Polymarket Doubts DOGE's US Gold Reserve Audit
Date: 2025-02-19 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The Polymarket prediction platform has added bets related to a possible audit of the US gold reserves, which could be initiated by the Department of Government Efficiency (DOGE) led by Elon Musk. On February 16, Senator Rand Paul proposed that the billionaire audit the gold reserves in the Fort Knox vault for the first time since 1974. Musk supported the idea and expressed concern about this.
Soon after, two markets appeared on Polymarket: one related to the likelihood of an audit by May 2025, and the second dedicated to the possible results of the audit. However, platform participants do not have much faith in the reality of independent control. According to current quotes, the probability of an audit by the end of April is estimated at only 40%.
Bets on the fact that Fort Knox will contain less than the declared 4,600 tons of gold are even lower - traders estimate this scenario at 21%.
Amid growing doubts about the safety of the US gold reserves, Senator Cynthia Lummis has once again raised the issue of creating a strategic reserve in bitcoin. She emphasized that the transparency of crypto assets would allow anyone to check their availability at any time.
Agne Linge, head of development at WeFi, said in an interview with The Block that the use of blockchain could increase the transparency of gold reserve management. She also recalled that Musk had previously spoken out in support of the use of this technology for financial control.
Meanwhile, Bitfinex analysts doubt that President Donald Trump will agree to a public audit of the reserves, despite widespread conspiracy theories about the real volume of reserves. They emphasized that if discrepancies were found, this could put strong pressure on the dollar and negatively affect the US economy as a whole.
According to Linge, a shortage of gold could lead to a temporary increase in its value. Now the precious metal has already reached a new historical maximum, exceeding the mark of $ 2,900 per ounce.
Goldman Sachs raised its full-year gold price forecast to $3,100, noting that central bank demand remains strong, Reuters reports. Analysts also suggest that increased political uncertainty, including concerns over Trump's tariff policy, could push the price to $3,300.
Earlier, US Federal Reserve Chairman Jerome Powell said that Bitcoin is more likely to compete with gold than with the dollar.
