New U.S. Law Calls for Comprehensive Audit of Fort Knox Gold Reserves Amid Rising Political Debate
Waleed Farouk
Amid the escalating public feud between U.S. President Donald Trump and billionaire Elon Musk, discussions are growing about the future of the proposed Department of Government Efficiency (DOGE), especially following its pledge to review the U.S. gold reserves at Fort Knox. While Congress does not appear to have abandoned the idea of an audit, a new move has emerged to enhance transparency.
On Friday, four members of Congress introduced a new bill titled the "Gold Reserve Transparency Act" (H.R. 3795), calling for the first comprehensive audit of America's gold reserves in decades. This comes at a time when concerns are mounting over the impact of excessive government spending on the financial credibility of the United States.
Details of the Bill:
Conduct a thorough and complete examination of all U.S. gold holdings.
Perform a comprehensive review of all transactions involving the gold over the past 50 years, including sales, purchases, pledges, leases, and swaps.
Representative Thomas Massie, one of the bill's sponsors, said:
'Americans deserve transparency and accountability from the institutions that back their currency.'
Stefan Gleason, CEO of Money Metals and Honorary Chairman of the Sound Money Defense League, noted that the U.S. Treasury has lost important records and allowed gold vaults to be opened and resealed without new audits, calling this 'unacceptable negligence' that would never be tolerated in the private sector.
Gold: The Safe Haven Amid Dollar Doubts
The bill arrives at a time when investors and central banks are increasingly turning to gold as a reliable monetary asset free of geopolitical risks or third-party exposure, amid a gradual move away from the U.S. dollar.
Jp Cortez, Executive Director of the Sound Money Defense League, stated that the bill would help restore confidence in the U.S. dollar, especially after moves by some countries, such as Germany, to repatriate their gold reserves stored in the United States.
Cortez emphasized that safeguarding the U.S. Treasury's gold is a 'national security issue,' adding that what the country needs is a real, thorough audit — not the 'public relations stunt' previously proposed by Elon Musk earlier this year.
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