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 has surpassed $1 trillion for the first time, following a 45% increase in gold prices this year [1][2]. Group 1: U.S. Gold Reserves and Market Implications - The U.S. Treasury holds gold reserves directly, unlike most countries that store gold in central banks, with the Federal Reserve holding corresponding gold certificates [4]. - A revaluation of the gold reserves at current market prices could inject approximately $990 billion into the Treasury, significantly reducing the need for new debt issuance this year [5][9]. - This revaluation would directly impact the balance sheets of both the U.S. Treasury and the Federal Reserve, increasing the Treasury's assets and liabilities simultaneously [6][7]. Group 2: Economic and Policy Considerations - The process of revaluing gold reserves could resemble unconventional monetary policy tools like quantitative easing, expanding the Federal Reserve's balance sheet without traditional market operations [8][10]. - Historically, the U.S. has refrained from revaluing its gold reserves to avoid volatility in the Treasury and Federal Reserve's balance sheets and to maintain the independence of fiscal and monetary authorities [11]. - Other countries, such as Germany, Italy, and South Africa, have previously revalued their gold reserves, indicating that this action is not without precedent [12]. Group 3: Potential Risks and Market Reactions - Analysts have raised concerns that revaluing gold reserves could stimulate economic activity, trigger inflation risks, and inject excess liquidity into the banking system [13][14]. - The revaluation could also lead to increased prices for gold, Bitcoin, and other assets that may be considered for "remonetization" [15]. - The likelihood of implementation remains low unless Treasury Secretary Yellen provides credible details on how to "monetize the asset side of the U.S. balance sheet," despite rising speculation due to the unconventional approach of the Trump administration [16].