Republicans have introduced a bill to initiate the first audit of United States gold reserves since the 1950’s in a bid for greater transparency over the country’s holdings.
Introduced on Friday, the legislation is called the Gold Reserve Transparency Act of 2025. The people behind it are Congress member Thomas Massie (R-KY), alongside Troy Nehls (R-TX), Addison McDowell (R-NC) and Warren Davidson (R-OH) as co-sponsors.
If passed, the bill directs the Government Accountability Office (GAO) to conduct a full physical assay and inventory of America’s gold holdings within one year. It also requires the GAO to disclose all gold-related transactions from the past 50 years. These include loans, leases, swaps, encumbrances, purchases, and sales. Additionally, the bill aims to improve transparency around U.S. gold reserves.
The U.S. holds more gold in its reserves than any other nation—about 8,133 metric tons, according to Treasury Department data. Most of it—over 147 million ounces—is stored at Fort Knox, Kentucky. The rest is held at West Point, the Denver Mint, and the Federal Reserve Bank of New York.
Earlier this year, President Donald Trump called for a visit to Fort Knox to verify the reserves. Meanwhile, the Treasury has insisted that it performs annual audits and that all gold is “present and accounted for.”
“The American people deserve to know whether the gold reserves are where they should be and whether they are being managed properly,” Massie said in a statement.
The Gold Reserve Transparency Act proposes audits at least every five years to ensure transparency and prevent record-keeping lapses. It also aims to increase public trust in the nation’s gold holdings.
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Proposal path is uncertain in the Senate
The bill’s introduction follows a viral social media clash between Trump and his former advisor Elon Musk. Musk first suggested livestreaming a Fort Knox gold audit in February. Supporters of the bill argue that independent oversight will help restore confidence in U.S. financial stability. They also believe it addresses rising global demand for gold and persistent conspiracy theories about Fort Knox’s integrity.
“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,” said Stefan Gleason, CEO of Money Metals Depository.
Gleason said the U.S. has gone decades without conducting proper inventories and assays of its gold reserves. He added that the Treasury Department has lost records and failed to explain multiple instances where vault compartments were opened and resealed without follow-up audits.
Still, the proposal faces an uncertain path in the Senate, where it will likely need support from Democrats. If approved, the GAO would begin its audit within a year. After that, institutions would undergo regular reviews to maintain accountability.
If a full audit revealed that some of the United States’ gold reserves were missing or unaccounted for, the consequences could be severe. Domestically, it would trigger a crisis of confidence in federal institutions and possibly spark political upheaval. The U.S. dollar—backed in part by trust in national reserves—could face downward pressure, especially in global markets already uneasy about debt and inflation. Internationally, rival nations might exploit the news to question America’s economic credibility.
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Missing gold would spike gold prices higher
For gold producers, however, the fallout could bring opportunity. A revelation of missing gold would likely drive prices sharply higher, as markets scramble for physical assets over fiat.
Producers with proven reserves or near-term production potential could see surging demand and investor interest. Exploration and development projects might also attract capital, especially in politically stable jurisdictions.
In short, while the discovery would destabilize trust in U.S. oversight, it could act as a windfall for the global gold sector.
If U.S. gold reserves were found lacking, companies like NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) and Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) (FRA: WCLA) could benefit significantly.
Rising gold prices would likely boost investor interest, improve project economics, and increase access to capital.
Both companies, with active development in politically stable jurisdictions, could see heightened demand for their assets. In a climate of shaken confidence in U.S. reserves, producers with proven or expanding resources may emerge as key players in a renewed gold rush.
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