Why Auditing America’s Gold Reserves Is More Crucial than Ever
The comments below are an edited and abridged synopsis of an article by JP Cortez, Money Metals
A recent exchange on X has reignited calls for a full audit of US gold reserves, an issue that has remained unresolved for decades. The discussion began when ZeroHedge suggested that Elon Musk, as head of government efficiency, should verify the presence of 4,580 tons of gold in Fort Knox—something not done since 1974. Musk’s response, assuming regular audits, prompted Senator Rand Paul to advocate for immediate action.
Amid this renewed interest, Money Metals, a leading bullion dealer, highlighted the importance of the Gold Reserve Transparency Act, originally introduced by former congressman Alex Mooney. The bill seeks to establish the first credible audit of US gold in over 65 years and ensure future audits every five years. It would also provide a full accounting of any encumbrances, leases, or swaps involving the gold reserves, which remain shrouded in secrecy.
Despite the US holding the world’s largest gold reserves, past audits have been limited, flawed, or mere publicity stunts. The last major inspection in 1974 involved little more than a staged media event at Fort Knox, and a subsequent Treasury review from 1974 to 1986 lacked independence and transparency. Worse still, gold researcher Jan Nieuwenhuijs has uncovered that nearly half of the reports from this period are now missing, and some vault seals appear to have been tampered with.
The call for transparency aligns with broader concerns about the security and integrity of America’s monetary system. Since 2014, the Sound Money Defense League has championed the need for a comprehensive gold audit, introducing various legislative efforts to mandate proper oversight. Past proposals, including H.R. 2559 (2019) and H.R. 3526 (2021), outlined specific measures for regular and thorough audits. These included a full assay, inventory check, and security analysis of all gold reserves, along with a transparent review of any transactions involving US gold. The goal is to ensure no hidden encumbrances or secret dealings exist, particularly with global financial institutions such as the Bank of International Settlements and the International Monetary Fund.
A proper audit would not only verify the presence of gold but also reveal whether it has been used in financial manoeuvres such as swaps or leases. Advocates like Ron Paul and Judy Shelton argue that such practices undermine monetary stability. Chris Powell of the Gold Anti-Trust Action Committee further emphasizes that the real concern isn’t just whether the gold is physically present, but whether it remains unencumbered.
The movement for sound money has gained traction at the state level, but federal progress remains slow. Even basic reforms, such as exempting gold and silver from capital gains tax, have faced resistance. As economic uncertainty rises and public trust in financial institutions erodes, ensuring transparency in America’s gold reserves is not just important—it is critical. A full audit would restore confidence in the US monetary system and reaffirm gold’s role as a foundational asset in economic stability.