U.S. Lawmakers Push for Comprehensive Audit of Gold Holdings

SEATTLE (Scrap Monster): A comprehensive audit of the U.S. gold holdings is the goal of a bill presented by a group of Republican members of Congress. The U.S. Bullion Depository will undergo its first audit of this kind since the 1950s, according to the measure. The purpose of the bill's introduction is to increase the country's gold reserves' transparency.

Thomas Massie (R-KY), a member of the US Congress, is the primary sponsor of the legislation known as "The Gold Reserve Transparency Act of 2025." Troy Nehls (R-TX), Addison McDowell (R-NC), and Warren Davidson (R-OH) are co-sponsors.

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The Government Accountability Office (GAO) will have to carry out a thorough physical assay and inventory of the nation's entire gold assets within a year of the proposed bill's enactment. All gold-related transactions during the last 50 years, including leases, swaps, encumbrances, purchases, sales, and loans, will also need to be declared.

The United States presently has more gold in its reserves than any other country, with an estimated 8,133 metric tons, according to figures from the Treasury Department. The majority of this is kept at Fort Knox, with the rest being kept at the Federal Reserve Bank of New York, West Point, and the Denver Mint.

Massie emphasized that the American public has a right to know the whereabouts of the gold reserves and if they are being handled appropriately.