Treasury Secretary Scott Bessent said that “over the next 12 months we will be monetizing the asset side of the U.S. balance sheet.” These comments, against the backdrop of the U.S. government funding a new sovereign wealth fund, prompted Gillian Tett of the Financial Times to suggest that growing speculation about a gold revaluation may be behind the recent surge in gold.
“The value of U.S. gold stocks in the national accounts is currently only $42/ounce,” she said. “But informed observers believe that at current prices ($2,800/ounce), $800 billion could be injected into the U.S. Treasury General Account (TGA) through repurchase agreements. Panic is spreading throughout Wall Street, believing that the value of gold could suddenly be revalued by about 70 times, to the extent that Mark Cabana, Bank of America’s top Federal Reserve expert and former New York Fed staff member, was also invited to express his views on whether the Treasury would really shock the world by allowing gold to ‘float.’
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This coupled with the meteoric rise in Bitcoin price, the digital counterpart of gold; hints at the possible necessary revaluation of Gold which can happen suddenly!?
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