TechFlow news, on February 18, according to The Block, U.S. Senator Rand Paul proposed an audit of the gold reserves stored at Fort Knox, which have not undergone an independent audit since 1974 and are currently reported to hold approximately 147.3 million ounces (about 4,600 tons) of gold.
Agne Linge, Growth Lead at WeFi, said that if the audit reveals issues with the tracking system of U.S. gold reserves, it would justify adopting publicly transparent technologies such as blockchain. Using blockchain technology, the quantity of gold in each vault could be tracked in real time and verified by the public, enhancing transparency.
Musk previously expressed support on social platform X for moving parts of the Treasury's operations onto a blockchain to address existing problems of improper payments. Linge noted that efficiency has become a new priority for the U.S. government, and blockchain, as a dynamic technology, can help achieve this goal in critical areas requiring public accountability, such as gold reserves.
Gold prices reached nearly $2,942 on Tuesday, approaching a record high. Market analysis shows that over the past week, gold investors have established a new support level at $2,880, further strengthening gold's upward momentum.
