Fisher, the minutes say, made the case that rising gold prices would increase U.S. debt.

The Gold Price Conspiracy Uncle Sam Doesn't Want You to Know About - Money Morning

Fisher, the minutes say, made the case that rising gold prices would increase U.S. debt. Fisher "explained that U.S. gold belongs to the Treasury. However, the Treasury had issued gold certificates to the Reserve Banks, and so gold also appears on the Federal Reserve balance sheet," the minutes say. "If there were to be a revaluation of gold, the certificates would also be revalued upwards; however [to prevent the Fed's balance sheet from expanding] this would lead to sales of government securities. So the net benefit to Treasury would need to be carefully calculated, since sales of government securities would expand the public portfolio of government securities and hence also expand the Treasury's debt-servicing burden."

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