The Price of Gold: A Woefully Outmoded Law Needs Updating

U.S. Treasury must account for more than 8,100 tons of gold it owns at the now irrelevant price of $ 42.22 per ounce.

The real value, the market price of gold, has now traded over $3,000 per ounce, about 71 times the statutory price.

The value of gold in terms of dollars has gone up by about 7,000% from the official price.

Congress should enact a “Gold Value Modification Act of 2025 ” that deletes the former official price of “ forty-two and two-ninths dollars” and replaces it by “the fair market value of gold as certified by the Secretary of the Treasury ”.