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By 'monetizing' U.S. assets, does Trump administration mean gold?
2:12p ET Sunday, February 9, 2024
Dear Friend of GATA and Gold:
Chris Marcus of Arcadia Economics today calls attention to a remark made last Monday by Treasury Secretary Scott Bessent that the Trump administration plans to "monetize the asset side of the U.S. balance sheet":
https://www.youtube.com/watch?v=3zBT3rDZKZk
Reuters took note of Bessent's remark in a report the next day day, quoting him as adding: "There'll be a combination of liquid assets, assets that we have in this country, as we work to bring them out for the American people":
All this seems to imply a possible revaluation of the U.S. gold reserve, though by itself changing numbers on a balance sheet wouldn't change anything else without related actions creating money or credit and doing something with it.
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Last year the economist Judy Shelton, whom President Trump nominated to the Federal Reserve Board in the last weeks of his first term but who wasn't confirmed by the Senate, suggested using U.S. gold reserves to collateralize a new sort of Treasury bond whose owners would have the option to redeem it in gold:
https://www.youtube.com/watch?v=lLBkVdOK4_I&t=2424s
In any case there increasingly are reasons to suspect that the U.S. gold reserve may be in play, if it long hasn't been in play through secret gold leases and swaps. Indeed, it may not be so crazy to wonder if the supposedly huge recent shipments of gold from London to the United States signify attempts to recover leased and swapped gold for the U.S. government and for the gold exchange-traded fund GLD, whose metal many observers believe has been used for leases, swaps, and interventions.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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