US Gold Reserves Remain Statutorily Valued at $42.22 per Ounce

Treasury Secretary Scott Bessent could in principle issue additional gold certificates to the Federal Reserve against revalued reserves, crediting the Treasury General Account without physical movement of metal. Current statute fixes the valuation at $42.22, requiring congressional amendment before any material increase in certificate issuance. The mechanism already exists under 31 USC 5117 but remains tethered to the original fixed price established in 1973.

Central banks in China, India, and Poland have added over 1,000 tonnes of gold since 2022 according to World Gold Council data, shifting reserve composition away from dollar assets. This pattern indicates states treat gold as a hedge against sanctions exposure and dollar liquidity risk rather than a legacy accounting entry. US inaction on revaluation preserves the current incentive structure for foreign reserve managers.

At $5,000 per ounce the reserves would support roughly $1.3 trillion in new certificate capacity; at $155,000 the figure reaches the $40 trillion debt level cited in the proposal. Either outcome alters the composition of Treasury liabilities without immediate tax or spending legislation. The Federal Reserve has previously examined reserve-asset revaluations in other jurisdictions but has issued no domestic policy paper endorsing a US change.

No bill altering the statutory gold price has been introduced in the current Congress. Any future legislation would require offsetting budget scoring from the Congressional Budget Office and coordination with the Federal Reserve on monetary-base effects.