A Substack writer says Fed Chair Kevin Warsh and Treasury Secretary Scott Bessent are working toward a new Treasury-Fed accord that would revalue America’s gold. He admits nothing official has happened yet, and neither Warsh nor Bessent has announced a plan.
Craig Tindale argues in the Monday piece that authors of earlier gold-linked reform plans now hold jobs at Treasury and around the Fed chair.
Treasury said October 9 that Judy Shelton will advise Bessent on currency policy, focusing on China. It did not mention gold. Shelton, whose 2020 Fed board nomination stalled in the Senate, has promoted a Treasury bond redeemable in gold. Treasury also named David Zervos, a former Jefferies strategist, as a counselor to Bessent on September 28. Tindale also cites Paul Winfree, a Project 2025 author whom Warsh hired as a temporary contractor in June, according to an unconfirmed report.
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Warsh called for a new Treasury-Fed accord in July 2025, before he became chair. He cited the 1951 pact that split debt management from monetary policy and said a fresh deal would ease the Fed’s balance-sheet reduction. By Tindale’s review of transcripts, Warsh has not said “gold” or “accord” in his three press conferences as chair. Tindale infers the gold link from the hires and cites no statement from either official.
Treasury holds about 261.5 million ounces of gold, which it carries at the $42.22 an ounce Congress set in 1973, or just over $11 billion. At about $3,900 an ounce, the hoard is worth roughly $1 trillion. The Fed holds gold certificates in exchange for the gold, so repricing would be an accounting step that enlarges its balance sheet, Bank of America’s Francisco Blanch said in February 2025.
Bessent raised the idea in early 2025, saying Treasury would “monetize the asset side of the U.S. balance sheet.” He later said he did not mean repricing gold, and Bloomberg reported the White House was not seriously considering it.
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A repricing of monetary precious metals like gold and silver can help to clear or reduce the debt or actually pay it of and turn around. It can be a great catalyst in today’s pressing economic and geopolitical headwinds to stay surplus and to hedge against the current challenges…….