黄金储备估值已超万亿，美国何时“用金化债”，相当于9900亿美元的QE？

Core Viewpoint - The market speculation regarding the potential revaluation of the U.S. gold reserves has been reignited as the value of these reserves surpasses $1 trillion for the first time, following a 45% increase in gold prices this year [1]. Group 1: U.S. Gold Reserves - The U.S. Treasury holds gold reserves directly, unlike most countries that store their gold in central banks [3]. - The current market value of the U.S. gold reserves could allow the Treasury to inject approximately $990 billion into its coffers by revaluing these assets, significantly reducing the need for new debt issuance this year [4]. - The revaluation of gold reserves would directly impact the balance sheets of both the U.S. Treasury and the Federal Reserve, expanding their assets and liabilities simultaneously [5]. Group 2: Economic Implications - Revaluing gold reserves is viewed as a non-traditional policy tool that could create around $990 billion in funds for debt repayment, deficit filling, or establishing a sovereign wealth fund without public market operations [5]. - The U.S. has not revalued its gold reserves for decades to prevent volatility in the Treasury and Federal Reserve's balance sheets and to maintain their independence [6]. - Other countries, such as Germany, Italy, and South Africa, have previously revalued their gold reserves, indicating that this action is not without precedent [7]. Group 3: Market Reactions and Risks - Analysts express concerns that revaluing gold reserves could stimulate macroeconomic activity, trigger inflation risks, and inject excess liquidity into the banking system, potentially undermining the independence of fiscal and monetary authorities [8]. - The anticipation of a gold revaluation is believed to be a significant factor driving gold prices close to $4,000 [9].