Kentucky Rep Pushes Bill To Audit U.S. Gold Reserves

Representative Thomas Massie (R-KY) has introduced a bill calling for the first comprehensive audit of the United States' gold reserves in over 70 years. Titled "The Gold Reserve Transparency Act of 2025," the bill aims to bring clarity to the leading global gold reserve.

"Americans deserve transparency and accountability from the institutions that underpin our currency," Massie said in a statement accompanying the bill'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 Government Accountability Office, conduct a full audit, assay, and inventory of all U.S. gold holdings within one year of enactment.

It would also require a complete account of all gold-related transactions dating back 50 years, including sales, loans, leases, swaps, and encumbrances. A recurring audit would happen every five years.

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World’s Largest Gold Reserves

According to the U.S. Treasury, the United States holds the world's largest national gold reserve at roughly 8,133 metric tons, or over 261 million troy ounces. A majority of that gold—more than 147 million ounces—is held at Fort Knox, with the remainder stored in locations including the Denver Mint, West Point, and the New York Fed.

The reserves date back to the 1930s, when the U.S. government collected vast amounts of gold following the Gold Reserve Act and subsequent executive orders issued by President Franklin D. Roosevelt.

Massie discussed the bill in an X post, saying that it would "provide full disclosure President (Donald) Trump seeks," referring to Trump's February call to inspect Fort Knox's holdings physically. The push for gold transparency also gained traction earlier this year after Elon Musk proposed a live-streamed audit of U.S. reserves, a suggestion widely dismissed as a publicity stunt.

The renewed debate over U.S. gold reserves is gaining traction due to the growing global interest in the yellow metal. Central banks and investors have been seeking it as a hedge against geopolitical instability, Trump's administration policies, and U.S. fiscal uncertainty. In 2024, central banks bought over 1,044 metric tons of gold, marking the third consecutive year of purchases over 1,000 tons.

The United States remains the world’s largest holder of gold. At a current spot price of $3,320 per ounce, U.S. reserves are valued at approximately $868 billion. Meanwhile, the spot price of the yellow metal has surged by around 26.6% year-to-date, rising from $2,623 at the start of the year and reaching a new all-time high of $3,500 per ounce on April 25.

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