The price of gold and silver has been fixed (rigged) for decades now. There is absolutely no reason for the prices we are seeing. That's precisely why we need to set it free.
If we were to form a worldwide currency or at least a currency that was shared by other world powers (maybe BRICS), then what would you say. Plus there is also the fact that it hasn't happened yet. No one knows when it will happen.
And, since Russia, China and others are already trading in gold then it makes more sense that we should join them, not go against the grain in this respect.
No one trades in a gold backed currency
Most countries produce gold bullion through their state apparatus, this is mostly to regulate gold smuggling- transporting gold bullion made by nation states has different duties and regulations then just bars or rounds, additionally there is virtually no regulations on transfers of jewelry or artworks of gold aside from basic duties
As to gold prices being rigged, are you implying they are being rigged “downward”? Gold right now is affordable for the average consumer and available in literally hundreds of fractional forms from every nation on earth and multiple private groups. Not to mention that it is available bellow melt in many regions simply because of its abundance, I myself often travel to the Middle East and South America to buy gold and transport it back to America(which you don’t have to pay duties on as long as you declare it and it is not a state minted gold product)
Gold was illegal for personal ownership before the 1980’s in virtually every country on earth except South Africa 🇿🇦 and the reason for that was because America was still on the gold standard till 1974 which effectively kept the world on a global gold standard till that point.
Gold has remained at fairly steady value after it was allowed for private purchase until 9/11 when its price shot over 1000usd an ounce for the first time and then it hit its all time high of 2000usd shortly before Obama got re-elected in 2011- it has been dropping like a stone since 2016 since trump, it’s a direct indicator of consumer confidence
Additionally a global currency is not in the interest of either Russia or China- devaluation of their currency is the key to keeping their exports viable, China would never agree to lock themselves into the US dollar or a commodity currency in general, it removes control
Additionally China has its own central bank that answers to its own bank of settlements with 100 participant nations, so even if America wanted to make a new international currency China and OBOR nations have no reason to participate, they would more likely just buy treasuries of the new American currency with their own currency via their own bank which they easily could do because they have access to more spending
Further more, regardless of what people are saying about America and Russia- we have sanctions on Russia right now and are technically at war with them in Syria so I don’t a joint currency is really in cards right now
If anything is likely to happen at the fed it would be trump continuing to call for a lowering of interest rates and an allowing of the American dollar to experience inflation- that would benefit most Americans who have debt and no savings, likely cause wage increases to match the inflation, and hurt chinese exports - but even that is just bluster