In recent days, public attention has focused on the U.S. gold reserves, particularly the holdings at Fort Knox, the country’s largest gold depository. Bank of America Securities has suggested that a market-based revaluation of U.S. gold reserves could benefit gold prices.
However, U.S. Treasury Secretary Scott Bessent has dismissed the possibility of revaluing gold reserves at market prices. Francisco Blanch, head of commodities and derivatives research at BofA Securities, still sees this as a positive development, arguing that it would reaffirm gold’s relevance as an asset class and drive further gains in gold prices.
Gold prices have been rising steadily in recent years, doubling since the COVID-19 pandemic. Additionally, following Western sanctions related to the Russia-Ukraine conflict, many countries have grown wary of their dollar reserves and turned to gold instead. Today, central banks are among the largest buyers of gold.
Amid growing economic concerns, both investors and consumers have increasingly sought gold as a safe-haven asset.
In a recent interview, Blanch acknowledged that gold revaluation is merely an accounting adjustment but noted that it would expand the Federal Reserve’s balance sheet. He also clarified that revaluing gold would not assist a potential Trump administration in weakening the dollar, lowering energy prices to curb inflation, or pushing the Fed to cut interest rates.
“I think this could benefit the gold market because it would demonstrate that gold is not just a ‘relic of the past,’” Blanch said. “It has been held by central banks but somewhat overlooked. Now, even the world’s largest central banks are taking renewed interest in gold.”
Under the Gold Reserve Act of 1934, the Federal Reserve transferred its gold holdings to the Treasury and, in return, received gold certificates.
According to data, the U.S. holds 261.6 million troy ounces of gold. At the official 1970s price of $42.22 per ounce, its book value is approximately $11 billion. However, at today’s spot price of $2,950 per ounce, its market value would exceed $750 billion.
Earlier this month, Treasury Secretary Bessent stated, “We will monetize the U.S. balance sheet for the American people,” sparking speculation about a potential gold revaluation. He later clarified that he was not referring to repricing gold reserves.
Nevertheless, U.S. gold reserves continue to draw international attention. Last Saturday, President Donald Trump reiterated his plan to visit Fort Knox with Elon Musk to verify whether the gold is still stored there.
“I’m really going. I’ve heard about Fort Knox my whole life. That’s where the gold is,” Trump said.
“We’re a little shaken. We’re going to investigate. I want to know. We’re going to open the doors. I’m going to see if there’s gold in there. Has anyone stolen the gold from Fort Knox?” he added.
Treasury Secretary Bessent, however, dismissed these concerns, stating that he has no plans to visit Fort Knox and assuring the public, “All the gold is there.”
[Source – 上海有色网] 美国最大金库引关注！美银：重估黄金储备将使金价进一步上涨 https://news.smm.cn/news/103192666
