Representatives Thomas Massie (R-KY), Troy Nehls (R-TX), Addison McDowell (R-NC), and Warren Davidson (R-OH) sponsored the Gold Reserve Transparency Act (H.R. 3795). The bill mandates a full assay, inventory, and audit of all U.S. gold reserves — including “deep storage” bullion — within nine months of enactment, with recurring audits every five years.

The Government Accountability Office (GAO) must hire an independent auditor to physically verify gold at all depositories, assess security measures, and disclose 50 years of transactions. This includes leases, swaps, sales, purchases, and encumbrances, plus all gold held indirectly through entities like the Federal Reserve, IMF, or foreign central banks.

“No redactions” will be permitted in the resulting public report, except for sensitive physical security details. The GAO and auditors gain subpoena power to access all facilities and records, while the Treasury and Federal Reserve must provide unredacted documentation. If the legislation moves forward, the findings eventually find their way to the internet for the general public’s view.

Stefan Gleason, CEO of Money Metals Depository, criticized past oversight failures: “The Treasury has lost records and failed to account for vault openings.” His Idaho-based vault is twice the size of Fort Knox’s. Earlier this year, Republican Senator Rand Paul, son of former Congressman Ron Paul, showed support for a Fort Knox audit.

The push coincides with global unease about U.S.-held gold. Germany has sought to repatriate gold from the Federal Reserve Bank of New York. Jp Cortez of the Sound Money Defense League called the audit a “national security issue,” dismissing symbolic gestures like “live walkthroughs.”

Sponsors argue transparency is urgent as U.S. debt hits $37 trillion and foreign central banks accelerate gold purchases. The audit process may take up to a year. Unlike bitcoin (BTC), whose entire transaction history and current supply are continuously verified and publicly auditable on its immutable blockchain, the U.S. gold reserves lack inherent transparency.

The Gold Reserve Transparency Act mandates a complex, periodic physical audit by trusted third parties to verify holdings and disclose decades of opaque transactions – a process fundamentally different from the Bitcoin network’s real-time, cryptographic proof-of-reserves accessible to anyone.

Last February, financial provocateur Robert Kiyosaki shared his two cents arguing that if Fort Knox’s vaults turn up empty, America’s entire economic infrastructure could come tumbling down.

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