Fort Knox Audit Pushed Amid Global Gold Reserve Mystery

The U.S. claims to hold 8,133.5 metric tons of gold, but many question whether this figure is accurate. Mike Maharrey argues that a comprehensive audit is needed to verify the country's gold reserves.

Audit proponents point out that routine external audits are standard practice for businesses handling valuable assets, and that resisting them raises more questions than answers.

The 1974 inspection of Fort Knox was criticized as a public relations event rather than a legitimate audit. No meaningful verification took place, and the Treasury's actions since then have not met accepted auditing practices.

China, on the other hand, has increased its reported gold reserves for 21 consecutive months, with an official total of 2,346 metric tons. However, research suggests that China may be holding significantly more gold than it claims, with estimates ranging from 5,000 to over 10 times its official figures.

Gold's enduring role as a reserve asset has led central banks to increasingly diversify their reserves away from U.S. Treasuries and toward physical gold.