The Blubber

With U.S. federal debt now topping $37 trillion and foreign central banks rapidly increasing their gold holdings, four members of Congress have introduced legislation to conduct the most extensive audit of the nation’s gold reserves in generations.

The Gold Reserve Transparency Act (H.R. 3795), sponsored by Representatives Thomas Massie (R-KY), Troy Nehls (R-TX), Addison McDowell (R-NC), and Warren Davidson (R-OH), calls for a full inventory, assay, and independent audit of all U.S. gold holdings.

Crucially, the bill mandates complete disclosure of all transactions involving America’s gold over the past 50 years—including any sales, purchases, leases, loans, pledges, swaps, or other encumbrances—many of which have never been made public.

“Americans deserve transparency and accountability from the institutions that underpin our currency,” said Rep. Massie, long a vocal proponent of sound money policies.

Stefan Gleason, CEO of Money Metals Depository, echoed those concerns, pointing out that official audits and assays haven’t been conducted in decades.

“The Department of the Treasury has lost records and failed to explain multiple instances where vault compartments were mysteriously opened and resealed without fresh audits,” Gleason noted. “Such lax practices would be unacceptable in the private sector.”

Gleason’s firm operates a high-security gold and silver storage facility in Idaho, reportedly twice the size of Fort Knox, and he stressed that even a credible audit from decades ago is insufficient.

“Auditing is not a ‘one and done’ affair,” he said. “We need recurring, rigorous evaluations of what is supposed to be the backbone of our monetary reserves.”

The renewed interest in auditing America’s gold comes at a time when nations like Germany are seeking to repatriate their gold stored abroad, including reserves held by the Federal Reserve Bank of New York.

The inflationary backdrop, combined with a historic run of gold accumulation by global central banks, has amplified the urgency for an up-to-date accounting of U.S. reserves.

“Now is the time for transparency surrounding America’s gold,” said Jp Cortez, executive director of the Sound Money Defense League. “As gold is universally recognized as the ultimate form of money, securing the Treasury’s gold is a matter of national security.”

Cortez criticized publicity-driven proposals—such as Elon Musk’s suggestion of a televised “walkthrough” of Fort Knox—as superficial.

“What’s needed is not a one-day PR stunt,” he said, “but a full forensic audit. Only that will restore trust.”

Under H.R. 3795, the Government Accountability Office (GAO) and independent third-party auditors would be granted access to all facilities—public or private—where federal gold is stored, along with supporting documentation. The process could take up to one year and would be required to recur every five years.

Rep. Massie, known for his advocacy on monetary policy reform, emphasized the importance of bringing long-overdue scrutiny to the nation’s gold ledger.

The full text of H.R. 3795 is available online.