U.S. Taxes, foreign account reporting

I've been trying various search terms in the community here, but as of yet I have not found any information on the requirement of U.S. citizens to report the existence of foreign accounts they own (this is apart from taxable transactions - we are required to report the mere existence of accounts, even if there is no taxable income resulting from them).

Does this apply to my Bitgold holdings? I've made no redemptions at all, so I have no capital gains to report to the IRS, but it's my understanding that failing to report the existence of a foreign account results in some penalties.

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