Gold Revaluation, Market Manipulation, and the Future of Money -

In a recent episode of the Money Metals podcast, host Mike Maharrey sat down with veteran journalist and author Stuart Englert to discuss gold revaluation, the manipulation of precious metals markets, and the broader implications for the financial system. 
Englert, author of Rigged: Exposing the Largest Financial Fraud in History, has <a href="https://gata.org/search/node/englert" rel="noopener noreferrer" target="_blank">spent years researching</a> how the monetary system has been distorted to favor fiat currencies at the expense of sound money principles.
(Interview Starts Around the 5:10 Mark)
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<h2>Who is Stuart Englert?</h2>
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Stuart Englert
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<a href="https://www.linkedin.com/in/stuart-englert-69723996/" rel="noopener noreferrer" target="_blank">Stuart Englert</a> is an American author, journalist, and musician based in Nashville, Tennessee. As a singer-songwriter, his work spans <a href="https://soundcloud.com/senglert-1" rel="noopener noreferrer" target="_blank">country, bluegrass, and folk music</a>. 
A graduate of Indiana University's School of Journalism, he has worked as a newspaper reporter, magazine editor, and investigative writer, focusing on financial market manipulation, media industry shifts, and societal transformation. 
His book Rigged: Exposing the Largest Financial Fraud in History examines the hidden forces behind gold and silver market manipulation, offering critical insights for those questioning mainstream financial narratives. He has also explored themes of control and awakening in his Paradox novel trilogy, chronicled the decline of print media in Sold Out—How an American Magazine Lost Its Soul, and profiled notable figures in Sweat & Sawdust: The Life and Legacy of Victor J. Hedinger.
<h2>Understanding Gold Revaluation</h2>

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Gold revaluation refers to a <a href="https://www.moneymetals.com/news/2025/02/25/gold-revaluation-means-dollar-devaluation-003865" rel="noreferrer">legal resetting of the official gold price</a>. Historically, the U.S. government has revalued gold four times—1884, 1934, 1972, and 1973—each time increasing its official price. The current official price of gold, as established by the Par Value Modification Act of 1972 and approved by President Nixon in 1973, stands at $42.22 per ounce. 
The market price of gold has since soared to around <a href="https://www.moneymetals.com/gold-price" rel="noreferrer">$2,900+ per ounce</a>.
Englert explained that gold revaluation benefits the government by increasing the book value of its gold reserves, allowing it to expand its balance sheet, borrow more, and manage debt. It could also incentivize mining production and boost gold imports. However, such a move would further devalue the U.S. dollar, as gold is priced in national currencies.
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<h2>The Federal Reserve and the Debt Machine</h2>
Maharrey and Englert explored how the Federal Reserve’s monetary policies have enabled an <a href="https://www.moneymetals.com/news/2024/09/16/founding-father-edmund-randolph-vs-the-federal-reserve-003466" rel="noreferrer">ever-expanding U.S. government</a>, facilitating borrowing and spending through the persistent devaluation of the dollar. This, they argue, is a longstanding tactic dating back to ancient Rome’s practice of clipping coins to <a href="https://www.moneymetals.com/news/2023/08/01/the-emperor-who-tried-to-bring-sound-economics-back-to-rome-and-paid-with-his-life-002786" rel="noreferrer">debase currency</a>.
Gold revaluation and inflationary monetary policies serve government interests but often come at the expense of the average person. While gold holders might benefit, those relying solely on fiat currency experience diminished purchasing power as inflation erodes their savings.
<h2>The U.S. at a Financial Crossroads</h2>
Englert asserted that the U.S. is at a critical juncture with its monetary system, citing an unsustainable national debt combined with 50 years of trade deficits. He noted that a strong dollar hampers U.S. exports and that devaluation through gold revaluation could be a tool to address trade imbalances.
While estimates vary on how much gold would need to be revalued to reflect the true state of the financial system, some analysts, such as James Rickards, have projected figures such as <a href="https://finance.yahoo.com/news/investing-guru-james-rickards-says-101500715.html" rel="noopener noreferrer" target="_blank">$20,000 per troy ounce, or even higher</a>. Englert himself refrained from pinpointing a number but agreed that as the money supply and debt continue to expand, gold’s value would inevitably rise.
<h2>Central Banks and the Move Toward Gold</h2>
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The past three years have seen record levels of central bank gold purchases, <a href="https://www.moneymetals.com/news/2025/02/07/central-banks-increase-gold-reserves-by-over-1000-tonnes-for-the-third-straight-year-003816" rel="noreferrer">surpassing 1,000 tons annually</a>, more than double the previous decade’s average of 450–500 tons per year. Notably, emerging economies like China, India, and Eastern European nations are leading this trend, signaling declining confidence in the U.S. dollar as the world’s reserve currency.
Maharrey pointed out that historical precedents—such as <a href="https://www.moneymetals.com/news/2024/05/15/understanding-roosevelts-1933-gold-confiscation-003194" rel="noreferrer">Franklin Roosevelt’s gold confiscation in 1933</a> and Richard Nixon’s closing of the gold window in 1971—were direct responses to government overspending and war debts. 
Englert expanded on this, emphasizing that debt and war are often interlinked. Historically, governments have resorted to monetary manipulation to <a href="https://medium.com/@JoshuaDGlawson/fiat-currency-the-invisible-engine-behind-prolonged-wars-c9ef3b90b7bf" rel="noopener noreferrer" target="_blank">finance military endeavors</a>, further indebting their populations.
<h2>Suppression of Gold and the Role of Paper Markets</h2>
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One of the most contentious topics in the interview was the suppression of gold prices through paper markets. Englert argued that derivatives and gold ETFs are mechanisms used to keep gold prices artificially low, creating an illusion of stability for fiat currencies.
Additionally, a psychological campaign has been waged against gold ownership. Financial personalities like Dave Ramsey and Suze Orman have discouraged physical gold investment, promoting ETFs instead—an approach that Englert suggests serves the interests of those who <a href="https://www.moneymetals.com/news/2024/09/07/unveiling-gold-market-manipulation-insights-from-gatas-chris-powell-on-central-banks-and-the-future-of-gold-003439" rel="noreferrer">benefit from market manipulation</a>.
<h2>Inflation: The Unraveling of the Monetary Illusion</h2>
Maharrey and Englert also discussed how inflation has been misrepresented to the public. The official Consumer Price Index (CPI) <a href="https://www.moneymetals.com/news/2025/03/13/improved-cpi-data-sets-stage-for-more-inflation-003906" rel="noreferrer">fails to capture the real impact on consumers</a>, especially as grocery prices have skyrocketed. Englert noted that the illusion of dollar stability is becoming harder to maintain, as everyday Americans witness firsthand the erosion of their purchasing power.
Maharrey cited personal examples, such as soda prices rising from $0.99 to nearly $4 per bottle in just a few years, demonstrating how inflation is outpacing official government statistics.
<h2>The 50th Anniversary of Gold Legalization</h2>
This year marks the 50th anniversary of <a href="https://www.moneymetals.com/news/2024/12/28/a-toast-to-50-years-of-legalized-gold-003715" rel="noreferrer">private gold ownership legalization in the U.S</a>. Until 1974, Americans were prohibited from owning gold bullion due to Roosevelt’s 1933 decree. Englert emphasized the irony that gold—explicitly mentioned in the U.S. Constitution as money—was banned while the fiat monetary system expanded unchecked. Meanwhile, central banks worldwide continued to accumulate gold, recognizing its value.
<h2>The Future: Debt, Bondage, and Financial Servitude</h2>
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Englert is currently working on a new book, Debt Bondage and Financial Servitude, which explores how the debt-based monetary system has ensnared individuals, corporations, and governments. Maharrey echoed this concern, warning that while the system appears sustainable for now, history shows that <a href="https://www.moneymetals.com/news/2025/03/04/the-us-is-hurtling-toward-a-recession-003882" rel="noreferrer">financial bubbles inevitably burst</a>.
Englert concluded by emphasizing that understanding history is crucial for predicting the future. As is often misattributed to <a href="https://www.gutenberg.org/files/3178/3178-h/3178-h.htm" rel="noopener noreferrer" target="_blank">Mark Twain</a>, but remains true in spirit, “History doesn’t repeat itself, but it often rhymes.” If the patterns of the past are any indication, the coming years may see significant shifts in the monetary landscape.
<h2>Where to Learn More</h2>
For those interested in further reading, <a href="https://www.moneymetals.com/rigged-exposing-the-largest-financial-fraud-in-history/1944" rel="noreferrer">Rigged: Exposing the Largest Financial Fraud in History</a> is available at the Money Metals bookstore. Englert also <a href="https://substack.com/@stuartenglert" rel="noopener noreferrer" target="_blank">publishes articles on his Substack</a>, where he explores historical and contemporary financial issues.
To read more about news relating to the economy, geopolitics, and precious metals, be sure to visit <a href="http://moneymetals.com/News" rel="noreferrer">MoneyMetals.com/News</a>.

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