Resumption of Gold Standard to be Discussed in Washington

Resumption of Gold Standard to be Discussed in Washington

Resumption of Gold Standard to be Discussed in Washington

September 28, 2011 73 view(s)

An official with the United States Gold Commission is preparing a presentation for early next month to a Washington audience about the re-establishment of the gold standard, according to the New York Sun.

Lewis Lehrman, who served during the presidency of Ronald Reagan, is scheduled to deliver a five-part plan about how the U.S. can return to the use of gold as the base of the monetary system within five years. This month, the U.S. dollar has touched record low rates when held against precious metals.

"The stand-pat defenders of today's paper-dollar system turn back every argument in favor of the gold standard by claiming that there's no practical way to re-establish it," James Grant, editor of Grant's Interest Rate Observer, told the New York Sun. "What Lehrman has done is to devise a practical and persuasive plan to do just that."

Calls for a re-establishment of the gold standard have been growing. Robert Zoellick, president of the World Bank, penned a column for the Financial Times in November. Congressman Ron Paul has long-endorsed the gold standard while Congresswoman Michele Bachmann and Texas Governor Rick Perry support efforts to restore the strength of the dollar.

Presently barreling toward an 11th consecutive year of annual gains, the precious metal was up about 35 percent on the year when notching the record price of $1,923.70 per troy ounce earlier this month.

 
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