It’s actually $42.2222 per troy ounce, not $41.22. That number is a holdover from the old gold standard days. It was originally set at $35 per ounce, then bumped up to $42.22 in the early 1970s under the Par Value Modification Act, and it’s never been updated since. Basically a relic from the Bretton Woods era.
I’ve actually written more about this if you’re interested — links below.
I thought about this.. at the moment gold in the US vaults does some $35 per troy ounce, right? And yet, the spot price hoovers around $4000.
Some YT channels say that gold will climb along when US government revalues it's gold.
It will make us all rich!
Well,, gold will make you rich when we have a 1929+ market crash, but revaluation of the book value if gold won't.
Temporarily gold will go up some $1000, but then return, perhaps $200 above the original gold price, but probably not more..
I think it’s valued at $41.22/oz. No idea why
It’s actually $42.2222 per troy ounce, not $41.22. That number is a holdover from the old gold standard days. It was originally set at $35 per ounce, then bumped up to $42.22 in the early 1970s under the Par Value Modification Act, and it’s never been updated since. Basically a relic from the Bretton Woods era.
I’ve actually written more about this if you’re interested — links below.
https://www.crisisinvesting.com/p/the-great-revaluation
https://www.crisisinvesting.com/p/sorry-mr-secretarythats-not-an-audit
https://www.crisisinvesting.com/p/trumps-economic-enforcer-confirmed