BREAKING: Gold prices cross above $3,100 for the first time in history as economic uncertainty rises.
Discussion
Amazing.
No. I think it's because of people speculating that the govt is going to reprice it to pay off the debt.
How would the govt repricing their stash impact the market price of gold? If they were buying more gold for a sovereign wealth fund or something I could see that pushing the price up
I was thinking that retail was buying in anticipation of the govt repricing, but I guess they wouldn't be able to move the market like that?
I don't think so, since the supply would be unchanged. Goldman, JP Morgan and a lot of the other big banks have suppressed the gold and silver price for years and it seems that ability is starting to slip away- hence the price rise.
https://www.zerohedge.com/precious-metals/mechanics-silver-price-suppression
Could the govt just call gold like $20,000 an ounce?
Lol nevermind. I guess I misunderstood what I was listening to. I guess they could manipulate the price higher but there would be consequences?
Revaluing the gold could only be done to the current market price. Then the govt has no real incentive for the price to go higher unless they want to use that revaluation on the balance sheet as a means to acquire budget neutral bitcoin
Excuse me for my ignorance, and thank you for the history lesson in advance, but how did they revalue gold back in the day? Did they revaule it to the current market level? Wasn't it illegal for Americans to hold gold? Do you know how the rest of the world received that change?
In 1933, President Franklin D. Roosevelt issued Executive Order 6102, which required U.S. citizens to surrender most of their gold holdings to the Federal Reserve at the rate of $20.67 per ounce.
The order was legally grounded in the Trading with the Enemy Act of 1917, as amended by the Emergency Banking Act of 1933.
Following the confiscation, the Gold Reserve Act of 1934 was passed, which further regulated the ownership of gold and prohibited the Treasury and financial institutions from redeeming dollar bills for gold. Immediately after the passage of the Act, Roosevelt changed the statutory price of gold from $20.67 per ounce to $35 per ounce.
I don’t understand why that guy is on the dime, he was one of our worst presidents of all time