Some thoughts on a US gold audit and revaluation.

I discuss past audits of US gold holdings, the accounting associated with revaluation, whether it has any implications for US Treasury purchases or sales, and its potential implications for policy.

• There has been no comprehensive audit of US official gold holdings, although to incomplete audits have been conducted, in 1953, and in 1974. A key factor constraining an audit being undertaken is simply the logistics of doing so. It’s an immense undertaking.

• Revaluing the US Treasury’s gold holdings would require an Act of Congress, but the accounting be…