What he’s saying is that gold is a hedge against inflation, but it is not a determinant of monetary policy and in no way constricts or otherwise regulates the supply of money...never has, even if you go back to the days of Hamilton. The gold standard simply means that you can exchange dollars for physical gold; it was never tied to M1. Nixon simply said that the gov’t was no longer required to exchange gold or silver for dollars. Indeed, the gov’t has nothing to do with monetary policy. You do realize that “deficit spending” is part of fiscal policy, not monetary policy, don’t you?
Let me ask you - Do you also believe gold is a reliable long-term hedge against inflation?
If so - why?