100 Days In: Trump’s ‘Strategic Uncertainty’ on Tariffs Leaves Markets Guessing

Elon Musk is set to examine America’s gold reserves at Fort Knox through his Department of Government Efficiency (DOGE), responding to concerns about lack of regular audits. The initiative was sparked by Senator Rand Paul, who has spent a decade attempting to verify the reserves himself. The United States holds the world’s largest gold reserve, exceeding 8,100 tonnes as of late 2024, with significant portions stored at Fort Knox and the Federal Reserve Bank of New York. Paul emphasizes that this audit isn’t just about verification – it’s about recognizing gold’s continuing role in providing implicit value to the U.S.

Goldman Sachs has raised its gold price forecast to $3,100 per ounce by the end of 2025, up from its previous $2,890 target. The revision is primarily driven by increased central bank demand, particularly from China, with monthly purchases expected to reach 50 tonnes. Goldman strategists maintain their ‘Go for Gold’ stance, noting that prices could surge even higher to $3,300 if policy uncertainty continues, while increased central bank buying of 70 tonnes per month could push prices to $3,200.

Bank of America sees potential for gold to surge above $3,500, driven by increasing demand from central banks, particularly in developing nations. BofA strategist Michael Widmer notes that a combined 10% increase in purchases from retail investors, institutional funds, and central banks could push gold to this new height. Gold has already performed well, surging 28% in 2024 and adding another 10% in early 2025. Widmer suggests that if retail investors and institutional funds join the central banks in increasing their gold purchases by a combined 10%, the $3,500 target could become reality, particularly as potential Trump tariffs may drive