Could Treasury Mobilize Gold Reserves To Sidestep Debt Ceiling?
Photo by Jingming Pan on Unsplash
We’re getting down to the wire now. Biden has canceled debt ceiling negotiations with Republicans yesterday. Maybe Hunter’s in trouble again. Who knows.
Treasury has between 2-4 weeks of cash left before the United States will not be able to pay all its bills. One option that the Treasury has is to mark its over 8,000 tonnes of gold to market. Right now it’s marked at $42.22/oz, the 1973 level. A move like this would net the Treasury about $550 billion, and it would be a not-so-subtle admission that gold and silver are, indeed, money.
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