this lame-ass story didn’t even say if the “revaluation” of gold would raise or lower its value!
Agree - Bunch-o-babble.
It would raise it, of course.
Gold is only valued on central bank balance sheets at $35.
Official Treasury holdings, mostly confiscated from the public in the 1930s and known as “coin melt bars” are 90% fine and not considered acceptable as “good delivery” for settling futures contracts. But, supposedly around 6000 tons.
At current prices they represent maybe 3 months of government spending. Chew on that a while. Officially gold is $42.22 a revaluation last made in 1968 when the government was eventually forced to suspend convertibility, so much gold was leaving the vaults and being traded the floor of the London exchange collapsed. Charles De Gaul of France sent a warship to pick up bullion in exchange for dollars. Nixon gets a lot of flak for “closing the gold window” but his hands were tied, he had little choice.