Despite widespread speculation, no major announcement related to gold or other precious metals was made on July 4.
The question remains why the United States has not introduced a stronger initiative to reinforce confidence in its public finances despite its record national debt. One proposal discussed in the past was gold-backed bonds, advocated by Judy Shelton, but no such initiative has been announced.
As a result, speculation continues. Some point to the lack of a publicly known comprehensive independent audit of the gold reserves at Fort Knox, while others believe that a significant share of the world’s physical gold has gradually moved to Asia, particularly China.
What is certain is that the United States faces a record national debt, with interest payments now among the largest federal expenses. The current system may continue for years, but history suggests that no debt-based system lasts forever.
The real question is not whether it will change, but when and how.
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