House Republicans have proposed what would be the first thorough examination of US gold holdings in over seven decades, introducing a bill Thursday that would mandate federal auditors review America’s bullion reserves amid questions about transparency at Fort Knox.
Representative Thomas Massie of Kentucky spearheaded the Gold Reserve Transparency Act of 2025, which directs the Comptroller General to hire an independent external auditor to complete a comprehensive physical review of the nation’s 8,133 metric tons of gold reserves within nine months. The measure also requires officials to reveal five decades of gold transactions, including any leases, swaps, or sales.
“Americans deserve transparency and accountability from the institutions that underpin our currency,” Massie said in a statement.
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The Kentucky facility stores 147.3 million ounces of gold valued at approximately $431 billion, representing more than half of the nation’s reserves. Experts say a thorough physical audit would take at least 18 months and require specialized equipment to examine 13 sealed storage compartments.
America’s last complete gold inventory took place in 1953. The Treasury Department says it conducts yearly reviews confirming all gold is “present and accounted for,” but critics contend these assessments lack sufficient detail.
The bill goes far beyond a simple inventory, requiring analysis of physical security measures and a full accounting of any gold held by third parties, including foreign central banks, the International Monetary Fund, or private entities. All findings would be made public online within three months of completion, with no redactions except for security details.
Senator Rand Paul, R-Ky., has championed greater oversight of the facility and recently invited Elon Musk via social media to inspect the depository. It was Musk, then first buddy of President Donald Trump and head of DOGE, who first stirred the Fort Knox drama.
Massie’s legislation, backed by Troy Nehls of Texas, Addison McDowell of North Carolina, and Warren Davidson of Ohio, came just one day after Trump and Musk publicly clashed after Musk criticized Trump’s ‘One Big Beautiful Bill.’
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