The market value of the United States’ vast gold reserves topped $1 trillion mark for the first time on Monday. This comes as the gold price is experiencing a powerful rally, nearing $3,840 per ounce.
The staggering valuation contrasts with the fact that, despite having the world’s biggest gold stash, America’s strategic share of global gold reserves has fallen to a 90-year low when compared to other countries.
$1 Trillion In Mark-To-Market But Still At $11 Billion As Of 1973
The spot price hit a new all-time high of $3,831.33 before settling around $3,817, rising nearly 44% over the last year.
According to a Bloomberg report, this market valuation of over a trillion dollars is different from its value on the U.S. Treasury’s books, which remains fixed at just over $11 billion based on a statutory price of $42.22 an ounce set in 1973.
US Gold Reserves Are At A 90-Year Low
While the value of America’s existing stockpile soars, its global influence in the gold market has diminished.
According to a Benzinga report, the U.S. has largely sat on the sidelines while central banks in countries like China, Russia, and India have been on a consistent buying spree, particularly since the 2008 Global Financial Crisis.
This aggressive accumulation by other nations has caused the U.S. portion of the total global reserve pie to shrink to its lowest …