US gold re-marking would have implications for both the Treasury & Fed balance sheets. US Treasury: assets would rise by the value of the gold re-marking & liabilities would rise by the size of gold certificates issued to the Fed. assets would rise by the value of the gold re-marking & liabilities would rise by the size of gold certificates issued to the Fed. On net, a gold re-marking would increase the size of both Treasury & Fed balance sheets + allow for TGA to be used for Treasury priorities (i.e. In essence, gold re-marking would ease both fiscal & monetary policy (all else equal).