>>4473083 lb
I wouldn't think much of this until it stays above 25 for a month.
Theory on the switch.
Switch to gold backed dollars @ gold fix of $50k US
Treasury makes all depositors whole up to FDIC limit.
That covers nearly everyone.
Depositors above that get paid either at a reduced rate or not at all but higher net worth individuals typically have other assets.
Begin paying SS and other benefits in new dollars.
Only new dollars for any remaining taxes.
All previously existing debt is payable in OLD dollars
Effect: All cash hordes outside the US are instantly worthless (Think Saddam and El Chapo)
Your $300k mortgage is now payable for $300 in New$
All roth banks are instantly insolvent.
Credit Unions are largely unaffected since they are member owned and have stricter lending rules.
The catch is that it must be worldwide and nearly simultaneous. No single country could maintain the gold fix alone.
China and th BRICS have been gobbling up as much gold as possible for several years in an attempt to reach gold parity with the US. Once that is achieved, the switch can be made.
The gold in Fort Knox is in place, but it's been loaned, leased and rehypothecated many times.
This long lag (and I think it will take a while yet) allows for those contracts to be unwound so that no third party has a claim on our gold.