Agent Thomas Massie (R-KY) has actually presented a costs requiring the initially extensive audit of the United States’ gold reserves in over 70 years. Entitled “The Gold Reserve Openness Act of 2025,” the costs intends to bring clearness to the leading international gold reserve.
” Americans are worthy of openness and responsibility from the organizations that underpin our currency,” Massie stated in a declaration accompanying the costs’s release.
The legislation, supported by Reps. Troy Nehls ( R-TX), Addison McDowell ( R-NC), and Warren Davidson (R-OH) would mandate that the Comptroller General, through the Federal Government Responsibility Workplace, carry out a complete audit, assay, and stock of all U.S. gold holdings within one year of enactment.
It would likewise need a total account of all gold-related deals going back 50 years, consisting of sales, loans, leases, swaps, and encumbrances. A repeating audit would occur every 5 years.
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World’s Largest Gold Reserves
According to the U.S. Treasury, the United States holds the world’s biggest nationwide gold reserve at approximately 8,133 metric loads, or over 261 million troy ounces. A bulk of that gold– more than 147 million ounces– is held at Fort Knox, with the rest saved in areas consisting of the Denver Mint, West Point, and the New York City Fed.
The reserves go back to the 1930s, when the U.S. federal government gathered large quantities of gold following the Gold Reserve Act and subsequent executive orders released by President Franklin D. Roosevelt
Massie went over the costs in an X post, stating that it would “supply complete disclosure President ( Donald) Trump looks for,” describing Trump’s February call to examine Fort Knox’s holdings physically. The push for gold openness likewise acquired traction previously this year after Elon Musk proposed a live-streamed audit of U.S. reserves, an idea extensively dismissed as a promotion stunt.
The restored argument over U.S. gold reserves is getting traction due to the growing international interest in the yellow metal. Reserve banks and financiers have actually been seeking it as a hedge versus geopolitical instability, Trump’s administration policies, and U.S. financial unpredictability. In 2024, reserve banks purchased over 1,044 metric lots of gold, marking the 3rd successive year of purchases over 1,000 loads.
The United States stays the world’s biggest holder of gold. At a present area rate of $3,320 per ounce, U.S. reserves are valued at around $868 billion. On the other hand, the area rate of the yellow metal has actually risen by around 26.6% year-to-date, increasing from $2,623 at the start of the year and reaching a brand-new all-time high of $3,500 per ounce on April 25.
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