Estimated Total Since Jan 1, 2026 • Live Extrapolation
The visualization compares the Implied Market Value of the U.S. Official Gold Reserves against the Total Public Debt.
"Gold is money. Everything else is credit." — J.P. Morgan
Percentage of the National Debt that could be theoretically covered by selling 100% of US Gold Reserves at current market prices.
Unlike official "Monetary Gold" (reserves), Nonmonetary Gold represents exports of the metal for industrial, jewelry, or private investment purposes. It is a key indicator of physical gold flow out of the U.S. economy.
Due to restrictions on certain live price series, we use the U.S. Export Price Index (IQ12260) as a proxy. By calibrating this index against a 2024 benchmark, we calculate a live dollar-per-ounce estimate.
This metric measures what percentage of the Total Public Debt could be covered if the U.S. sold 100% of its official gold reserves (approx. 261.5M ounces) at current market prices.
The CBOE Gold ETF Volatility Index measures market "fear" specifically for gold. Higher numbers indicate significant price uncertainty and potential for rapid market shifts.
Disclaimer: For Educational Purposes Only
The data provided by this Gold Outflow Tracker is for educational and informational purposes only. It is based on public FRED data and derived market estimates. Spectacle Capital is not a government agency, financial advisor, or research institution. The information presented here should not be considered financial or economic advice. While we strive for accuracy, official source data should be consulted for definitive financial analysis.