Growing public pressure is building for a transparent audit of US gold reserves, and the uncertainty itself is a risk for confidence in the dollar.

• No independent, verified audit of Fort Knox gold has happened, despite officials insisting reserves are fine.
• High-profile skepticism, including from Elon Musk, is fueling public doubt about whether the gold is actually there.
• A simple public audit with outside observers could resolve the doubt, but the government has refused to do one.
• If gold were found missing, it could shake trust in the dollar, spark inflation fears, and push other countries toward gold-backed currencies.

Outlook: Pressure for a transparent audit is likely to keep growing, but without one, speculation and distrust will keep spreading.