Are Gold-Backed Currencies Coming?
A gold bond advocate joins the US Treasury. Central banks keep buying. Iraq holds 175 tonnes. The Fed's dollars landed in Baghdad on Wednesday.
Friday, October 2. In Washington, Treasury Secretary Scott Bessent has a new counselor on his staff, and her name is Judy Shelton. For 30 years she has argued one thing: the dollar should be tied to gold again. Her best-known proposal is a Treasury bond the holder can cash in for dollars or for a fixed weight of gold. The appointment surfaced in the American financial press on September 16. It reached everybody else this week, as the 10-year Treasury yield touched 5.33%, its highest since 2002.
You hold IQD, so here is why a staffing story in Washington leads an Iraq briefing. The Iraqi dinar is priced in dollars. On Wednesday a fresh shipment of cash dollars from the New York Fed landed in Baghdad. On Thursday Bessent sat down with Fuad Hussein, the Iraqi Foreign Minister, and told him what Washington expects from Prime Minister Ali al-Zaidi. And the same day, the Arab world's bank governors elected the CBI's governor, Nizar Nasser Hussein, as their deputy chair.
The man who decides how freely dollars reach Iraq has just taken on America's best-known advocate for putting gold behind them. That is why the title of this briefing is a question. Our theory, and we have held it for a long time, is that the answer is yes. And not for the dollar alone.
Reset Intelligence / Research Desk
Your deep research analyst.
Put any question on the IQD, the RV or the reset to the RI research assistant. It answers in seconds and will conduct deep research to find you the answer.
Try the Research Assistant