Today, four members of Congress, led by Thomas Massie, have introduced a bill to initiate the first comprehensive audit of America’s gold reserves. The Gold Reserve Transparency Act (H.R. 3795) requires a full assay, inventory, and audit of all United States gold holdings for decades.
The four congress members are Reps. Thomas Massie, Troy Nehls, Addison McDowell, and Warren Davidson. According to Thomas Massie, “Americans deserve transparency and accountability from the institutions that underpin our currency.”
H.R. 3795 will also require a full accounting of all purchases, sales, loans, pledges, leases, swaps, and other encumbrances of America’s gold that happened more than 50 years ago. These kinds of actions have not been made public.
The public feud between US President Donald Trump and the world’s richest man, Elon Musk, raised questions about the future of the Department of Government Efficiency (DOGE) and its promise to examine America’s gold holdings in Fort Knox. However, DOGE’s work still continues without Musk.
Gold audit to give a better outlook of the US economy
It’s been decades since real inventories and assays of US gold stocks were done. Also, the Department of the Treasury has lost records and can’t explain why vault compartments were opened and closed again without new audits.
Stefan Gleason, CEO of Money Metals Depository, said, “The lack of proper audits of America’s gold is highly alarming and totally unacceptable – such shoddy procedures would never pass muster in the private sector […] Even if a credible audit had been conducted several decades ago, auditing is never a ‘one and done’ affair.”
The Gold Reserve Transparency Act, the Government Accountability Office, and outside independent inspectors will be able to see any depository or other public or private depositories where gold reserves are kept, along with the records that go with them. It could take up to a year to finish the process, which will happen again every five years.
Also, more than ever, it is important to look into America’s safe money stash. This is because of rising inflation where $37 trillion in US federal debt looms large and because many central banks have been buying gold at record rates over the last few years. The audit will give a better outlook of the US economy.
Will Germany change its mind on moving its gold from the US?
The bill is expected to help restore confidence in the US dollar at a time when countries and central banks worldwide are reducing their USD exposure and actively moving their gold from the United States.
As reported by Cryptopolitan, leaders in Germany are calling for the repatriation of their gold held in the custody of the Federal Reserve Bank of New York.
Germany has 1,120 tonnes of gold, representing about one-third of its 3,352-tonne national reserve currently in US custody. The German Taxpayers Federation, Bund der Steuerzahler, issued formal letters to both the Bundesbank and the Finance Ministry, urging the immediate return of the gold stored in New York.
Jp Cortez, executive director of the Sound Money Defense League, said, “Now is the time for transparency surrounding America’s gold. As gold is the ultimate form of money recognized the world over, safeguarding the US Treasury Department’s holdings of the yellow metal is very much a national security issue.”
However, transparency is not the only reason. German says that the US is no longer the reliable partner it used to be. According to them, Trump is erratic, and one cannot rule out that someday he will come up with creative ideas on how to treat foreign gold reserves, especially because he wants to control the FED.
