Today, four members of Congress led by Thomas Massey have introduced a bill to launch the first comprehensive audit of American Gold Reserve. The Gold Reserve Transparency Act (HR 3795) requires a complete assay, inventory and audit of all US gold holdings for decades.
The four members of the Congress are Thomas Massey, Troy Nairs, Addison McDowell and Warren Davidson. According to Thomas Massey, “Americans deserve transparency and accountability from the institutions that support the currency.”
The HR 3795 also requires full accounting for all purchases, sales, loans, commitments, leases, swaps and other obstacles of American gold that took place over 50 years ago. These types of actions are not published.
Major Feud He raised questions about the future of government efficiency (DOGE) between President Donald Trump and Elon Musk, the world’s wealthiest man, and made a promise to investigate American gold holdings at Fort Knox. However, Doge’s work continues without musk.
A gold audit to give a better outlook for the US economy
It has been decades since the actual inventory and assays of US gold stocks were performed. Also, the Treasury Department has lost its records and is unable to explain why the vault compartment was opened again and closed again without a new audit.
said Stefan Gleason, CEO of Money Metals Depository “The lack of a proper audit of American gold is very surprising and completely unacceptable. Such a crude procedure would not be convened in the private sector, even if a reliable audit was conducted decades ago.
The outside of the Gold Reserve Transparency Act, the Government Accountability Office, and the independent inspectors can see depository institutions or other public or private depositors where the gold reserve is stored, along with the records associated with them. It can take up to a year to complete the process, which is carried out again every five years.
And it’s more important than ever to look into safe stashes of money in America. This is because many central banks have been buying gold at record rates over the past few years as inflation is rising, with a major US federal debt of $37 trillion. Audits provide a better outlook for the US economy.
Will Germany change its mind to move money from the US?
The bill is expected to help countries and central banks around the world reduce US dollar exposure and restore confidence in the US dollar at a time when gold is actively moving from the US.
As reported by Cryptopolitan, the leader Germany They are seeking the repatriation of their gold, held in custody of the Federal Reserve Bank of New York.
Germany has 1,120 tonnes of gold, making up about a third of the 3,352 tonnes of the 3,352 tonnes of the US detention. Bund der Steuerzahler, the German taxpayers federation, issued a formal letter to both Bundesbank and the Treasury Department, urging the immediate return of gold stored in New York.
JP Cortez, executive director of the Sound Money Defense League, “Now is the time of transparency surrounding American gold. As gold is the ultimate world-recognized money, protecting the US Treasury’s yellow metal holdings is a very national security issue.”
However, transparency is not the only reason. German says the US is no longer a former trusted partner. According to them, Trump is unstable and cannot be ruled out one day he will come up with creative ideas about how to deal with foreign gold reserves.