The Senate version of the Gold Reserve Transparency Act would require a full inventory, audit, and accounting of all gold transactions by the U.S. federal government . The bill also proposes a new gold refining process to meet global market standards, as much of the U.S. gold currently does not meet these standards.
Representatives Thomas Massie, Warren Davidson, Addison McDowell and Troy Nehls also recently introduced a similar bill in the House.
The bill also requires full disclosure of transactions involving U.S. gold reserves, including all purchases, sales, loans, mortgages, leases, swaps and other encumbrances, over the past 50 years.
“There has not been a comprehensive audit of the United States gold reserves in more than half a century,” said Senator Lee. “Americans should know whether their national treasure is safe and accurately accounted for.”
That would mean passing the Gold Reserve Transparency Act, opening Fort Knox, the U.S. Mint facilities, and the Federal Reserve Bank of New York to audits and then making the results public.
Stefan Gleason, CEO of Money Metals Depository, said the US government’s mismanagement of its gold reserves was unacceptable in the private sector and had eroded trust. He said that even if there had been a full audit decades ago, auditing gold reserves would have to be an ongoing process, not a “one-time thing.”
Former Congressman Ron Paul has long advocated for greater transparency and oversight of the country's gold reserves. The Federal Reserve and the Treasury Department should not be allowed to operate in secrecy, especially when it comes to the most important monetary asset on the planet, gold.
Restoring confidence in US gold reserves is more important than ever as foreign central banks are rushing to stockpile gold at a dizzying pace.
JP Cortez, CEO of the Sound Money Defense League (SMDL), said he supports a thorough and comprehensive audit of the US gold reserves. “Gold is the ultimate form of currency recognized worldwide , and protecting the US Treasury’s gold reserves is a matter of national security,” said Mr. Cortez.
Cortez argues that a full audit is needed, not a PR stunt like the in-person tours proposed by Elon Musk and others. The situation requires more than a one-day tour by politicians to Fort Knox, West Point, and other US Treasury vaults.
The Government Accountability Office (GAO) and independent outside auditors would have access to any vault or public-private vault where gold is stored, along with all related records. The bill would take up to a year to complete, and the audit would be required every five years.
The Act also proposes a process and timeline for refining American gold to meet the standards required by the global market.
According to SMDL, the majority of the US gold reserves are held in the form of impure bars, about 90% pure gold, created after a 1933 executive order by President Franklin Roosevelt.
According to Kitco
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