The U.S. holds about 261.5 million ounces of gold, more than twice Germany’s reserves, but its official valuation has remained fixed at $42.22 per ounce since 1973, putting the stockpile’s book value at just over $11 billion. At market prices, the reserves would be worth about $1 trillion, fueling speculation about repricing them to reduce the need to issue debt. Treasury Secretary Scott Bessent revived the idea in July, although the administration said it was not under serious consideration. Jurrien Timmer, global macro director at Fidelity Investments, said the move would require congressional approval, increase inflation, weaken the dollar and push Treasury term premiums even higher. A Federal Reserve economist noted that several countries have repriced their gold, but the proceeds did not resolve their structural fiscal challenges, while U.S. debt has reached $40 trillion.
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