Who Will Audit America’s $425 Billion Gold Reserve After Elon Musk’s White House Exit?

In a recent development, American billionaire Elon Musk withdrew from the Trump administration on May 30th, citing disagreements with the White House over new policy directions. Musk expressed his discontent with the Trump administration’s decision to cut tax incentives for electric vehicles as part of the federal spending reduction bill.

This news sparked curiosity among many, given Musk’s previous statement about wanting to audit America’s gold reserves at Fort Knox on behalf of DOGE, for which no plans were ever announced.

However, in a surprising turn of events, four members of Congress have introduced legislation to initiate the first comprehensive audit of America’s gold reserves in decades. This proposal comes amid concerns about unsustainable government spending eroding confidence in the nation’s ability to honor its debts.

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

Additionally, the bill demands full disclosure of all transactions involving U.S. gold, including purchases, sales, loans, leases, swaps, and other dealings over the past 50 years.

Representative Thomas Massie emphasized, “The American people deserve transparency and accountability regarding the institutions backing our national currency.”

Stefan Gleason, the executive director of Money Metals Depository, expressed concern about the lack of recent physical audits: “It’s been decades since the U.S. gold reserves have undergone a physical audit and assay. The Treasury has lost records and cannot account for many instances where the gold vaults were mysteriously opened and resealed without any new audits being conducted.”

Gleason’s company operates a maximum-security gold and silver depository in Idaho, twice the size of America’s gold bullion storage facility at Fort Knox. He considers the lack of audits on U.S. gold alarming and wholly unacceptable.

The timing of this legislation is significant as investors and nations are diversifying away from the U.S. dollar and treasury bonds, turning to gold as a globally recognized risk-free asset that is free from third-party or geopolitical risks.

JP Cortez, the executive director of the Sound Money Defense League, hopes that the bill will restore confidence in the U.S. dollar as countries and central banks worldwide are reducing their USD holdings and actively repatriating their gold from the U.S.

Recently, German politicians have also expressed concerns about their gold being stored in the U.S. and are pushing to bring their gold bars back to Germany.

Cortez asserted, “Now is the time for transparency in America’s gold. As gold is the ultimate form of globally recognized money, safeguarding the U.S. Treasury’s gold holdings is a critical national security issue.”

“Only a comprehensive audit, not a publicity stunt like the one proposed by Elon Musk and others, will suffice to ensure transparency,” he emphasized.

Fort Knox, officially known as the United States Bullion Depository, was constructed in 1936 during the Great Depression. President Franklin D. Roosevelt ordered the confiscation of gold from U.S. citizens to stabilize the financial system and the economy. The gold collected from banks and individuals was secretly stored in the highly secure location of Fort Knox.

With over 8,100 tons as of the end of 2024, according to the World Gold Council, the United States possesses the largest gold reserves in the world, valued at more than $425 billion today. The majority of the nation’s gold bars are kept in the 108,955-acre Fort Knox complex, with the remainder stored at the Federal Reserve Bank of New York.