Whilst China is building new infrastructure centred on gold, European central banks are shifting their reserves, and US debt has surpassed $40 trillion, an almost forgotten issue is resurfacing in Washington:<\/p>\n\n\n\n
What if the US simply acknowledged how much its gold is actually worth?<\/p>\n\n\n\n
It sounds strange. But the reason is even stranger.<\/p>\n\n\n\n
The United States holds around 261.5 million troy ounces of gold \u2014 approximately 8,133 tonnes \u2014 making it the world\u2019s largest official holder of gold reserves.<\/p>\n\n\n\n
In the US government\u2019s accounts, however, this gold continues to be recorded at a statutory price of just:<\/p>\n\n\n\n
$42.22 per troy ounce.<\/p>\n\n\n\n
Yes. Forty-two dollars.<\/p>\n\n\n\n
The Ministry of Finance\u2019s official report for 2025 shows a book value of the reserve of around $11 billion, whilst as at 30 September 2025 its market value was approximately $1 trillion at a price of $3 825 per ounce.<\/p>\n\n\n\n
The difference is huge.<\/p>\n\n\n\n
And this is precisely where the big financial question arises.<\/p>\n\n\n\n
An accounting manoeuvre with the potential to generate hundreds of billions<\/p>\n\n\n\n
If Congress were to change the statutory price of US gold and the reserves were to be revalued significantly closer to their market value, a huge amount of additional value could, on paper, be unlocked.<\/p>\n\n\n\n
This mechanism is not entirely unfamiliar to the American system. The Treasury already uses so-called \u2018gold certificates\u2019, issued by the Federal Reserve against the government\u2019s gold reserves. Today, however, these are also linked to the old statutory exchange rate of $42.22.<\/p>\n\n\n\n
In theory, the revaluation could increase the Treasury\u2019s financial resources by assigning a new value to these certificates.<\/p>\n\n\n\n
But there is one crucial difference here:<\/p>\n\n\n\n
That does not mean that the US national debt will magically disappear.<\/p>\n\n\n\n
With debt already exceeding $40 trillion, even a massive revaluation of gold would serve as a tool for balance sheet and liquidity management \u2014 not a solution to the US structural deficit.<\/p>\n\n\n\n
Meanwhile, China is making its move<\/p>\n\n\n\n
Whilst Washington holds the largest gold reserves, Beijing is building the infrastructure to support the movement and trade of gold itself.<\/p>\n\n\n\n
In July 2026, Hong Kong launched a central clearing system for gold, reinstated US dollar-denominated gold futures and is considering the introduction of yuan-denominated gold futures.<\/p>\n\n\n\n
The plan is for gold storage capacity in Hong Kong to increase more than tenfold \u2014 to over 2,000 tonnes by 2030.<\/p>\n\n\n\n
This does not mean that China will \u201ereplace the dollar with gold\u201c tomorrow.<\/p>\n\n\n\n
But the direction is clear:<\/p>\n\n\n\n
gold + yuan + its own payment, clearing and custody infrastructure.<\/p>\n\n\n\n
And in August, the dollar\/yuan pair became the most traded currency pair in Hong Kong for the first time.<\/p>\n\n\n\n
And what about Europe? It moves physical gold around.<\/p>\n\n\n\n
Just yesterday, the Dutch central bank confirmed another highly significant move.<\/p>\n\n\n\n
Between March and August, it transferred around 86 tonnes of gold from its reserves in the US and Canada to London.<\/p>\n\n\n\n
The reason given officially?<\/p>\n\n\n\n
\u201ePreparing for major crises\u201c and growing geopolitical tensions.<\/p>\n\n\n\n
Following the transaction, the proportion of Dutch gold in New York fell from 31.3% to 18.5%, whilst that in London rose from 18.1% to 32.1%.<\/p>\n\n\n\n
This isn\u2019t some internet theory.<\/p>\n\n\n\n
This is a central bank that physically reallocates its reserve assets so that they are more liquid and can be deployed more quickly in the event of a crisis.<\/p>\n\n\n\n
And here, too, the picture starts to look different<\/p>\n\n\n\n
The United States has over 8,000 tonnes of gold, which, for accounting purposes, is still valued at a price from a bygone era.<\/p>\n\n\n\n
China is increasing its gold reserves and building infrastructure that links physical gold, Hong Kong and the international use of the yuan.<\/p>\n\n\n\n
European central banks regard physical gold as a means of ensuring resilience in the event of systemic crises.<\/p>\n\n\n\n
Meanwhile, global reserve managers are increasingly looking to gold as a means of diversifying away from the dollar.<\/p>\n\n\n\n
None of these events, on its own, proves that a new gold standard is on the horizon.<\/p>\n\n\n\n
But taken together, they reveal something far more important.<\/p>\n\n\n\n
At a time when public debt is rising, geopolitical confidence is waning and the world is seeking alternative reserve assets, the metal that many considered a relic of the past is once again at the heart of strategic decisions.<\/p>\n\n\n\n
And if Washington were one day to decide to revalue its more than 8,000 tonnes to a figure closer to their actual value, this would not simply be an accounting adjustment.<\/p>\n\n\n\n
This will send a signal to the whole world that gold is once again part of the big monetary game.<\/p>","protected":false},"excerpt":{"rendered":"
\u0414\u043e\u043a\u0430\u0442\u043e \u041a\u0438\u0442\u0430\u0439 \u0438\u0437\u0433\u0440\u0430\u0436\u0434\u0430 \u043d\u043e\u0432\u0430 \u0438\u043d\u0444\u0440\u0430\u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430 \u043e\u043a\u043e\u043b\u043e \u0437\u043b\u0430\u0442\u043e\u0442\u043e, \u0435\u0432\u0440\u043e\u043f\u0435\u0439\u0441\u043a\u0438 \u0446\u0435\u043d\u0442\u0440\u0430\u043b\u043d\u0438 \u0431\u0430\u043d\u043a\u0438 \u043f\u0440\u0435\u043c\u0435\u0441\u0442\u0432\u0430\u0442 \u0440\u0435\u0437\u0435\u0440\u0432\u0438, \u0430 \u0430\u043c\u0435\u0440\u0438\u043a\u0430\u043d\u0441\u043a\u0438\u044f\u0442 \u0434\u044a\u043b\u0433 \u043f\u0440\u0435\u043c\u0438\u043d\u0430 $40 \u0442\u0440\u0438\u043b\u0438\u043e\u043d\u0430, \u0435\u0434\u0438\u043d \u043f\u043e\u0447\u0442\u0438 \u0437\u0430\u0431\u0440\u0430\u0432\u0435\u043d \u0432\u044a\u043f\u0440\u043e\u0441 \u043e\u0442\u043d\u043e\u0432\u043e \u0441\u0435 \u043f\u043e\u044f\u0432\u044f\u0432\u0430 \u0432\u044a\u0432 \u0412\u0430\u0448\u0438\u043d\u0433\u0442\u043e\u043d: \u0410\u043c\u0438 \u0430\u043a\u043e \u0421\u0410\u0429 \u043f\u0440\u043e\u0441\u0442\u043e \u043f\u2026<\/p>","protected":false},"author":3,"featured_media":921,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wds_primary_category":0,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pazarni-analizi"],"acf":[],"_links":{"self":[{"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/posts\/920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/comments?post=920"}],"version-history":[{"count":2,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/posts\/920\/revisions"}],"predecessor-version":[{"id":924,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/posts\/920\/revisions\/924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/media\/921"}],"wp:attachment":[{"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/media?parent=920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/categories?post=920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/tags?post=920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}