Elon Musk May Audit U.S. Gold Reserves

It is likely that Elon Musk is getting ready to audit America's gold reserves.

ZeroHedge tweeted on X yesterday evening, "It would be great if @elonmusk could take a look inside Fort Knox just to make sure the 4,580 tons of US gold is there. Last time anyone looked was 50 years ago in 1974."

Elon Musk replied, "Surely it’s reviewed at least every year?"

Since year-end 2021, SPDR Gold Trust (GLD) has gained by 58.20% vs. Vanguard S&P 500 ETF (VOO) gaining by 27.65% and iShares 20+ Year Treasury Bond ETF (TLT) declining by 38.22%.

Despite gold strongly outperforming stocks and bonds, retail investors have missed out on its rally. During this time period: GLD has seen $4.673 billion in outflows vs. VOO seeing $220.925 billion in inflows and TLT seeing $46.105 billion in inflows.

GLD has been consistently hitting new all-time highs relative to TLT, yet investors continue to pull out of GLD and pile into TLT!

Elon Musk auditing the gold reserves could be the catalyst that causes retail investors to reverse out of underperforming VOO and TLT and pile into GLD and gold mining/exploration stocks!

During gold's last bull market, the price peaked in 2011 at 1.70x the S&P 500. With the S&P 500 currently at 6,114.62 this would value gold at $10,394.85 per oz!