According to a 2024 audit of the U.S. Treasury by KPMG, the federal government owns 261 million ounces of monetary gold. At the end of the federal government’s 2024 fiscal year on September 30, the market value of the gold was $688 billion, or about $5,000 for every household in the nation. This is slightly offset by $10 billion in liabilities for the gold owed to the Federal Reserve Banks. This odd situation exists because the Gold Reserve Act of 1934 “transferred ownership of all monetary gold in the United States to the US Treasury,” including gold held by the Federal Reserve system. In exchange, the Federal Reserve Banks received “Gold Certificates” worth $42.22/ounce.