As gold trades near all-time highs and global central banks ramp up reserves, a bold thesis is emerging from one of Wall Street’s most influential macro voices: the U.S. Treasury may already be stockpiling gold—and just hasn’t told anyone yet.
“I think there is a chance that the U.S. Treasury might be participating in this accumulation of gold,” said Otavio Costa, portfolio manager at the hedge fund Crescat Capital, in an exclusive interview with Benzinga.
“If you’re a large institution and anything you do moves the market, you don’t announce it—you do it first, and tell the world after.”
“There is a big chance that the U.S. treasury is already accumulating some gold,” he added.
Costa’s comments come at a time when gold prices have defied historical relationships, surging in 2025 despite elevated yields and no Federal Reserve rate cuts.
The metal – as tracked by the SPDR Gold Trust (NYSE:GLD) – is up over 25% year-to-date, trading near $2,340 per ounce.
Is The Treasury Secretly Stockpiling Gold?
Costa likened the idea to the Strategic Petroleum Reserve, suggesting the Treasury could quietly be …