Gold has always been more than a shiny metal. It backed America’s currency, built our reserves, and served as a foundation of trust in our financial system. It has often been recognized for both its beauty and its strategic value in major economies of history. Today, as global tensions rise and foreign competitors consolidate power, it is time to restore that recognition. Gold should be re-designated as a critical mineral by the U.S. Geological Survey.

A critical mineral is one essential to our economy or national security with supply chains that are vulnerable to disruption. Gold clearly meets this test. Executive actions in March 2025 already prioritized faster development of strategic resources, including gold. China now holds more than 2,298 tonnes and has invited other nations to store gold in Shanghai. Russia holds more than 2,329 tonnes, worth over 217 billion dollars, and has built its reserves as a shield against sanctions. Together, the BRICS nations hold over 6,000 tonnes, nearly one-fifth of global central bank reserves, and are openly and aggressively buying gold and using it to support payment systems that weaken the U.S. dollar.

Gold is far more than jewelry or investment coins. It has anchored entire economies, shielded families against inflation, and continues to provide stability because it is not tied to debt. Central banks, including our own, hold gold for that very reason.

It is also a vital industrial material. Gold’s ability to conduct electricity and resist corrosion makes it indispensable in electronics, semiconductors, aerospace, and advanced medical devices. America has mined more than 420 million ounces of gold, supporting jobs and development in 24 states. Yet global demand is climbing fast, especially as BRICS countries stockpile reserves. Without more domestic production, American industries, such as the coming data-centers will face shortages and higher costs.

Designating gold as critical would unlock tools such as tax credits and faster permitting. Federal agencies already use these tools for other strategic minerals. The price of gold, which topped 3,790 dollars an ounce in September 2025, reflects both limited supply and intense foreign buying. Without action, costs will keep rising.

The strategic urgency is clear. Gold cannot be frozen or sanctioned like dollar-based assets, which is why countries like China and Russia are turning to it. China is working toward 5,000 tonnes of reserves, aiming to rival U.S. holdings, while building Shanghai into a competing gold hub. Russia has quadrupled its reserves since 2008 and now uses gold to back energy deals and reduce reliance on the dollar.

The BRICS bloc magnifies these challenges. At their 2025 summit in Rio, the coalition advanced a payments system to reduce reliance on the dollar, with a goal of settling half of their trade in local currencies by 2026. Gold is central to this effort, whether as direct settlement or as tokenized blockchain assets. With thousands of tonnes under their control, BRICS nations are well-positioned to erode America’s financial leverage and global influence.

Re-designating gold as a critical mineral would allow the United States to bring new mines online quickly using streamlined permitting authorities like FAST-41. It would signal that we are serious about protecting our security in a new era of global competition.

While America does produce gold, our supply chains are not secure. Criminal networks smuggle and launder gold, distorting markets. China dominates refining and is the world’s largest consumer, creating choke points. Its 943 tonnes of demand in 2023 only increased as its central bank continued heavy buying. Russia plans to expand its reserves by another 500 tonnes by the end of 2025. Together, BRICS countries are soaking up nearly half of global mine output.

These pressures are driving volatility. A 40 percent rally in gold prices in 2025 showed how quickly foreign buying can reshape markets. Without stronger domestic production, American industries and consumers will shoulder the cost. Listing gold as critical would strengthen our supply chain, stabilize markets, and protect us from manipulation by foreign powers.

The U.S. Geological Survey, part of the Department of the Interior, manages the critical minerals list. The law requires the list to be updated every three years. To qualify, a mineral must be essential to our economy or national security, have a supply chain that can be disrupted, and serve a critical role in industries like defense, energy, or manufacturing. The USGS works with agencies such as Defense, Energy, and Commerce, and also considers input from industry and the public. Once a mineral is listed, projects tied to it qualify for streamlined permitting and federal support. Gold clearly meets these tests and should be restored to the list without delay.

Gold is not a relic of the past. It is at the center of a new global contest for power and influence. China, Russia, and their BRICS partners understand this and are moving aggressively. With more than 6,000 tonnes under their control, they are weakening the dollar, building gold-backed systems, and challenging America’s leadership.

The United States cannot sit still. Reinstating gold on the critical minerals list would help us expand production, protect our industries, and strengthen our national security. It would give us the tools to compete in a rapidly changing world.

This is where Alaskans can make a difference. Our state is home to some of the richest gold deposits in the country, from Donlin to Fort Knox to Estelle in the Mat-Su. Developing these resources will mean jobs, revenue, and security for Alaska and for the nation. I urge every Alaskan to contact your state legislators, our congressional delegation, and federal leaders. Tell them to press the U.S. Geological Survey to restore gold to the critical minerals list. This decision matters, and your voice can make the difference.

Originally published on Substack: https://kevinjmccabe.substack.com/p/redesignating-gold-as-a-critical