US Gold Reserves Worth Nearly $1 Trillion In Value After Gold Prices Hit Another Record High

U.S. gold reserves reportedly hit nearly $1 trillion in value after gold prices hit a record high in early morning trade on Monday. 

Gold prices hit an intra-day high of $3,831.34 an ounce in early morning trade, according to TradingView data. According to a Bloomberg report, this puts the government’s reserves – the value of which is based on the $42.22 per ounce price set by Congress in 1973 – at just over $11 billion. Adjusting the reserves’ value to today’s market prices would amount to nearly $990 billion.

Unlike many countries, the U.S. government holds its gold directly, while the Federal Reserve maintains gold certificates representing the Treasury’s holdings and credits dollars accordingly. 

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Read also: Why Cleveland Fed’s Beth Hammack Remains Worried About Inflation: ‘I’m Seeing It In The Services’

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