US lawmakers push for comprehensive audit of Fort Knox gold

A group of Republican lawmakers has introduced a bill to initiate the first comprehensive audit of US gold reserves since the 1950s, citing the need for greater transparency over the nation’s bullion holdings.

The legislation, titled the Gold Reserve Transparency Act of 2025, was introduced Friday by US Congress member Thomas Massie (R-KY), alongside Troy Nehls (R-TX), Addison McDowell (R-NC) and Warren Davidson (R-OH) as co-sponsors.

If passed, the bill would require the Government Accountability Office (GAO) to conduct a full physical assay and inventory of America’s gold holdings within one year. It also mandates disclosure of all gold-related transactions over the past 50 years, including loans, leases, swaps, encumbrances, purchases and sales.

“The American people deserve to know whether the gold reserves are where they should be and whether they are being managed properly,” Massie said in a statement.

The US currently holds more gold in its reserves than any other nation at approximately 8,133 metric tons, according to Treasury Department data. The largest portion—more than 147 million ounces—is stored in Fort Knox, Kentucky. The remainder are held at West Point, the Denver Mint and the Federal Reserve Bank of New York.

Earlier this year, US President Donald Trump called for a visit to Fort Knox to verify that America’s gold reserves are still intact.

The Treasury, meanwhile, has maintained that an annual audit is performed, and all gold is “present and accounted for.”

‘Full disclosure’

The Gold Reserve Transparency Act proposes that similar audits be repeated at least every five years to ensure ongoing transparency and prevent lapses in record-keeping. It would provide “the full disclosure President Trump seeks,” Massie wrote on his X account.

The bill’s introduction comes a day after the viral social media clash between Trump and his former advisor Elon Musk, who first floated the idea of livestreaming a Fort Knox gold audit in February.

Proponents of the measure contend that independent oversight will help restore confidence in US financial stability amid growing global demand for gold and persistent conspiracy theories questioning the integrity of Fort Knox.

“The lack of proper audits of America’s gold is highly alarming and totally unacceptable — such shoddy procedures would never pass muster in the private sector,” stated Stefan Gleason, CEO of Money Metals Depository, in support of the bill.

“It’s been literally decades since actual inventories and assays have been conducted with respect to US gold reserves, and the Department of the Treasury has lost records, as well as failed to account for many occasions when vault compartments were inexplicably opened and resealed without new audits,” Gleason added.

Still, the proposal faces an uncertain future in the Senate, where Democrat backing would likely be required. If passed, the GAO would embark on its audit within a year and institutions would face recurring reviews thereafter.