On the back of a 45% surge in the price of gold this year, the US Treasury's hoard of the barbarous relic has surpassed $1 trillion in value for the first time in history.

That is more than 90 times what's stated on the government's balance sheet and is reigniting speculation that Treasury Secretary Bessent could revalue (mark to market) the massive pile of precious metal

Unlike most countries, the US's gold is held by the government directly, rather than the central bank.

The Fed instead holds gold certificates corresponding to the value of the Treasury's holdings, and credits the government with dollars in return.