Four members of Congress introduced a bill last week to launch the first comprehensive audit of the U.S. gold reserves in decades, according to Kitco News . The proposal comes as unsustainable government spending continues to erode confidence in the country’s ability to repay its debts.

The bill, called the Gold Reserve Transparency Act (HR 3795), is sponsored by Representatives Thomas Massie (R-KY), Troy Nehls (R-TX), Addison McDowell (R-NC), and Warren Davidson (R-OH). It requires a full inspection, inventory, and audit of all U.S. gold holdings.

The bill also calls for full disclosure of all transactions involving U.S. gold, including all purchases, sales, loans, pledges, leases, swaps and other transactions over the past 50 years.

“The American people deserve transparent access and accountable oversight of the institutions that back our nation’s currency,” said Rep. Thomas Massie.

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Both Mr. Trump and billionaire Elon Musk have questioned the amount of gold stored at Fort Knox.

“It has been decades since the last physical inventory and audit of the US gold reserves,” said Stefan Gleason, CEO of Money Metals Depository. “ The Treasury Department has lost records and failed to account for many cases where vaults have been inexplicably opened and resealed without new audits.”

Mr. Gleason’s company operates a maximum-security gold and silver vault in Idaho that is twice the size of the U.S. bullion depository at Fort Knox. Mr. Gleason said the lack of audits of U.S. gold was alarming and completely unacceptable.

“Such sloppy processes would never be acceptable in the private sector. Even if a credible audit had been conducted decades ago, auditing is never a one-time affair,” he stressed.

Gold affirms its position as a global currency

The legislation comes as investors and countries are diversifying away from the US dollar and Treasury bonds and into gold, an asset that has reasserted itself as a major global currency free from third-party or geopolitical risks.

JP Cortez, CEO of the Sound Money Defense League, hopes the bill will help restore confidence in the US dollar at a time when countries and central banks around the world are reducing their holdings of the US dollar and actively repatriating their gold from the US.

Recently, some German politicians have also expressed concern about their country's gold being stored in the US and are pushing to bring that bullion back to Germany.

“Now is the time for transparency in the US gold holdings,” Cortez said. “Because gold is the ultimate form of currency recognized worldwide, protecting the US Treasury’s gold holdings is a critical national security issue.”

Elon Musk previously stated that he wanted to personally audit the US gold reserves at Fort Knox on behalf of DOGE, but no plans have been made. According to Cortez, this is not just a simple tour of Fort Knox, West Point, and other US Treasury vaults by politicians, but an urgent issue that needs to be addressed.

Fort Knox, officially known as the United States Bullion Depository, was built in 1936, in the midst of the Great Depression.

At that time, President Franklin D. Roosevelt banned the American people from owning gold in order to strengthen the financial system and stabilize the economy. The gold recovered from banks and individuals was transferred to a top secret and absolutely safe location called Fort Knox.

Source: https://vietnamnet.vn/ty-phu-elon-musk-roi-di-ai-se-kiem-dem-kho-vang-nuoc-my-2409426.html