The Treasury Secretary Is Talking About Gold. Pay Attention.
Is the Trump administration planning to link the $USD to gold again?
Treasury Secretary Scott Bessent appeared on Fox News business yesterday. During the conversation with Jesse Waters, he made several key statements.
One of them… “we [the $USD] used to be backed by silver, sometimes gold.”
And a few moments later regarding Fort Knox…
“all gold is present and account for… the U.S. has the largest pile of gold in the world, over a $1 trillion at current market value.”
These are major statements by the Treasury Secretary. For one thing, Bessent puts to rest conspiracy theories that the U.S. no longer has its gold holdings in Fort Knox. This signals that the $USD remains strong as the reserve currency of the world, backed not only by the full faith and credit of the largest most dynamic economy, but also by the largest gold holdings.
As for the comment that the $USD “used to be backed by silver, sometimes gold,” this is a remarkable statement for many reasons.
First and foremost, rarely if ever do you hear major financial insiders talk about the fact that the $USD was previously backed by silver and gold. Granted the comment was made in regard to displays of the U.S. currency over the years, but this is still a major admission of a fact many Americans don’t know.
Moreover, in the context of concerns about inflation (76% of Americans cite higher costs of living as their biggest economic problem) the statement that the U.S. used to be backed by “silver, sometimes gold” is a very loaded statement. The $USD has lost ~87% of its purchasing power since abandoning the gold standard.
Of course, I might be wrong about all of this. Perhaps Treasury Secretary Bessent was simply providing a tour of his offices and making offhand comments without implying anything strategic. But the fact so much of the 5- minute conversation involved gold is unusual to say the least.
We remain convinced gold is in a secular bull market. With gold bullion holding over $4,000 per ounce, miners are printing cash at a rate not seen in decades. Indeed, the mining complex as a whole is currently running the highest profit margins of any sector, surpassing even Tech!
In terms of profiting from this, we just published a Special Investment Report covering five investments you can use to profit from the next round of inflation.
The report is titled Survive the Inflationary Storm. It explains my top precious metals plays — their names, their ticker symbols, and the resources they own. These are high-octane positions that rallied 75%, 140%, 150%, 180%, 280%, and an incredible 574% in 2025. And I wouldn’t be surprised to see them repeat this performance in 2026.
Normally I’d charge $499 for this report as a standalone item, but in light of what is unfolding today, we are making just 100 copies available to the public.
To grab one of the last remaining copies…
Best Regards,
Graham Summers
Chief Market Strategist
Phoenix Capital Research