Bicent affirms US gold reserves do not back dollar
U.S. Treasury Secretary Steven Mnuchin confirmed that American gold reserves remain intact and are stored at Fort Knox. However, he announced that the dollar's link to gold ended when the United States abandoned the gold standard more than half a century ago, now relying solely on trust in the U.S. government. He pointed out that the market value of gold reserves exceeds one trillion dollars, and that Washington is receiving shipments of the precious metal from Venezuela. Additionally, central banks around the world are increasing their gold purchases to strengthen their financial independence. These statements come amid a 120% increase in gold prices over the past five years, with some forecasts predicting they could reach record levels of $6,300 or even $10,000 per ounce, as reliance on the dollar declines and gold's role as a hedge against inflation and financial crises grows.
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