Framed as a move for government accountability, the proposal has found support from free-market skeptics concerned about the integrity of federal institutions and conspiracy theorists who believe the vaults contain little to no gold, or even counterfeit bullion.

The US Treasury currently values its official gold holdings at just over $11 billion, based on the outdated $42 per ounce benchmark. However, at current market prices exceeding $2,900 per ounce, those reserves would be worth over $750 billion. Given the clearly demonstrated potential for unpredictable policy shifts under Trump and Musk’s leadership, a gold revaluation scenario should not be dismissed.

This accounting maneuver would result in an immediate increase in the Fed’s balance sheet, creating the potential for the Treasury General Account (TGA) at the Fed to be expanded by hundreds of billions of dollars.

"The potential implications of such a move are far-reaching — not only for the Federal Reserve’s independence and monetary policy, but also for inflation expectations, global gold markets, and the reserve status of the US dollar."

Here are some rationales, says Earle, for why one would do this:

With the call for an audit of Fort Knox, though, speculation about the US gold reserves is no longer confined to theoretical debates or conspiracy circles. It is now a question with real-world policy implications, as gold again takes center stage in the evolving landscape of global finance, monetary policy, and geopolitical strategy.