Is President Trump Really Going To Revalue Gold To This Jaw-Dropping Price?
After the election chaos of last week, is President Trump really going to revalue gold to this jaw-dropping price?
Part II of James Turk’s KWN interview: “When I say that the dollar is toast, Eric, I am of course referring to the Federal Reserve dollar (F$), which circulates as a money substitute in place of the Constitutional dollar (C$). The C$ is 11.369 grains of gold ($42.22 per ounce)…
President Nixon “temporarily” – to use his word – suspended the conversion of F$s into C$s back in 1971.
Trump’s only option to end the clear divisions in the country is to increase prosperity with a level playing field for everyone. And the way to do that is to take away the advantages the 1%ers enjoy as a result of an unconstitutional monetary system.
The Need To Build A Sound Monetary System
So President Trump has to build a sound monetary system. To do this he must end Nixon’s temporary suspension of dollar redeemability into gold. Restoring a Constitutional dollar will provide a solid the foundation for building a new monetary system. The best way to do that is to follow the precepts of the Coinage Act of 1792, which is America’s first and best time-tested law concerning money.
Back in June, when asked about the gold standard Trump replied:
“Bringing back the gold standard would be very hard to do, but boy, would it be wonderful.”
The “hard” task he is of course referring to is making the gold standard credible after decades of monetary debasement. Rebuilding credibility will indeed be a difficult task, but can be accomplished over time. Initially all that is needed is to make sure that gold flows into the Treasury – and not out from it – when redemption of the dollar into gold is restored.