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September 17


 



3 government insiders could spark a gold boom

Find Out More →
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Editor's Note: Dr. David Eifrig has more than 40 years of professional
investing experience, a former seat as a Goldman Sachs Vice President, and a
track record of recommending more than a dozen triple-digit winners. Today,
he's zeroing in on gold and a strange D.C. plan he says could send it soaring
while catching most Americans completely off guard. It's crucial you understand
what's happening now. Keep reading...

A very strange story is circling in the stock market.
<[link removed]>

And it may be the reason the world's biggest money managers have piled into
gold in recent weeks.

Concerned financial experts say this buried story looks set to impact every
single American and their wealth – even if you've never owned an ounce of gold
in your life.

One of gold's most persistent myths is that Fort Knox is empty.

But according to respected Wall Street veteran, Dr. David Eifrig, this
breaking financial story is even bigger than that.
<[link removed]>

It involves three powerful men inside the highest levels of the U.S.
government...

A strange plan they're quietly advancing...

One that mirrors two defining moments in history... both of which sent
shockwaves through Americans' financial lives.

Dr. Eifrig, who is a former Goldman Sachs Vice President, sat down to record a
message for the public.
<[link removed]>

He says if history is anything to go by, those who understand what is
happening and position themselves in enough time won't just PROTECT their
wealth...

They could potentially see stunning gains.
» Gold surged 660% in the wake of the dot-com crash...

» And it ran up 2,382% in the 1970s...
But now, precious metals expert Jim Rickards is on record saying, gold could
reach $27,533 per ounce:
<[link removed]>
"My latest forecast is that gold may actually exceed $27,000... I don't say
that to get attention or to shock people. It's not a guess; it's the result of
rigorous analysis."
At the very least, get the facts and decide for yourself.

We're posting Dr. Eifrig's full, brand-new warning (including details of his
No. 1 gold stock that could 10x your money) to the public on our website.

So, while it's still online...



You can access it free of charge – click here to view.
<[link removed]>

All the best,

Corey McLaughlin
Editor, Stansberry Digest


This ad is sent on behalf of Stansberry Research, 1125 N Charles St,
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Stansberry Research pleaseclick here
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THE HILL REPORT
The Government Values Its Gold at Forty-Two Dollars
Connor Hill · InsightfulWord · September 16, 2026
The United States Treasury holds roughly 261.5 million fine troy ounces of
gold. On the government's own books, each of those ounces is valued at 42.2222
dollars.

That figure is not an estimate, an error or a secret. It is a statutory price,
fixed in law in 1973, and it has not been changed since. The entire national
gold reserve therefore appears in the accounts at a book value of about eleven
billion dollars, against a market value at any recent price that is orders of
magnitude larger.

The gap has a mechanical consequence that is the substance of every serious
discussion of this subject, and it concerns a piece of plumbing between the
Treasury and the central bank that almost nobody outside the two institutions
has occasion to think about.

The Treasury does not hold the gold as an unencumbered asset. It has issued
gold certificates to the Federal Reserve Banks against it, and those
certificates sit on the central bank's balance sheet. The certificate account
is denominated in dollars — about eleven billion of them — rather than in
ounces.

That distinction is the whole mechanism. A certificate is a claim on eleven
billion dollars of gold at the statutory price, not a claim on a fixed quantity
of metal. At 42.2222 dollars an ounce, eleven billion dollars covers
essentially the entire reserve.

Raise the statutory price and the same eleven billion dollars covers a far
smaller number of ounces. The ounces no longer needed to back the certificates
become, in accounting terms, available to the Treasury, which could issue new
certificates against them and receive a credit to its operating account at the
central bank.

That is the operation people refer to when they describe a plan to revalue the
gold. It is a real accounting possibility, it has been analyzed publicly by
legislative research staff and by market economists, and what it would and
would not accomplish is the part that gets lost.

What follows is where the statutory price came from, what the certificate
account is, what a revaluation would and would not create, the monthly report
that states the holdings, and what the audit record contains.


Where the Statutory Price Came From

The number is a fossil of a monetary system that no longer exists, and its
history explains why it was never updated.

For most of the twentieth century the dollar had an official gold value, and
that value was the anchor of the international monetary arrangement. It was set
at thirty-five dollars an ounce for decades.

Convertibility for foreign official holders ended in 1971. The official price
was then raised twice by legislation as part of the wind-down — first to
thirty-eight dollars, then to 42.2222 — and the second of those changes,
effective in 1973, is the one still on the books.

Shortly afterward the official price stopped having any operational function.
Exchange rates floated, the dollar's value was no longer defined in metal, and
no transaction anywhere used the statutory figure.

What kept it in place was that nothing required changing it. The number
survives in the accounts because it is the last legislated figure, not because
anyone believes it describes value.

This is worth stating clearly because the arrangement is frequently presented
as concealment. It is the opposite of concealment: the book value is published
monthly, the statutory basis is cited in the Treasury's own financial manual,
and the difference from market value is arithmetic anyone can do.

Other countries made the opposite choice. Several European central banks mark
their gold to market and publish the resulting revaluation accounts, which are
substantial and which constrain how the gains may be used. The American
arrangement is a choice among available conventions rather than a peculiarity,
and the alternatives are visible in other jurisdictions' accounts.

What the Gold Certificate Account Is

The certificate mechanism is the part that makes the book value consequential
rather than merely quaint.

📈 Number of the Day 42.2222 dollars The statutory book value per fine troy
ounce at which the U.S. Treasury carries its gold, fixed by legislation
effective in 1973 and unchanged since. Against roughly 261.5 million fine troy
ounces, that produces a book value of about eleven billion dollars — the same
figure as the gold certificate account held by the Federal Reserve Banks, which
is denominated in dollars rather than ounces. Source: Congressional Research
Service, The Federal U.S. Gold Stock; U.S. Treasury, Status Report of U.S.
Government Gold Reserve.

Support or oppose: should the statutory gold price be updated to market value?

Supporters argue that carrying a national asset at a price from 1973 misstates
the government's balance sheet, that the gap invites persistent speculation
about hidden plans, and that an accounting figure should describe reality.
Opponents answer that a revaluation would credit the Treasury with spendable
balances created by a bookkeeping entry rather than by taxation or borrowing,
that doing so would drain reserves from the banking system in a way the central
bank would have to offset, and that a stale number causing no harm is
preferable to establishing that balances can be created by restating a price.
Which is better?

Hit reply — one line is enough.

When the Treasury acquired gold historically, it issued certificates to the
Federal Reserve Banks and received a credit in its account. The certificates
are not redeemable in metal; they are a monetized claim.

Because the account is denominated in dollars, the number of ounces required
to back it moves inversely with the statutory price. That is not an anomaly in
the design — it is the design, and it is described in the Treasury's own
procedural documentation.

The analogy that circulates in the technical commentary is a cloakroom ticket
entitling the holder to a stated dollar value of coat rather than to a specific
coat. Change the price of coats and the ticket covers a different quantity.

At a market price in the low thousands of dollars per ounce, eleven billion
dollars would be covered by a few million ounces. The remaining two hundred and
fifty-odd million ounces would be unencumbered.

The Treasury could then issue certificates against them at the new statutory
price and receive the proceeds as a credit to its general account — a sum in
the hundreds of billions of dollars, arriving without any tax collected or any
security sold.

What a Revaluation Would and Would Not Create

The distinction between what the operation produces and what it does not is
where the analysis becomes useful rather than dramatic.


Context — what a monetary mechanism implies about any particular asset

An accounting change to how a government carries an asset is not a forecast of
that asset's market price, and the relationship between official balance-sheet
treatment and market outcomes is not established. Commodity prices reflect
physical supply and demand together with expectations already held by market
participants, and a widely discussed possibility is by definition already
known. Forecasts of specific price levels for commodities have a poor recorded
accuracy at every horizon. Nothing here is a comment on any specific asset,
company, sector or security, and none of it is a recommendation.

It would create spendable balances for the Treasury. That is real, and the sum
would be large relative to ordinary cash management.

It would not create wealth. The government would hold the same metal afterward
as before. The entry records a different number against an unchanged asset.

It would not reduce the debt in any meaningful sense. The balances could fund
spending or defer borrowing, which changes the timing of issuance rather than
the obligations outstanding.

It would have a monetary effect that is the reason the idea attracts technical
objection. Spending those balances moves money from the Treasury's account at
the central bank into the banking system, which adds to bank reserves. The
central bank would then have to offset that to maintain its policy stance,
which means the operation interacts with monetary policy whether or not anyone
intends it to.

And it would set a precedent. The principle that a government can generate
spendable balances by legislating a higher price for something it already owns
is the part that concerns the people who have analyzed it most closely, rather
than the arithmetic.

The Monthly Report That States the Holdings

The factual questions about the reserve — how much, where, valued at what —
are answered by a published report on a fixed schedule.

The Status Report of U.S. Government Gold Reserve is issued monthly by the
Treasury's fiscal service. It lists holdings by location in fine troy ounces
and in book value, and it reconciles to the total.

The locations are itemized. Bullion depositories at Fort Knox, West Point and
Denver hold the great majority; smaller amounts sit at Mint facilities and at
the Federal Reserve Bank of New York, which also holds gold belonging to
foreign governments and international institutions in a separate capacity.

The report also distinguishes deep storage from working stock — the latter
being metal available to the Mint for coinage — which is a distinction that
accounts for some of the confusion in popular discussion of the figures.

The total has been stable for decades. It changes only through small
coinage-related transactions, which is consistent with a reserve that is held
rather than traded.

Anyone wishing to check a claim about the quantity has a primary source
updated twelve times a year, and comparing consecutive reports takes a minute.

The same fiscal service publishes the data in machine-readable form as well,
which means the entire history can be downloaded and plotted rather than read
one month at a time. A claim that the quantity has changed is therefore
testable against a series rather than against a single figure.

What the Audit Record Contains

The verification question is separate from the accounting question and has its
own documentary trail.

The Treasury's inspector general has conducted annual audits of the gold
reserve for decades. The methodology involves physical inventory of a portion
of the sealed compartments each year on a rotating basis, with seals verified
and assays sampled.

The audit reports are public documents. They state what was inspected, what
was found, and the auditors' opinion, and they have consistently reported the
holdings as stated.

The rotating approach means that any single year's audit covers a fraction of
the total and relies on the integrity of seals applied in prior years — which
is a genuine methodological limitation, is disclosed in the reports themselves,
and is the basis of the more serious criticisms.

Independent verification beyond that would require a full assay of the entire
reserve, which has been proposed periodically and has not been undertaken, on
cost and practicality grounds that the agencies state.

The composite point is that the book value is a legislated figure from 1973,
that the gap between it and market value creates a specific and analyzable
accounting possibility, and that the quantity, location and audit status of the
reserve are documented in reports published on a fixed schedule by two separate
offices.


The bill, not the debate

The Treasury carries about 261.5 million ounces of gold at a statutory 42.2222
dollars an ounce, fixed in 1973, and the Federal Reserve holds certificates
against it denominated in dollars rather than ounces. Raising the statutory
price would free ounces and credit the Treasury's account — creating balances,
not wealth, and adding bank reserves the central bank would have to offset.
When a quiet plan is described to you, is the certificate account mentioned?

Connor Hill reads every reply.

Sources checked • Congressional Research Service — The Federal U.S. Gold Stock
—[link removed]
<[link removed]> • U.S. Department of the
Treasury, Bureau of the Fiscal Service — Status Report of U.S. Government Gold
Reserve —[link removed]
<[link removed]> • U.S. Department
of the Treasury — Treasury Financial Manual, issuance and redemption of gold
certificates —
[link removed]

<[link removed]>
• U.S. Department of the Treasury, Office of Inspector General — audits of the
Department's gold reserve —
[link removed]
<[link removed]> • Board of Governors
of the Federal Reserve System — factors affecting reserve balances, H.4.1
release —[link removed]
<[link removed]> • U.S. Mint — bullion depository
and custodial responsibilities —
[link removed]
<[link removed]> Connor Hill ·
InsightfulWord



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