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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. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan