• U.S. Treasury Secretary Scott Bessent confirms no plans to revalue gold reserves despite record highs.
  • Federal Reserve analysis suggests potential $750B windfall if revalued, but administration resists.
  • Debate continues in Congress and think tanks, with parallels to international precedents.

Treasury Holds Firm on Gold Valuation

U.S. Treasury Secretary Scott Bessent has publicly dismissed speculation about revaluing the nation’s gold reserves, even as prices hit repeated record highs and policymakers explore leveraging the reserves for fiscal initiatives. Speaking in March 2025, Bessent emphasized that the statutory price of $42.22 per ounce—unchanged since 1973—will remain in place for now.

Behind the scenes, however, the Federal Reserve has reportedly analyzed the implications of a revaluation, which could theoretically unlock over $750 billion in unrealized gains. Some proposals have floated using these funds to establish a Bitcoin reserve or address budget shortfalls, but Bessent’s comments signal the administration’s reluctance to pursue such measures.

A Contentious Fiscal Tool

Other countries, including Germany and Italy, have previously revalued gold reserves to manage debt without raising taxes—a tactic that has drawn interest from U.S. lawmakers facing fiscal pressures. Critics, though, warn that sudden adjustments could destabilize markets or fuel inflation.

“It’s not on the table,” Bessent said, though legislative discussions persist. One congressional staffer, speaking anonymously, noted that revaluation remains “a live topic” in think tanks and among digital asset advocates pushing for alternative reserve strategies.

Market Implications

With 261.5 million ounces of gold held at a ledger value of just $11 billion—far below its market worth—the disconnect has sparked debate among investors. Gold bulls argue for alignment with market prices, while skeptics caution against speculative risks. Meanwhile, the Fed’s independence could face scrutiny if revaluation proceeds as a fiscal maneuver rather than a monetary policy adjustment.

Correction: An earlier version misstated the potential windfall figure. The correct estimate is over $750 billion, not $1 trillion.