Iraqi Dinar Brief - October 2, 2026: Are Gold-Backed Currencies Coming?
The free dinar summary for October 2, 2026: Are Gold-Backed Currencies Coming?.
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Judy Shelton, the economist who has argued for 30 years that the dollar should be tied to gold again, is now counselor to Treasury Secretary Scott Bessent. Her best-known proposal is a Treasury bond the holder can cash in for dollars or for a fixed weight of gold. The news spread this week as the 10-year Treasury yield touched 5.33%, its highest since 2002.
Central banks are still buying. Poland added 82 tonnes of gold in the first 6 months of this year, China's central bank has bought for 22 months in a row, and gold has passed US Treasuries as the largest asset in foreign official reserves. Our theory is that every currency is heading back to hard assets, the IQD included. Iraq's central bank holds about 175 tonnes of gold, and its governor was elected deputy chair of the Arab central bank governors' council this week.
In Baghdad, a new shipment of cash dollars from the New York Fed arrived on Wednesday, and on Thursday Bessent met Iraq's Foreign Minister to set out what Washington expects from Prime Minister al-Zaidi's reforms. The dollar closed Thursday at 157,300 IQD per $100 in the capital.
Today's Read goes back to the Liberty Bonds of the First World War, which promised payment in gold coin until Congress cancelled the clause in 1933, and asks the question in the title: are gold-backed currencies coming?
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