Trump Reclassifies Gold as Critical Mineral and Sanctionable Asset

President Donald Trump designated gold as a critical mineral through Executive Order 14241 to stimulate American mineral production. Following this designation, Treasury Secretary Scott Bessent formally classified gold as a sanctionable strategic asset class, grouping it with aviation and cryptocurrency.

The reclassification targets regimes like Iran that use gold as an alternative settlement rail to bypass the dollar-based SWIFT system. During a press conference on Iran sanctions, Bessent indicated the policy could extend to other major gold buyers, including China, stating that "no one is above this."

Concurrent with these policy shifts, the United States Department of the Treasury conducted an audit of gold holdings at Fort Knox. Bessent confirmed the audit accounted for all reserves, which are valued at more than $1 trillion. While the Treasury moved forward with the strategic asset classification, the United States Geological Survey declined to add gold to its own critical minerals list, citing a lack of import reliance.