Congress Takes Aim at Fort Knox: First Full Gold Audit in Decades Sparks Debate

Lawmakers drop a financial transparency bomb—demanding a full physical audit of US gold reserves for the first time since the Eisenhower era. No more trusting spreadsheets when billions in shiny metal sit underground.

Why now? Suspicion meets symbolism. With crypto eating traditional stores of value and deficit spending at record highs, politicians want proof the vaults aren't half as empty as federal promises.

Wall Street shrugs. 'Audit the gold? Cool. Now do the Federal Reserve balance sheet,' quips one hedge fund manager between sips of $28 artisanal coffee.

Gold audit to give a better outlook of the US economy

It’s been decades since real inventories and assays of US gold stocks were done. Also, the Department of the Treasury has lost records and can’t explain why vault compartments were opened and closed again without new audits.

Stefan Gleason, CEO of Money Metals Depository, said, “The lack of proper audits of America’s gold is highly alarming and totally unacceptable – such shoddy procedures WOULD never pass muster in the private sector […]  Even if a credible audit had been conducted several decades ago, auditing is never a ‘one and done’ affair.”

The Gold Reserve Transparency Act, the Government Accountability Office, and outside independent inspectors will be able to see any depository or other public or private depositories where gold reserves are kept, along with the records that go with them. It could take up to a year to finish the process, which will happen again every five years.

Also, more than ever, it is important  to look into America’s SAFE money stash. This is because of rising inflation where $37 trillion in US federal debt looms large and because many central banks have been buying gold at record rates over the last few years. The audit will give a better outlook of the US economy.

Will Germany change its mind on moving its gold from the US?

The bill is expected to help restore confidence in the US dollar at a time when countries and central banks worldwide are reducing their USD exposure and actively moving their gold from the United States.

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

Germany has 1,120 tonnes of gold, representing about one-third of its 3,352-tonne national reserve currently in US custody. The German Taxpayers Federation, Bund der Steuerzahler, issued formal letters to both the Bundesbank and the Finance Ministry, urging 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 surrounding America’s gold. As gold is the ultimate FORM of money recognized the world over, safeguarding the US Treasury Department’s holdings of the yellow metal is very much a national security issue.”

However, transparency is not the only reason. German says that the US is no longer the reliable partner it used to be. According to them, Trump is erratic, and one cannot rule out that someday he will come up with creative ideas on how to treat foreign gold reserves, especially because he wants to control the FED.

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