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Gold pares gains as Bessent plays down revaluing U.S. reserves
By Jack Ryan and Yvonne Yue Li
Bloomberg News
Wednesday, February 19, 2025
Gold pared gains after reaching a fresh record, as traders booked some profits after U.S. Treasury Secretary Scott Bessent dismissed speculation that the government might revalue its bullion holdings.
When discussing plans for a sovereign wealth fund, Bessent said revaluing U.S. gold reserves is "not what I had in mind."
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That appeared to play down the idea of revaluing reserves from the $42-an-ounce price set in 1973 to current market prices, which would deliver a one-time windfall of around $750 billion for the government and thereby reduce the need to issue bonds. ...
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