LABORATORY PRIVATE LIMITED"
Incorporated entity to establish an advanced HVAC&R lab in India for testing, validation, and certification. It will offer HVAC facilities, training programs, and industry support with fast, reliable testing for quality control and market efficiency.
TRANSRAIL LIGHTING; WINS RS 2752 CR ORDER
Co. has secured new orders worth ₹2,752 crore, primarily from T&D
CEO Says Order wins of ₹2,752 crore reinforce our leadership in T&D. With YTD inflows surpassing ₹7,400 crore (+90% YoY), our strong growth continues, driven by competitiveness and integration.
ITCONS ; WINS RS 3.02 CR ORDER
Company has secured a work order from the Central Warehousing Corporation (CWC), Department of Food and Public Distribution, Ministry of Consumer Affairs Food and Public Distribution, to provide 60 manpower services on a contractual basis for the period of 2 year(s).
China opposes new US tariffs, calls for trade talks.
HCL TECH: WINS ORDER
HCLTech selected by Children s Minnesota to modernize healthcare operations with AI
HCLTech will leverage its HCLTech AI Force platform to optimize Children’s Minnesota’s operational systems with a reliable and scalable digital solution.
HCLTech’s full-stack AI platform will streamline operations, reduce manual tasks and enable data-driven decision making, enhancing healthcare delivery and patient care.
TODAY'S FIIs DIIs DATA ( NET )
FIIs SELL 556 CR
DIIs BUY 1727
NET BUY 1171 CR
TVS MOTORS: TVS MOTOR COMPANY LAUNCHES TVS KING DURAMAX PLUS AND TVS KING DELUXE PLUS, IN MEXICO
Both three-wheeled passenger carriers offer car-like design, smart features, and a durable, fuel-efficient engine with low maintenance.
Launching in Mexico via Motomex in March 2025.
JINDAL STAINLESS; Board approved acquiring 100% stake in AGH Dreams and Utkrisht Dream Ventures for ₹1 lakh each, making them wholly-owned subsidiaries.
The Company will use ADPL and UDVPL to explore the possibility for development of new expansion projects
NASDAQ DOWN AGAIN , NVIDIA DOWN 3 % POST Q4 EARNINGS
TVS MOTOR: THE KING OF 3-WHEELERS: TVS MOTOR COMPANY LAUNCHES TVS
KING DURAMAX PLUS AND TVS KING DELUXE PLUS, IN MEXICO
US PENDING HOMES INDEX ACTUAL 70.6 (FORECAST -, PREVIOUS 74.2)
US PENDING HOME SALES CHANGE MOM ACTUAL -4.6% (FORECAST -0.85%, PREVIOUS -5.5%)
Indian stock market faces its worst slump in 29 years as Nifty50 falls for five consecutive months.
Weak earnings, foreign outflows, and economic uncertainty drive a 4% drop in February, with Nifty50 and Sensex down 14% and 13.2% from September peaks.
BIG BREAKING
Tuhin Kanta Pandey appointed SEBI Chief for 3 years; currently Finance Secretary.
Trump: Additional 10% tariff on China.
Trump clarified that China will face a total tariff of 20%, combining two 10% tariffs.

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