‘Americans deserve transparency and accountability,’ the Kentucky lawmaker said.
Rep. Thomas Massie (R-Ky.) introduced legislation on June 6 to audit gold reserves held by the United States.
Earlier this year, President Donald Trump and billionaire entrepreneur Elon Musk suggested that the administration would investigate Fort Knox, the Kentucky-based facility that stores U.S. gold reserves.
“We’re going to go into Fort Knox to make sure the gold is there,” Trump told reporters aboard Air Force One in February. “You know that we’re going to go into Fort Knox? Did you know about that?”
Several months later, the White House has not announced a formal investigation.
Rep. Massie submitted a bill—titled the Gold Reserve Transparency Act of 2025—mandating the comptroller general to conduct and publish a full audit of the nation’s gold reserves.
Co-sponsored by Reps. Warren Davidson (R-Ohio), Addison McDowell (R-N.C.), and Troy Nehls (R-Texas), the bill would grant the Government Accountability Office and third-party independent auditors access to any public or private depository where gold reserves and records are stored. This would include deep storage locations such as Fort Knox.
The bill would also require full disclosure of all gold-related transactions, such as leases, loans, sales, and swaps, over the past 50 years.
If the legislation is signed into law, the audit is projected to take up to one year and will be conducted every five years.
“Americans deserve transparency and accountability from the institutions that underpin our currency,” Massie said in a statement.
“In February, President Trump said ‘We’re going to Fort Knox … to make sure the gold is there.’ The Gold Reserve Transparency Act of 2025 will provide the full disclosure President Trump seeks and the American public deserves.”
Gold is also stored at the Denver Mint, West Point Mint, and the Federal Reserve Bank of New York. Fort Knox is typically at the epicenter of the conversation since it accounts for approximately half of the total U.S. gold reserves. Estimates suggest that out of America’s 261 million troy ounces of gold, Fort Knox holds more than 147 million.
The yellow metal has captured headlines this year.
Last month, gold prices reached an all-time high of $3,500 per ounce before paring their gains. As of June 10, an ounce of gold is trading at about $3,350.
At the state level, there have been initiatives to make gold, as well as silver, legal tender.
Florida Gov. Ron DeSantis signed legislation—Bill 999—that would recognize gold and silver coins as legal tender. The bill also exempts gold and silver coins from sales tax. Every coin must be marked with its weight, purity, and mint of origin.
By Andrew Moran
