"Elon Musk's DOGE Audit Bet: Gold Reserves in Spotlight"

Polymarket, a cryptocurrency-based prediction market platform, has introduced two markets related to the potential audit of the U.S. gold reserves at Fort Knox. The first market bets on whether Elon Musk's Department of Government Efficiency (DOGE) will conduct the audit by May 2025, while the second predicts the outcomes of such an audit. As of now, the betting odds that the audit will take place by the end of April stand at 56%, indicating skepticism about the push for transparency leading to the first official audit since 1974.

Kentucky Senator Rand Paul initiated the Fort Knox audit on Feb. 16, sparking a debate about the transparency of the U.S. government's balance sheet. Conservative political commentator Glenn Beck sent a letter to U.S. President Donald Trump on Feb. 17, urging him to "restore full faith and credit" in the U.S. government by beginning with an audit of its gold reserves. Despite Elon Musk's continued push for the audit, President Trump has remained silent on the matter.

Before his first presidential term, Trump hinted that the U.S. might not have all the gold it claims. In March 2015, he stated, "We don't have the gold. Other places have the gold." While it remains unclear whether the U.S. government will act on audit requests, speculation is mounting over the potential consequences if discrepancies were found in the Fort Knox gold reserves.

Some commentators argue that the 4,600 tons of gold reserves at Fort Knox, worth roughly $430 billion today, would not significantly impact markets if found to be missing. Macroeconomist Lyn Alden wrote on X, "Probably not much, actually. It's such a small amount even as stated." However, some Bitcoiners suggest that a full Fort Knox audit could potentially trigger a global confidence collapse in the dollar overnight and force a rally in Bitcoin (BTC). Others suggest that the public would never know the actual outcome of such an audit, making a case for the establishment of a state Bitcoin reserve.

Meanwhile, spot gold has been gaining momentum, setting a new all-time high above $2,940 last week and reportedly reaching a new record in inflation-adjusted terms recently. Amid rising gold prices, Goldman Sachs has raised its year-end gold target to $3,100, reiterating