A group of U.S. Republican lawmakers has introduced the Gold Reserve Transparency Act of 2025, aiming to initiate the first full audit of America’s gold reserves since the 1950s. Led by Congressman Thomas Massie (R-KY) and co-sponsored by Troy Nehls (R-TX), Addison McDowell (R-NC), and Warren Davidson (R-OH), the bill seeks to verify the physical presence, integrity, and history of the U.S. gold holdings, particularly the more than 147 million ounces stored at Fort Knox.
The legislation would require the Government Accountability Office (GAO) to conduct a comprehensive physical inventory and assay of the nation’s estimated 8,133 metric tons of gold, which is more than any other country possesses. It would also mandate a detailed report of all gold-related transactions over the past 50 years—including leases, swaps, encumbrances, sales, and loans.
Massie emphasized that American citizens deserve transparency in how the nation’s bullion is stored and managed. Despite assurances from the Treasury Department that annual internal audits are conducted and all gold is “present and accounted for,” critics argue those reviews lack true independence and rigor.
Earlier this year, former President Donald Trump publicly supported a visit to Fort Knox, fueling public curiosity and online debate, especially following a viral post by Elon Musk suggesting a livestreamed audit.
Supporters of the bill say a full audit would not only dispel long-standing rumors and conspiracy theories but also restore trust in the country’s financial infrastructure, especially during a time of rising global demand for gold. Stefan Gleason, CEO of Money Metals Depository, called the current lack of independent oversight “unacceptable” and compared it unfavorably to private-sector standards, noting lapses in inventory control and vault security protocols.
The proposal includes a provision for recurring audits every five years, ensuring long-term transparency and accountability. However, it remains unclear whether the bill will gain sufficient traction in the Democratic-controlled Senate, which would be necessary for it to become law.
If passed, the GAO would have one year to complete the initial audit—an unprecedented effort that could reshape public understanding of America’s gold reserves and government transparency moving forward.
