The Gold Fix: Mar-A-Lago Accord

Plaza Accord - Devaluation of US Dollar

Earlier in our post “The Great Monetary Reset” we had written in detail about how the global monetary system evolved in the post war era i.e. Bretten Woods I to de-pegging the US Dollar from Gold to Petro Dollar to Plaza Accord of 1985 which lead to devaluation of US Dollar versus European currencies and Japanese Yen. In 1980s Japan was the strongest economy in the world and a manufacturing powerhouse which was flooding the US Economy with its goods. Stronger Dollar, higher interest rates and Japanese manufacturing meant US had to do something to avoid a crisis and that made President Reagan introduce tariffs on imports into United States primarily aimed at Japan and to a certain extent European economies like West Germany. The tariff policy forced countries and their respective central banks to come to an agreement which was called the Plaza Accord in 1985.

After World War 2, US had dismantled Japanese ammunition & military industrial complex imposing on it a pacifist constitution. However the advent of the Cold War & along with Korean war made Japan a frontline US ally which opened all the curbs on Japanese Military Industrial Complex. After the Korean war ended, Japan got its military engineers to work with industrial sector in the economy. Japanese military engineers who worked on jet engines & other technologies implemented the same in sectors like automobiles & heavy industry. Japanese government had two choices to go for Textile Industry or Heavy Industry given Japan did not have that natural resources to capitalize on. Japan grew at an astonishing pace with giants like Sony, Hanwa, Sanyo, Mitsubishi, Toshiba reaching new heights almost competing with US companies. Japanese were aiming to surpass US in Technology & their exports started to flood US in fields like Automobiles etc.

This lead to protests in US on Japanese export surplus as many units had closed down like of FORD Motors which called upon the US Government & treasury to act on this. Then US Under Secretary Of Treasury David Mulford, had to find a way to halt or slow down Japan's growth as it was hurting US industry & American dollar. President Reagan placed tariffs on Japanese products in retaliation for Japan creating protectionist barriers on importation of American products into Japan. One specific example from that time period was automobiles. The US allowed Japanese autos to be type-certified as meeting all required regulatory requirements (for safety equipment, etc), the same as with US automakers. Japan, however, required each individual US car imported into Japan to be inspected individually, greatly raising the cost of the vehicle. Japanese automakers did not have to face this problem. Japan’s MITI engaged in a wide variety of similar stunts and anti-competitive practices, under the rubric of industrial policy in order to support Japanese corporations.

In 1985, USA entered into the Plaza Accord with France, UK, West Germany and Japan to weaken the value US Dollar and correct the trade imbalances that existed. The US Dollar had appreciated sharply in the early 80s which made US exports less competitive and consequently US trade deficit grew to 3.5% of the GDP while Japan and Germany were having trade surplus. In about 18 months after the Plaza Accord US Dollar declined by about 50%, which simulated not only US exports but other export driven economies in South East Asia like South Korea, Malaysia, Thailand whose respective currencies were pegged with the US Dollar. However, the exchange rates between the local currency like Thai baht and other countries e.g. Japanese yen changed substantially as Yen rose with a large impact on trade and current account balances.

As Yen appreciated, Japanese exports fell hurting the Japanese industry which was booming on exports to the west. Japanese companies were bailed out by Bank of Japan whose chief had a meeting with US Treasury and tried to prop up Japan's economy by injecting fiscal Stimulus & reducing rates. Now with constant lowering of rates by Bank of Japan, the liquidity in the markets increased and with that Japanese banks started doling out loans in real estate & financial sector. The massive liquidity inflow lead to a bubble in real estate & financial markets with Nikkie touching new 30 year highs. Japan did huge wealth creation with companies like Sony investing in Hollywood during this manufacturing boom. Time ran its course & the Japanese stock market bubble popped leading to a real estate crash in 1994 known as Japanese financial blowout. Companies went bankrupt, Banks defaulted at NPAs, Real Estate crashed bringing the Japanese fairy tale to a grinding halt.

Japan never fully recovered from that blowout & these years are popularly known as Lost Decades in Japan's history. While Japan continued to be one of the biggest economies but it could never challenge US economic might ever again. The Plaza Accord of 1985 was rolled back in 2 years with Louvre Accord in Feb 1987, but its consequences sealed Japan's fate for good. The Americans have been trying for long to get China to sign on a Plaza Accord & appreciate Yuan allowing it to float freely. The Chinese have not budged so far after seeing the fate of Japan post Plaza Accord. The suggestion of Trump Administration in 2017 was to push for another Plaza Accord to save US from appreciating Dollar & growing Trade Deficits. This is the exact dilemma the Trump Administration faces in its second term with respect to growing trade deficit with China, Europe and India.

Trump Tariffs & Mar-A-Lago Accord

The Trump team including Secretary of Treasury Scott Bessent and Economic Advisor Stephen Miran have a laid out a blue print to tackle this. The problem faced by America is multiple compared to the 1980s as the Dollar Index gone up with Dollar appreciating against Yen, Euro, Yuan and Rupee and the American debt is touching an all time high of 37 trillion dollars. A good percentage of American revenue goes into servicing the interest on this debt which makes it even more difficult for the Trump Administration to go for re-industrialization of America with less fiscal room at play. Thus this strategy requires multiple levers from from reigning down the deficit of the American treasury, to bringing down the 10 year yield and kick start the American re-industrialization program.

The Trump administration has called for a weaker dollar but simultaneously looks to bolster the greenback’s status as the world’s reserve currency and the tariffs imposed are further making the DXY (Dollar Index) rally as currencies like Yuan, Euro and Japanese Yen decline making American manufacturing and exports less competitive. This goes contrary to President Trump’s plan. President Trump Chief economic advisor Stephen Miran wrote about “Restructuring the Global Trading System” in November 2024. In that policy recommendation paper, it suggested a multipronged strategy where USA would take following steps:

(a) promotes re-industrialization program by imposing capital control measures on American corporates to re-invest a certain percentage of profits in America itself which cannot be taken out akin to what China does;

(b) create a “Sovereign Wealth Fund” which means turning America’s natural resources, mineral rights, and strategic assets into equity as part of Asset monetization plan to deleverage the U.S. balance sheet.

(c) Impose tariffs universally like 10% on all imports into United States along selective targeting of countries like China. Use tariffs as leverage on China, European Union and India alike to come to an agreement to devalue Dollar akin to Plaza Accord of 1985 in its new avatar i.e. “Mar-a-Lago Accord”.

(d) Since countries like China & EU may not agree to appreciating respective currencies that would hurt their export competitiveness, using of Tariffs and Security guarantees like NATO umbrella was suggested as route to afford compliance.

(e) In case these countries dont agree to “Mar-a-Lago Accord” to devalue Dollar it sought to advise use of imposing additional ‘usage charge’ on US treasury holdings by central banks globally like gradual 1% and later 2% on issue of new US Treasuries thereby forcing these central bank to sell US Treasuries.

(f) Tariff different countries and withhold remittances to geopolitical adversaries like China who indulge in currency manipulation unlike the allies.

(g) Seek help of Federal Reserve to meet treasury goals on devaluation of dollars and tariffs regime which is likely to induce more inflation to US Economy.

Recently US Secretary of Treasury Scott Bessent commented that’s its time to monetize the US balance sheet, that would mean gold, oil and other mineral reserves to deleverage the balance sheet. On other hand the effort is to re-industrialize America as manufacturing power by imposing capital controls and incentivizing investments. This would be implemented by categorizing allies, friends and adversaries into different categories offering better access to American markets for compliance goals of devaluation of US Dollar and removing trade barriers. Those who do not comply or are adversarial to American interests will have to face tariffs, restrictions of access to American markets and capital. The strategy augurs the use of Tariffs & Security guarantees and sanctions as tools to seek compliance.

Talk of monetizing America’s gold reserves speaks to a difficult needle Bessent is trying to thread i.e. addressing the burgeoning deficit while funding Trump’s fiscal ambitions. House Republicans are reportedly considering a tax and spending bill that would add $6.5 trillion to the federal debt, causing the growth of the country’s fiscal hole to double. A $750 billion mark-to-market gain on Gold revaluation would deleverage the government’s balance sheet. In other words, the USA’s borrowing as a percentage of its total assets would decrease, potentially giving Bessent some room while deleveraging its balance sheet off the debt. The asset monetization plan of USA also will have mineral wealth like Oil reserve in Alaska.

Miran as Chairman of Economic Advisory Council argues that Trump’s decades-long goal to put American industry first could become reality. "We may be on the cusp of generational change in the international trade and financial systems." This would be the biggest shift in global finance since Bretton Woods. Miran outlines Zoltan Pozsar’s vision of a new currency realignment one that links security commitments with economic policy. Zoltan’s prescription as laid out by him in his papers is threefold, first Countries inside the U.S. security zone must buy Treasuries to help fund it, secondly they must swap short-term USTs for 100-year "Century Bonds” and thirdly, if they don’t comply, they’ll face tariffs. Pozsar had suggested that this shift would mark a historic moment, just like Bretton Woods or the Plaza Accord.

A new geopolitical chessboard would be created where there would be a clear split in the world economy. ‘Friends' inside the U.S. economic/security umbrella with privileged access to markets and ‘Foes’ outside the system facing aggressive tariffs, capital restrictions, and financial isolation. This would push China, Russia, and BRICS countries towards an alternative financial system to which the Trump has already threatened to impose 100% tariffs. These threats are not to be taken lightly as President Regan had done it in past once on Japan in 1987. The Trump administration is seeking ‘Mar-A-Lago Accord’ where US and the world powers with whom it runs trade deficit willfully submit to the devaluation of US dollar and appreciation of their respective currencies.

However the biggest hurdle to a Mar-a-Lago Accord would be China and Russia, the BRICS countries who may not be in a mood to oblige Washington DC making America adopt unilateral measures that could disrupt global economy and supply chains. Even countries like India would face difficulties as a ‘Mara Lago Accord’ could devalue Dollar making Indian exports less competitive hurting the Indian manufacturing & services sector which contribute huge to the trade surplus it has with United States.

The Trump Administration is likely to increasingly intertwine trade policy with security policy, viewing the provision of reserve assets and a security umbrella as linked. The defense umbrella and American trade deficits are linked, through the currency. If the U.S. forces foreign nations to finance its debt, and weaponizes trade, investors will flee to hard assets like Gold. Tariffs are not only inflationary but also will make the dollar rally making the US 10 year yield go high and in turn making the cost of servicing of deficit even more higher for America.

Such unilateral measures by USA like tariffs etc to seek compliance for dollar devaluation could add more inflation to American economy stopping the fed pivot to cut rates something which Trump Administration is seeking from Federal Reserve. This could shave off American growth, hurt world economy of liquidity squeeze and even damage American consumer. Thus Trump Administration is planning to bite the golden bullet by revaluating the American gold reserves while aiming to push the dollar down without damaging its status as a global reserve currency.

It must be kept in mind that US has around 36 trillion $ of debt, 190 trillion of liabilities, a debt to GDP ratio above 120%. The yields on 10 year US treasury (cost of debt across the world) have started to climb as Trump unleashed the trade war imposing tariffs. When these yields rise the demand for US treasury 10 year bond falls. Trump Administration wants a stronger dollar, win war against inflation, impose tariffs, drill oil and get 10 year yields down. But Secretary Scott Bessent knows that a stronger Dollar forces nations cross the world to sell US treasuries to get more liquidity to pay debts. As the demand falls for UST and yields rise making the American debt issue more precarious. Since normal solutions to this inflated debt levels will take time and that could blow up on Trump presidency before the mid terms, the American administration is likely to opt for “Gold Revaluation” option to the debase the US Dollar in what will be a desperate measure to keep its dominance afloat.

Gold Revaluation & Sovereign Wealth Fund

Recently it has been reported that there is gold crunch with Bank of England as there has been large-scale relocation of gold from London to the U.S., triggered by growing speculation about potential tariffs on gold imports. The fear of trade restrictions has led traders and banks to preemptively move their holdings, straining London’s gold supply. The U.S., which holds approximately 8,100 metric tonnes of official reserves, has also seen increased accumulation by private vaults and commercial investors, further exacerbating the liquidity crunch in London. One of the speculation rife is that it is US Federal Reserve & institutional investors who are repatriating and taking delivery of gold before the Asset monetization plan of US Treasury starts. Big commercial banks like JP Morgan Chase are flying billions of dollars worth of gold on planes from London to New York.

U.S. owns about 261.6 million troy ounces, or almost 8,200 metric tons, of gold. Those reserves are currently valued at a set rate of $42.22 an ounce, or around where the metal’s price set in the early 1970s, producing a book value of $11 billion. At gold’s current spot price of about $2,920 per ounce, however, the market value of those holdings is nearly $765 billion. “We’re going to monetize the asset side of the U.S. balance sheet for the American people,” US Treasury Secretary Bessent said last Monday, when President Trump signed an executive order calling for the creation of a sovereign wealth fund. “We’re going to put the assets to work, and I think it’s going to be very exciting.”

The Americans are preparing for a full-on gold audit meaning they’re re-shoring gold they might’ve leased out. Once audited, that gold could form the backbone of a new monetary system. This could signal a seismic shift in the dollar’s status and value. Why do you think New York is beginning to repatriate its Gold from London and starting an Asset Monetization Plan. Why do you think Germany has repatriated all its gold from America in 2021. Why do you think China has unofficially bought 10X more gold last year than what is officially disclosed. And why do you think India relaxed import duties on Gold in last budget and RBI repatriated part of its gold from Bank of England in October 2024. There is more to it than what meets the eyes specially if you see Bank of England reporting shortage of physical gold for delivery time being extended to T+8 weeks instead of T+1 days.

Financial Times speculated on February 7 with reference to gold: "Some hedge fund contemporaries of Scott Bessent, the hedge-turned-US Treasury secretary, are speculating about a revaluation of America’s gold stocks. This week, such chatter intensified after Bessent both pledged to “monetise the asset side of the US balance sheet” in other words, to focus on assets as much as liabilities while also promising to lower 10-year Treasury yields." Perhaps the Trump administration does want to draw on the Treasury’s gold revaluation account at the Fed, as happened in 1972 when the official gold price was raised from $35 to $38, and in 1973 from $38 to $42.22 an ounce. Doing so would allow the Treasury to spend hundreds of billions of dollars without increasing the national debt.

First step would be for the US Congress to approve an increase in the official price of gold. Then it is for the Treasury to issue new gold certificates for the Federal Reserve. Once the value of the Fed’s gold certificates on its balance sheet goes up, the Treasury’s checking account at the Fed, commonly referred to as the Treasury General Account (TGA), increases by the same amount. A gold revaluation account (GRA) is an accounting item on the liability side of a central bank balance sheet that records unrealized gains of gold assets. When the price of gold denominated in fiat currency rises, as it inevitably does in the long run, gold assets increase in value, and concurrently, the GRA swells. As the Fed doesn’t own any gold, a windfall from the revaluation of its gold certificates is for the owner of the physical gold, which is the Treasury. Note that when GRAs are used for spending, it creates new money and thus has to be done through central banks. Welcome to the wonderful world of accounting where magic is of the cross entries.

With the Gold Reserve Act of 1934, the Federal Reserve transferred all its monetary gold to the Treasury in return for a special series of gold certificates valued at $35 an ounce. These gold certificates are purely an accounting item and can’t be redeemed for gold. Because the U.S. has always been reluctant to raise the statutory price of the gold in its books to downplay the strength of gold versus the dollar, the Fed’s gold certificates today are still valued at 42.22 dollars an ounce, a price approved by Congress during the demise of Bretton Woods in the early 1970s. United States has taken bold steps when confronted with economic pressures. Measures like the 1933 gold confiscation and the 1971 closure of the gold window underscore the willingness of past governments to adopt unconventional techniques.

Today, as US national debt looms at an astronomical $37 trillion, the notion of revaluing gold offers a non-traditional pathway that might inject hundreds of billions of dollars into the Treasury’s balance sheet. On May 15, 1972, the Treasury took similar steps to monetize the increased value of the gold stock. This occurred as follows, the Treasury issued to the Federal Reserve Banks gold certificates equal to the increased official dollar value of the gold stock and, in return, the Treasury received from the Federal Reserve an increase of an equal amount in its deposits at the Federal Reserve Banks. Following the revaluation of the U.S. monetary gold in 1972, the Treasury spent $800 million at the private sector without selling an ounce of gold increasing the monetary base (reserves) and broad money supply (deposits) by an equal amount.

Experts such as James Rickards contend that every $4,000 surge in gold's price might wipe out around $1 trillion of national debt. Projections vary widely, with some foreseeing gold prices soaring to $10,000 per ounce and others raising the prospect of prices reaching up to $24,000 per ounce. As a result of this likely revaluation Gold along with Silver could go higher with Dollar going lower. This approach by Trump administration presents a tantalizing method of debt reduction that sidesteps the usual legislative methods and constraints being contrary to conventional fiscal measures.

“In simple words Trump creates a Sovereign Wealth Fund, Secretary Bessent will Monetize US assets to Sovereign Wealth Fund. Meanwhile, the US has been repatriating all its gold under the guise of a tariff risk. Now that gold must be accounted for which could be more than the actual number of around 8,300 tonnes due to big redemptions of gold from Bank of England and transfers to New York by JP Morgan chase & other commercial banks. This would debase the dollar, provide liquidity for the treasury while a ‘century bond’ of US treasury could be issued for a swap of 10 year one to UST holders which could help America tide over this fiscal mess. It would give US Dollar as global reserve currency another lease of life.

Even a partial revaluation of Gold to 2000$ could give US Treasury a windfall gain of around 500 billion $ to invest in its Sovereign Wealth Fund. This is like QE without officially being a QE. There are pathways for America to redeem itself out of this fiscal hole like Gold Revaluation, Sovereign Wealth Fund, user charge on UST, issuance of a Century Bond, capital controls to fund its re-industrialization. The US also has the option of imposing trade tariffs along with use of security guarantees as tools to seek compliance, reduce trade deficit, devalue dollar in a Mar-A-Lago Accord making its exports competitive while seeking to protect its hegemony viz rivals like China”

Federal Reserve could counter the Treasury’s expansion of the monetary base by selling bonds, but this would drive up interest rates, which is not what Trump administration wants. President Trump want a weaker dollar to boost American exports. Expanding the monetary base by drawing on the United States GRA would do just that and allow him to invest this amount in a sovereign wealth fund. The U.S. Treasury can draw up to $700 billion in new funding from its gold revaluation account at the Federal Reserve. And the Treasury could invest this new money in a sovereign wealth fund. That is like killing two birds with one stone as this would also enhance America’s global export competitiveness and support its re-industrialization program.

The Trump administration’s creation of a “Sovereign Wealth Fund” would mean turning America’s natural resources, mineral rights, land and strategic assets into equity for the purposes of balance sheet. This turn of events would be bullish for gold and weaken the dollar. The revaluation of gold could inject significant liquidity into the U.S. Treasury, thereby offering a different approach to fiscal challenges it faces. It could enhance transparency in gold reporting potentially through blockchain technology which may reinvigorate trust in national reserves of America. This would bolster the status of US Dollar as reserve currency and current fiat currency system to continue for some more time before the penny drops on the American empire.

Implications of the Monetary Reset

Geopolitical tensions such as Russia’s exclusion from the Swift payment system have eroded the trust in post war Pax Americana order, the Euro Dollar system and thus countries across the world specially among the BRICS nations are looking towards alternate payment systems to the US Dollar. This is the reason that bi-lateral trade settlements in respective currencies are on the rise in the non aligned bloc to America. The BRICS nations were also exploring a common currency for settlement however President Trump has declared that BRICS is dead and that he would impose 100% tariffs in case they seek to defy the US Dollar’s status as reserve currency.

BRICS nations as on date hold officially hold 5,700 tonnes of gold reserves which is 16% of the globally mined gold and have drastically increased the gold reserves over last few years. Goldman Sachs has reported that China has apparently bought 10X more gold than officially declared. Assuming if the BRICS countries declare a gold-backed digital currency, with lower transactions cost and exchange issues it could lead to savings of billions of dollars which could be reinvested by the BRICS countries in their economic growth and trade. To add to this China holds 80% of the world’s rare earth minerals like Germanium, Gallium, Lithium etc and Russia is the warehouse of commodities from metals to fossil fuel to agriculture.

Thus the biggest threat to the Pax Americana order and the Dollar hegemony comes from BRICS nations specially China and Russia which is why you see Trump administration pursue carrot and stick policy. Trump wants to co-opt Russia by diffusing Ukraine while courting India in bid to isolate China in the BRICS bloc. While Russia may not play the game so easily India has signaled that it has no intention to support or back any BRICS common currency versus the US Dollar. However the balance of gold power is still skewed heavily in favour of the G7 countries, which hold a combined 17,500 tonnes or 49% of the total global reserves. The revaluation of American gold reserves in mark to market could also substantially increase the value of gold internationally thereby closing the Overton window for BRICS countries to accumulate gold which they were able to do at suppressed prices till now.

America is on the cusp of making bold moves from Tariffs to Gold Revaluation to Asset Monetization in a sovereign wealth fund to substantially deleverage its balance sheet while it aims to re-industrialize itself at the cost of the world. The world has seen many monetary resets from Bretton Woods I to Removal of Gold Peg to Plaza Accord. We are now certainly due for another one but the elephant in the room is China. Will the CCP agree to a Mar-A-Lago Accord, and if it doesn’t seeing what happened to Japan post 1985 it could face tariffs which could further undermine its export driven economy that is already facing deflationary pressures. What stand with India take if America seeks to impose a Mara Lago Accord in devaluing dollar on currency side significantly impacting its exports.

In case BRICS countries do not agree to American proposals citing their national interests then America’s tariffs play, usage charge on treasuries, restrictions and capital controls could play havoc with the global economy. How will Europe deal with a resurgent Russia post Ukraine ceasefire negotiated by Trump team. What will happen to European security architecture with the rise of AfD in Germany. Will Russia take the Trump bait to turn back on China after its Euro dollar reserves were confiscated. It will not be wrong to say that the current Pax Americana order is indeed broken and we are now in a transition period probably heading towards a new global order. This is something we had forecasted long back in our book “The New Global Order” (2016) & “The Great Reset” (2022).

US Secretary of State Marco Rubio has recently said in an interview that Unipolar world after Cold War was an anomaly and that multi-polarity is order of the day. However US would do everything under its power and command to retain its Dollar hegemony in a multi-polar world as part of its national interest instead of taking on the burden to run a broken rule based post war order. Coming few months and years could define whether this transition happens orderly or through chaos and conflict. The world in a true sense stands on a cliff where this game of brinkmanship of global dominance could ignite a free fall in the global economy and disrupt the supply chains impacting the humanity at large.

Notes:

1. The Great Monetary Reset - Niti Shastra - 14th January 2025

2. The New Global Order - Asian Warrior - 2016

3. The Great Reset - Navroop Singh (2022)

4. Gold glitters as the unimaginable becomes imaginable - Financial Times - https://www.ft.com/content/f6459ed1-8a65-4d89-8bd8-40e8546912f0

5. Reagan Imposes 100% Tariffs on Japan Goods : Retaliatory Sanctions Aimed at $300 Million in Electronic Products in Semiconductor Dispute - LA Times, 28th March 1987 - https://www.latimes.com/archives/la-xpm-1987-03-28-mn-698-story.html

6. Trump signs action to create sovereign wealth fund - https://www.msn.com/en-gb/money/other/trump-signs-action-to-create-sovereign-wealth-fund/ar-AA1ymzs7

7. How the U.S. Treasury Can Cash In Big Using Its Gold Revaluation Account - Money Metals -14th February 2025 - https://www.moneymetals.com/news/2025/02/14/how-the-us-treasury-can-cash-in-big-using-its-gold-revaluation-account-003838

8. U.S. Gold Revaluation: A Potential Solution to the National Debt Crisis? - 15th February 2025 - https://discoveryalert.com.au/u-s-gold-revaluation-a-potential-solution-to-the-national-debt-crisis/#:~:text=A%20potential%20gold%20revaluation%20presents,well%20beyond%20simple%20market%20pricing.

9. JPMorgan and other big banks are flying billions of dollars worth of gold on planes - 13th February 2025 - https://qz.com/banks-gold-plane-new-york-1851762685

10. Gold and the New World Disorder - Consequences of Central Banking Shift - OMFIF - 10th December 2024

11. Trump Plays Reagan's Game on Tariffs and Taxes - December 14, 2017 - https://www.piie.com/commentary/op-eds/2017/trump-plays-reagans-game-tariffs-and-taxes

12. Asian Flu - CFA Institute - October 20th, 2016 - https://www.econcrises.org/2016/10/20/asian-flu/

13. Traders are moving so much gold from the Bank of England to the U.S. to avoid Trump tariffs that the waiting time has reportedly octupled - 31st January 2025 - https://fortune.com/europe/2025/01/31/waiting-time-get-gold-out-bank-england-reportedly-octupled-trump-tariff-threats-spark-exodus-us/

14. Gold Revaluation: Solution or Desperation? - https://vongreyerz.gold/gold-revaluation-solution-or-desperation - 16th February 2025