Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) ( "Kenorland" or "the Company" ) is pleased to announce that its common shares have commenced trading on the OTCQX ® under the trading symbol "NWRCF". The company will continue to trade on the TSX Venture Exchange (" TSXV ") under the symbol "KLD" as well as the Frankfurt Stock Exchange (" FSE ") under the symbol "3WQ0".
Zach Flood , President and CEO, commented, "We're very excited to be trading on the OTCQX, which will expand the company's visibility and accessibility to current and prospective U.S. and global shareholders."
About the OTC
The OTC offers early stage and developing U.S. and international companies the benefits of being publicly traded in the U.S. without the complexity and cost of a U.S. exchange listing. The OTC Market provides brokers a platform for transparent trading with the goal of enhancing liquidity, achieving fair valuation and providing efficient access to U.S. investors. Investors can find real-time quotes and market information for the Company on www.otcmarkets.com .
Kenorland Minerals Ltd. (TSX.V KLD) is a mineral exploration Company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia , Canada. Kenorland's focus is early to advanced stage exploration in North America . The Company currently holds three projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project is held under joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL), the Chicobi Project is optioned to SMMCL, and the Chebistuan Project is optioned to Newmont Corporation. The Company also owns 100% of the advanced stage Tanacross porphyry Cu-Au project as well as an option to earn up to 70% from Newmont Corporation on the Healy Project, both located in Alaska, USA .
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Metal Hawk Limited (ASX: MHK, “Metal Hawk” or the “Company”) is pleased to provide an exploration update for its 100% owned Leinster South project, located 30km south of Leinster in the Western Australian goldfields. Since the Company returned high-grade gold results from rockchip sampling at the Siberian Tiger prospect (see ASX announcement 5 August 2024), further exploration activities have commenced and Metal Hawk is progressing towards a maiden drilling program at the prospect as soon as possible.
High resolution UAV (drone) magnetic survey underway at Leinster South, covering the majority of western tenement E 36/1068 which includes the Siberian Tiger gold prospect.
New detailed geophysical data will significantly enhance the geological and structural understanding of the project area and will further assist Metal Hawk with identifying targets for drilling.
Reconnaissance rockchip samples at Siberian Tiger returned high grade gold up to 20.2g/t from outcropping quartz veining. Additional samples of outcropping quartz veins along strike from Siberian Tiger have been delivered to the laboratory for gold and multi-element analysis.
New tenement applications expand the Leinster South project area to over 430km2.
Heritage negotiations and drilling approvals are underway.
The Company recently applied for two new exploration licenses to the east of Siberian Tiger, increasing the Leinster South project area to more than 430km2. This is a significant landholding in one of the most well-endowed gold regions of WA. The Siberian Tiger gold discovery is located along the southern limb of the Lawlers anticline and only 15km from the Lawlers mining centre (Figure 1). Past production from the Agnew - Lawlers deposits is > 5 million oz @ 5gt Au1.
Figure 1. Leinster South project location
A high-resolution UAV (drone) magnetic survey has commenced, with 50m spaced east-west lines at a flying height of 25m conducted over the majority of Leinster South tenement E36/1068, which includes the Siberian Tiger gold prospect. The Pegasus Airborne UAV system is able to quickly and efficiently provide high quality, detailed magnetic data which can be used to identify important structures and geological features of gold deposits. The magnetic survey will assist Metal Hawk geologists with targeting at Siberian Tiger and other regional prospect areas. Processing and interpretation of geophysical data will be carried out immediately following completion of the survey, which is expected to take 3-4 days.
Metal Hawk’s Managing Director Will Belbin commented: “We are collecting important geochemical, structural and geophysical data to better understand the controls and potential characteristics of gold mineralisation in the area. The drone magnetic survey will enable better interpretation of the subsurface geology and ultimately help us to determine the best possible target locations for the maiden drilling program at Siberian Tiger.”
“Whilst the historical geophysical dataset over the Leinster South tenure is poor, we expect that the new magnetic survey will show excellent detail and key structural features of the pronounced southeast trending greenstone belt.”
This article includes content from Metal Hawk Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Riversgold Limited (ASX: RGL, Riversgold or the Company) is pleased to announce that it has received further assay results from aircore (AC) drilling undertaken during July 2024 at the Northern Zone Intrusive Hosted Gold Project, located 25 km east-south-east of the Kalgoorlie Super Pit in Western Australia (refer to Figure 1 for location) and readily accessed from the Bulong road, which is paved to within 9km of the prospect site. The last 9km consists of 4km of a high-quality haul road with the last 5km on a station road.
Highlights
Highest grade interval to date from shallow drilling of 27.5 g/t gold (NZAC033) reported in recently completed drilling at Northern Zone Gold Project, located only 25km east of Kalgoorlie
Recently completed 1,903m of new shallow drilling to blade refusal has successfully targeted an overlying blanket of shallow gold mineralisation in oxide zone above gold mineralised porphyry system in follow up to previous reported1 18m at 4.14 g/t Au from 36m (NZRC001)
Significant shallow gold intercepts include:
16m at 4.69 g/t Au from 30m (NZAC033)
4m at 6.9 g/t Au from 39m (NZAC029)
3m at 3.32 g/t Au from 35m (NZAC030)
9m at 1.2 g/t Au from 31m (NZAC048)
3m at 2.68 g/t Au from 31m (NZAC043)
3m at 2.11 g/t Au from 46m (NZAC044)
4m at 1.47 g/t Au from 30m (NZAC053)
Single metre assay of NZRC001 has now been completed returning a higher-grade core that includes:
10m at 4.94g/t Au from 39m (NZRC001)1; or
14m at 3.6/t Au from 39m; or
18m at 2.8g/t Au from 36m (if the same interval as the composite)
Further infill and step-out targeted drilling is now being planned over the expanded footprint of the mineralised porphyry
Riversgold is funded to continue drilling operations at Northern Zone
Previously announced Exploration Target at Northern Zone Gold Project of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for an Exploration Target of 2.5Moz - 4.8Moz of gold.2
The Northern Zone Project has an Exploration Target of 200 to 250 million tonnes at a grade of 0.4 g/t to 0.6 g/t Au for an Exploration Target of 2.5 to 4.8 million oz of gold, as announced by RGL to the ASX on the 9 May 2023.
Cautionary Statement: The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The reader is advised that an Exploration Target is based on existing drill results and geological observations from drilling as well as interpretation of multiple available datasets. The Exploration Target is based on historical and Oracle drilling results. It uses data from 53 historical drillholes drilled between 1998 and 2012, and 7 drillholes drilled by Oracle in 2021. Refer to Appendix 1 of the announcement dated 9 May 2023 for further information with respect to these exploration results.
David Lenigas, Chairman of RGL, said: “These latest gold results are very exciting for this Project and it is great to be able to back up our initial results at Northern Zone with this latest run of assays so quickly after the recent success of our latest RC and AC campaigns that we reported on in July. These results have exceeded our initial expectations and indicate that we have very significant shallow supergene and oxide gold mineralisation that overlays our main hard-rock porphyry target area.
“The fact that this gold project is so close to Kalgoorlie, with all of its associated infrastructure and third-party processing plants, makes it very attractive for us, especially with the AUD$ gold price increase. The next drilling program will focus on heading to the north-east, north-west and south-east, where the maiden diamond drilling traverse intersected mineralisation down to 450 metres and in excess of 150 metres thick in the unweathered underlying porphyry. The identification of a fault, believed to be a controlling feature of mineralisation in the area will also be targeted in a follow up drill program, that will be finalised shortly. We look forward to the results from the next round of drilling which we are hopeful of starting within weeks.”
Drilling contractor, Australian Aircore Drilling (Mick Shorter), completed a further 26 holes for 1,903m of AC drilling at Northern Zone using a blade to drilling refusal, with the cuttings being logged by RGL geologists. The detailed logging and assays continue to show that a significant gold mineralisation event has occurred in the project area. The drilling targeted the shallower, up dip portion of the mineralised system, that yielded a significant composite intercept of 18m at 4.14g/t Au from 36m (NZRC001)3.
Single metre assay of NZRC001 has now been completed returning a higher-grade core of 10m at 4.94g/t Au from 39m or 14m at 3.6/t Au from 39m or 18m at 2.8g/t Au from 36m if the same interval as the composites is used.
Recent aircore drilling has replicated zones of gold mineralisation seen in NZRC001 with 16m at 4.69 g/t Au from 30m (NZAC033), 4m at 6.9 g/t Au from 39m (NZAC029), 3m at 3.32 g/t Au from 35m (NZAC030) and 9m at 1.2 g/t Au from 31m (NZAC048).
Mineralisation remains open in multiple directions, necessitating further drilling campaigns. Refer to Figure 2 for drilling locations, and Tables 1-4 for location and assay results.
Saturn Metals Limited has released a Preliminary Economic Assessment( PEA) on the Apollo Hill Gold Project which is located 175km due north of Northern Zone. With a resource estimate of 105Mt at 0.54g/t gold, totalling 1.839Moz4, this development serves as a benchmark for our aspirations at Northern Zone, albeit with the potential for Northern Zone to be an even larger project.
Conceptually, the Company draws parallels between Northern Zone and Saturn Metals’ Apollo Hill Project, discerning similarities based on the PEA statement released by Saturn Metals (ASX 7 August 2023), which suggests the potential for a sizeable low-grade heap leach operation.
This article includes content from Riversgold Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Brightstar Resources Ltd (ASX: BTR) (Brightstar) is pleased to announce the first results from RC infill drilling at the Lord Byron deposit, part of the 293koz Au Jasper Hills Gold Project. The program is targeting gold mineralisation within conceptual open pit shells beneath and between the existing open pits in order to increase confidence in the current resource.
HIGHLIGHTS
The first assay results have been received from the ~8,000m Lord Byron infill drilling program at the Jasper Hills Gold Project
The program forms part of an Reverse Circulation (RC) and Diamond (DD) drill-out at Jasper Hills, which was designed to infill the resource, improve the JORC classification and provide information for mine planning at the proposed Lord Byron Open Pit and Fish Underground mines announced in the Jasper Hills Scoping Study1
Intercepts returned at Lord Byron, targeted to be mined via an open pit in 2025, include:
LBRC24034:
32m @ 1.25 g/t Au from 53m
LBRC24007:
24m @ 1.53 g/t Au from 53m
LBRC24037:
19m @ 1.34 g/t Au from 73m
LBRC24001:
14m @ 1.44 g/t Au from 77m
LBRC24015:
12m @ 1.73 g/t Au from 177m
LBRC24016:
15m @ 1.47 g/t Au from 178m
LBRC24008:
5m @ 4.29 g/t Au from 92m
LBRC24054:
9m @ 1.47 g/t Au from 29m, and
7m @ 3.36 g/t Au from 129m
LBRC24032:
9m @ 2.05 g/t Au from 95m, and
4m @ 3.12 g/t Au from 71m
LBRC24027:
5m @ 2.13 g/t Au from 52m
54 RC holes and 2 DD holes have been drilled at Lord Byron, with assays pending for 25 RC holes, and an additional 9 DD drillholes remaining to drill at Lord Byron
30 RC holes and 8 DD holes have been completed at the Fish deposit, with assays to be reported when received and analysed. This drilling was completed to provide geological, metallurgical and geotechnical information to support near term mining operations
The RC drilling rig has completed the program at Jasper Hills and has remobilised to Menzies to complete the infill drilling program at the Lady Shenton deposit
A diamond drill rig is presently at Lord Byron completing a ~1,500m program with completion of all drilling at Jasper Hills targeted by early September 2024
Brightstar’s Managing Director, Alex Rovira, commented“These assays represent the first results from the recently acquired Linden Gold exploration package at the Jasper Hills Gold Project. The results are highly encouraging and align with grades and widths we expected from the existing 244koz Au mineral resource.
The increased confidence from this infill drilling will feed back into future resource estimates and ultimately help guide the near-term development of open pit mining operations at Lord Byron, as detailed in our recent scoping study1, which outlined the highly profitable production of 2.2Mt @ 1.6g/t for 115koz Au over three years.
Drilling continues with two drill rigs currently active at the Jasper Hills and Menzies Gold Projects, which will generate ongoing news flow in the coming months as assays are received and our geological understanding develops across our portfolio.”
TECHNICAL DISCUSSION
The RC drilling program at the Lord Byron totals 54 drill holes for ~8,000m of drilling, with assays pending for 25 holes.
The program aimed to infill the inferred portion of the resource within optimised open pit shells to a nominal 20m x 20m spacing in order to facilitate and upgrade of the resource to Indicated classification. This supports the ongoing definitive feasibility study and the assessment of a potential fast-tracked mine development.
An additional 1,500m diamond drilling program is presently underway at Lord Byron, which will provide structural, geotechnical, and metallurgical data for mine design and planning purposes.
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
With a huge land package in a resource-rich jurisdiction with significant potential for gold discovery, Galloper Gold makes for an interesting prospect for investors in this continuing gold bull market.
Overview
With just 30 million shares outstanding and a strong treasury, management believes Galloper Gold (CSE:BOOM) is very favorably positioned to unlock the full mineral potential of Newfoundland's under-explored Glover Island at a time of record high gold prices and a bullish copper environment.
Glover Island is in a diverse and rich geological region highlighted by a world-class salt deposit to the southwest, one of the richest VMS districts (Buchans mine) per square kilometer in Canadian history to the east-southeast, and a multi-million ounce gold deposit (Valentine Lake), expected to commence production in 2025 (Calibre Mining), to the southeast.
Galloper believes in a high level of community engagement, not only where it's active with exploration in Newfoundland but also around the rest of the country where the company assists sports organizations and sports-based charities that make a positive difference in the lives of Canadian youth.
Company Highlights
Galloper Gold was listed on the CSE on March 1, 2024, and is focused on advancing its flagship Glover Island asset in western Newfoundland.
Glover Island is in a highly favorable geological setting, at the convergence of major fault zones, where there's a known historic gold resource that was defined by dozens of drill holes more than a decade ago.
Galloper's 133 sq km land package completely surrounds this historic zone and continues along a northeast trend for 36 km, providing investors with leverage to a potential new large-scale gold discovery as the gold bull market intensifies.
Driven by a management and technical team with successful exploration and production backgrounds, and supported by capital markets expertise, Galloper's "outside the box" thinking helps make the company a unique player in an increasingly selective junior resource sector.
Key Project
Glover Island: Project Quick Facts
Daniel Fernandes checks out with power infrastructure on Glover Island with Galloper CEO Mark Scott.
Location: 24 km SE of Corner Brook.
Size: 133 square kilometer property package extends approximately 36 kms along a northeast trend (up to 6 kms wide) and completely surrounds province-held claims highlighted by historic gold zone.
Geological Setting: In very favorable terrain along the regional Baie-Verte Brompton Line-Cabot Fault Zone, a major boundary between the Humber and Dunnage Zones.
Targeted Deposit Types: Structurally controlled orogenic gold as well as copper-gold-enriched VMS.
Scale Potential: Initial Galloper soil sampling, structural setting and multiple historic showings outline a minimum 7.5-km-long trend featuring favorable host rocks extending north from the province-held historic gold zone. Broad areas of Galloper’s property also exhibit encouraging VMS alteration which adds to Glover Island’s economic potential.
Exploration History: No systematic property-wide exploration program has been carried out on Galloper’s claims due in part to extensive overburden, though this “cover” is known to be relatively thin. The last major operator on the island focused mostly on the historic gold zone (claims now held by the government of Newfoundland and Labrador) from 2010 until early 2012, when work stopped at the onset of the gold bear market. Little exploration activity has occurred on Glover Island since then, until Galloper’s arrival in 2022. Historically, copper values as high as 4.7 percent have been returned from unexplained massive sulphide boulders in the northern part of the island.
The Keystone and Lucky Smoke Showings on Galloper’s claims, located 6 km northeast of the historic gold zone, gave encouraging values from very limited historic drilling while channel sampling by the Newfoundland Geological Survey in 2021 returned 5.9 g/t gold over 9 meters at Lucky Smoke. From limited exploration, a total of 17 mineral occurrences on Galloper’s claims have been documented by the Newfoundland & Labrador Geological Survey’s Mineral Occurrence Data System.
Management Team
Mark Scott - Chief Executive Officer and Director
Mark Scott became Galloper Gold's founding CEO in 2022. As head of Manitoba Operations for Vale Canada's Nickel Division through 2018, he managed a combined OPEX and CAPEX budget of greater than $500 million (USD) including a workforce of approximately 1,875. He has more than 25 years' experience in all phases of surface and underground mining, metallurgical processing, and associated service and support functions.
Rav Mlait - Corporate Secretary and Director
Rav Mlait has extensive experience in managing and raising capital for public and private companies in both the resource and technology sectors. He holds an MBA from Royal Roads University in British Columbia with a specialization in Executive Management and his BA (Economics) from Simon Fraser University. He brings a successful public company background to Galloper as it launches on the CSE.
Bryan Loree - Chief Financial Officer and Director
Bryan Loree has held senior accounting roles for public and private companies in various industries including renewable energy, exploration, and construction. Prior to entering the accounting field, he gained experience as an investor relations manager. He holds a certified accountant designation, a financial management diploma from the British Columbia Institute of Technology, and a BA from Simon Fraser University.
Peter Lauder - Director
Peter Lauder is a senior level mine and exploration geologist with more than 20 years' experience with the likes of Goldcorp, IAMGOLD and BHP Canada in the design, implementation and management of underground and surface exploration projects. He has managed all aspects of mining and exploration projects from early to advanced stage, to full production with emphasis on safety and process-driven exploration leading to successful resource estimation and project development.
Danielle Fernandes - Corporate Communications
Danielle Fernandes is an entrepreneur, philanthropist, activist, speaker and writer, working with clients ranging from large corporations to non-profits. Her diverse background includes sports marketing stints in the NHL, WHL and CFL. She is passionate about plant-based diets and animal advocacy, supporting various charities across Canada.
Speaking to the Investing News Network, Frank Holmes, CEO and chief investment officer at US Global Investors (NASDAQ:GROW), shared his thoughts on gold and silver market dynamics and price drivers.
In his view, it would be "pretty simple" for the yellow metal to reach US$3,000 per ounce in the next 12 months.
Looking longer term, Holmes mentioned much higher levels for gold as well as silver.
"Silver is very inexpensive — I think that silver should be US$100 an ounce personally. And I think that gold should be around US$7,000 based on my math of money printing, etc.," he said. "So I think there's lots of upside — buy the dip!"
Watch the interview above for more from Holmes on gold and silver.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
The gold standard hasn’t been used in the US since the 1970s, but when Donald Trump was president from 2017 to 2021 there was some speculation that he could bring it back.
Rumors that the gold standard could be reinstated during Trump’s presidency centered largely on positive comments he made about the idea. Notably, he suggested that it would be “wonderful” to bring back the gold standard, and a number of his advisors were of the same mind — Judy Shelton, John Allison and others supported the concept.
With Trump running as the 2024 Republican presidential candidate, some are again wondering if he will return the country to the gold standard. Speaking on his War Room podcast in December, Steve Bannon, Trump's former chief strategist, said he believes Number 45 could ditch the US Federal Reserve and bring back the gold standard in his second term in office.
More recently, the Heritage Foundation included a whole chapter on the US Federal Reserve written by a former member of Trump's 2016 transition team in its Project 2025 (a proposed blueprint for Trump's second term), and suggested a return to the gold standard. While Trump has publicly disavowed Project 2025, its creators say he is privately supportive of the initiative.
Read on to learn what the gold standard is, why it ended, what Trump has said about bringing back the gold standard — and what could happen if a gold-backed currency ever comes into play again.
What is the gold standard?
What is the gold standard and how does it work? Put simply, the gold standard is a monetary system in which the value of a country’s currency is directly linked to the yellow metal. Countries using the gold standard set a fixed price at which to buy and sell gold to determine the value of the nation’s currency.
For example, if the US went back to the gold standard and set the price of gold at US$500 per ounce, the value of the dollar would be 1/500th of an ounce of gold. This would offer reliable price stability.
Under the gold standard, transactions no longer have to be done with heavy gold bullion or gold coins. The gold standard also increases the trust needed for successful global trade — the idea is that paper currency has value that is tied to something real. The goal is to prevent inflation as well as deflation, and to help promote a stable monetary environment.
When was the gold standard introduced?
The gold standard was first introduced in Germany in 1871, and by 1900 most developed nations, including the US, were using it. The system remained popular for decades, with governments worldwide working together to make it successful, but when World War I broke out it became difficult to maintain. Changing political alliances, higher debt and other factors led to a widespread lack of confidence in the gold standard.
What countries are on the gold standard today?
Currently, no countries use the gold standard. Decades ago, governments abandoned the gold standard in favor of fiat monetary systems. However, countries around the world do still hold gold reserves in their central banks. The Federal Reserve is the central bank of the US, and as of August 2024 its gold reserves came to 8,133.46 metric tons of the yellow metal.
Why was the gold standard abandoned?
The demise of the gold standard began as World War II was ending. At this time, the leading western powers met to develop the Bretton Woods agreement, which became the framework for the global currency markets until 1971.
The Bretton Woods agreement was born at the UN Monetary and Financial Conference, held in Bretton Woods, New Hampshire, in July 1944. Currencies were pegged to the price of gold, and the US dollar was seen as a reserve currency linked to the price of gold. This meant all national currencies were valued in relation to the US dollar since it had become the dominant reserve currency. Despite efforts from governments at the time, the Bretton Woods agreement led to overvaluation of the US dollar, which caused concerns over exchange rates and their ties to the price of gold.
By 1971, US President Richard Nixon had called for a temporary suspension of the dollar’s convertibility. Countries were then free to choose any exchange agreement, except the price of gold. In 1973, foreign governments let currencies float; this put an end to Bretton Woods, and the gold standard was ousted.
What is the US dollar backed by?
Since the 1970s, most countries have run on a system of fiat money, which is government-issued money that is not backed by a commodity. The US dollar is fiat money, which means it is backed by the government, but not by any physical asset.
The value of money is set by supply and demand for paper money, as well as supply and demand for other goods and services in the economy. The prices for those goods and services, including gold and silver, can fluctuate based on market conditions.
What has Trump said about the gold standard?
While it’s perhaps not common knowledge, Trump has long been a fan of gold.
In fact, as Sean Williams of the Motley Fool has pointed out, Trump has been interested in gold since at least the 1970s, when private ownership of gold bullion became legal again. He reportedly invested in gold aggressively at that time, buying the precious metal at about US$185 and selling it between US$780 and US$790.
Since then, Trump has specifically praised the gold standard. In an oft-quoted 2015 GQ interview that covers topics from marijuana to man buns, Trump said, “Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We’d have a standard on which to base our money.”
In a separate interview that year, he said, “We used to have a very, very solid country because it was based on a gold standard.”
According to Politico’s Danny Vinik, “(Trump has) surrounded himself with a number of advisors who hold extreme, even fringe ideas about monetary policy. … At least six … have spoken favorably about the gold standard.” Shelton and Allison, mentioned above, are not alone. Others include Ben Carson and David Malpass. The last two, Rebekah and Robert Mercer, eventually distanced themselves from Trump, but had a strong influence before that.
Emphasizing how unusual Trump’s support for the international gold standard is, Joseph Gagnon, a senior fellow at the Peterson Institute for International Economics, told the news outlet, “(It) seems like nothing that’s happened since the Great Depression.” Gagnon, who has also worked for the Fed, added, “You have to go back to Herbert Hoover.”
Back in 2017, Politico also quoted libertarian Ron Paul, another gold standard supporter, as saying, “We’re in a better position than we’ve ever been in my lifetime as far as talking about serious changes to the monetary system and talking about gold.”
Would it be feasible for the US to return to the gold standard?
Trump’s term as president passed without a return to the gold standard, and the consensus seems to be that it’s highly unlikely that this event will come to pass — even if he takes the helm once again. Even many ardent supporters of the system recognize that going back to it could create trouble.
As per the Motley Fool’s Williams, economists largely agree that moving to a lower-key version of the gold standard in 1933 was “a big reason why the US emerged from the Great Depression,” and a return would be a mistake.
But if a future president did decide to go through with it, what would it take? According to Kimberly Amadeo at the Balance, due to trade, money supply and the global economy, the rest of the world would need to go back to the gold standard as well. Why? Because otherwise the countries that use the US dollar could stand with their hands out asking for their dollars to be exchanged for gold — including debtors like China and Japan, to which the US owes a large chunk of its multitrillion-dollar national debt.
Is there enough gold to return to the gold standard?
The fact that the US doesn’t have enough gold in its reserves to pay back all its debt poses a huge roadblock to returning to the gold standard. The country would have to exponentially replenish its gold reserves in advance of any return to the gold standard.
"The United States holds around 261.5 million troy ounces of gold, valued at approximately $489 billion. The total US money supply exceeds $20 trillion, necessitating about 272,430 metric tons of gold at current market prices," explained Ron Dewitt, Director of Business Development at the Gold Information Network, in a June 2024 LinkedIn post. "The supply remains insufficient, even including global gold stocks, which total around 212,582 metric tons."
In addition, it's understood that returning to the gold standard would require the price of gold to be set much higher than it is currently. What would the price of gold need to be worth if the US returned to the gold standard? Financial analyst and investment banker Jim Rickards has calculated the gold price would need to jump up to at least US$27,000 an ounce.
That means the US dollar would be severely devalued, causing inflation, and since global trade uses the US dollar as a reserve currency, it would grind to a halt. Conversely, returning to the gold standard at a low gold price would cause deflation.
What would silver be worth if the US returned to the gold standard? It's not a guarantee that silver would follow in gold's footsteps if a gold standard was re-established due to its many industrial and technological applications. While silver has a long history as a precious metal and played an important role as currency for much of human history, its value today is intrinsically linked to that demand as well.
What would happen if the US returned to the gold standard?
Returning to the gold standard would have a huge impact on all levels of the US economy and make it impossible for the Fed to offer fiscal stimulus. After all, if the US had to have enough gold reserves to exchange for dollars on an as-needed basis, the Fed’s ability to print paper currency would be incredibly limited.
Supporters believe that could be the perfect way to get the US out of debt, but it could also cause problems during times of economic crisis. It’s important to remember that because 70 percent of the US economy is based on consumer spending, if inflation rose due to the gold price rising, then a lot of consumers would cut spending. That would then affect the stock market as well, which could very well lead to a recession or worse without the ability of the government to soften that blow via money supply.
"Transitioning to a gold standard during an economic crisis would severely limit monetary policy options and could lead to economic instability," Dewitt warned.
For that reason, a return to the gold standard would also expose the US economy to the yellow metal’s sometimes dramatic fluctuations — while some think that gold would offer greater price stability, it’s no secret that it’s been volatile in the past. Looking back past the metal’s recent stability, it dropped quite steeply from 2011 to 2016.
Moreover, speaking to Congress on this issue in 2019, Fed Chair Jerome Powell warned against a return to the gold standard.
“You’ve assigned us the job of two direct, real economy objectives: maximum employment, stable prices. If you assigned us (to) stabilize the dollar price of gold, monetary policy could do that, but the other things would fluctuate, and we wouldn’t care,” Powell said. “There have been plenty of times in fairly recent history where the price of gold has sent a signal that would be quite negative for either of those goals.”
As can be seen, returning to the gold standard would be a complex ordeal with pros and cons. The likelihood of the US bringing back the gold standard is slim, but no doubt the question will continue to be up for debate under future presidents.
This is an updated version of an article first published by the Investing News Network in 2017.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Figure 1. Leinster South project location
