US gold reserves have never been this small relative to government debt: Gold reserves now reflect just 3% of US federal debt, one of the lowest readings on record. This comes despite the US holding 8,133.5 metric tons of gold, the largest stockpile in the world, and prices surging to record highs. By comparison, the ratio was ~18% in 1980, or 6x higher. At the same level of reserves, gold prices would have to rise +400%, to $26,000/oz, to match the 1980s peak. Meanwhile, in the 1940s, gold reserves backed over 50% of federal debt. To match the 1940s ratio, gold would need to surge +1,340% to ~$75,000/oz. Gold reserves are highlighting just how astronomical US debt has become.(The Kobeissi Letter)