Master and Commander
The Collapse of the Central Banking System Has Begun
JOE LANGE
JAN 25, 2023
(badlands.substack.com)
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Congress is ultimately responsible.
I decided the value of gold based on the highest price a trustworthy entity was paying for the form of gold I own.
Why is Congress responsible for a privately owned bank?
Is the value of gold fixed?
Because the Board of Governors is confirmed by the Senate and reports and is "accountable" to Congress. The 12 Reserve banks do have their own board of directors and are incorporated separately.
That depends what you mean by fixed. The spot price of gold is largely determined by futures contracts. Which is a bit interesting because most of these contracts are initiated by buyers that aren't intending to take delivery of physical gold. There is also a gold fix from the London Bullion Market.
Central banks and large traders can certainly influence pricing.
Is the Fed a government entity? Yes or no.
Yes or no, is the price of gold fixed?
You aren't asking specific enough questions.
No, the Federal Reserve banks are not.Government entities. Yes, the Federal reserve Board of Governors is an agency of the Federal Government.
In the US the statutory price of gold is set by law, meaning since 1973 US gold holdings are priced that a constant $42 2/9 per fine troy ounce, even though the current market price is nearly 8x more than that. Does that mean the price is fixed? For that entity, yes, for everyone else, no.
The London Bullion Market Association fixes the price of gold twice a day and that is used for transactions on the London Bullion Market. Does that mean the price is fixed? For those entities on that exchange, yes, for everyone else, no.
Everything I do with gold is based on the spot price, which changes throughout the day based on trading that takes place. Does that mean the price is fixed?