The value of the U.S. Treasury’s gold reserves has exceeded $1 trillion, far surpassing the amount listed on the government’s balance sheet. The world’s biggest gold stash passed the milestone after prices rose above $3,824.50 an ounce on Monday, in a 45% rally this year. Earlier this year, an offhand comment from Treasury Secretary Scott Bessent sparked speculation that the government’s gold hoard would be marked to market, releasing a windfall of hundreds of billions of dollars. The Fed instead holds gold certificates corresponding to the value of the Treasury’s holdings, and credits the government with dollars in return. That means that an update of the reserves’ value in line with today’s prices would unleash roughly $990 billion into the Treasury’s coffers.