US Congressmen introduce bill to initiate first comprehensive audit of America's gold reserves

Today, four members of Congress, led by Thomas Massie, introduced legislation to initiate the first comprehensive audit of America's gold reserves. The Gold Reserves Transparency Act (H.R. 3795) requires a comprehensive analysis, inventory, and audit of all U.S. gold holdings for decades.

The four members of Congress are Representatives Thomas Massie, Troy Nehls, Addison McDowell, and Warren Davidson. According to Thomas Massie, "Americans deserve transparency and accountability from the institutions that support our currency."

H.R. 3795 will also require a full accounting of all purchases, sales, loans, pledges, leases, exchanges, and other encumbrances on America's gold that took place more than 50 years ago. These types of actions have not been made public.

The public feud between US President Donald Trump and the world's richest man, Elon Musk, has raised questions about the future of the Department of Government Efficiency (DOGE) and its promise to examine America's gold holdings at Fort Knox. However, DOGE's work continues without Musk.

Gold audit will give better outlook on US economy

It's been decades since proper inventories and analyses of U.S. gold holdings have been conducted. Moreover, the Treasury Department has lost records and cannot explain why vaults were opened and closed without new audits.

Stefan Gleason, CEO of Money Metals Depository, said: "The lack of proper auditing of America's gold is extremely alarming and completely unacceptable – such sloppy procedures would never pass muster in the private sector […] Even if a credible audit had been conducted decades ago, auditing is never a 'once and for all' affair."

The Gold Reserves Transparency Act, the Government Accountability Office, and independent outside inspectors will be able to view any public or private depository or other repository where gold reserves are held, as well as the accompanying records. It could take up to a year to complete the process, which will be repeated every five years.

Moreover, more than ever, it's important to examine America's safe money reserve. This is due to rising inflation, where $37 trillion of US federal debt is weighing heavily, and because many central banks have been buying gold at record rates in recent years. The audit will provide a better perspective on the US economy.

Will Germany Change Its Mind About Transferring Its Gold from the United States?

The bill should help restore confidence in the US dollar at a time when countries and central banks around the world are reducing their exposure to the USD and actively moving their gold out of the United States.

As reported by Cryptopolitan, German leaders are calling for the repatriation of their gold held in the custody of the New York Federal Reserve.

Germany holds 1,120 tons of gold, representing about a third of its 3,352 tons of national reserves currently in U.S. custody. The German Taxpayers' Federation, Bund der Steuerzahler, has sent formal letters to the Bundesbank and the Finance Ministry, calling for the immediate return of the gold stored in New York.

Jp Cortez, executive director of the Sound Money Defense League, said, "Now is the time for transparency regarding America's gold. Since gold is the ultimate form of money recognized worldwide, protecting the U.S. Treasury Department's holdings of the yellow metal is most certainly a matter of national security."

However, transparency isn't the only reason. The Germans claim that the United States is no longer the reliable partner it once was. According to them, Trump is erratic, and it's impossible to rule out the possibility that one day he might come up with creative ideas on how to handle foreign gold reserves, especially since he wants to control the Fed.

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