Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Gold-Standard Return Sought by Republicans ‘Unlikely,’ WGC Says

Don't Miss Out —
Follow us on:

Aug. 24 (Bloomberg) -- A bid by some Republicans to return the U.S. to the gold standard is unlikely because of a lack of international agreement on the matter and insufficient supply, according to the industry-funded World Gold Council.

Annual output growth in gold “may not necessarily match the appropriate growth in the monetary base,” David Schraeder, a spokesman of the London-based council, said today in an e-mailed response to questions.

Drafters of the Republican Party’s 2012 platform called for the creation of a commission to “consider the feasibility” of a return to the gold standard “to set a fixed value” for the dollar, according to a 60-page draft of political positions and principles that will be submitted for adoption when the national convention begins Aug. 27 in Tampa, Florida, the Wall Street Journal reported.

To contact the reporter on this story: Debarati Roy in New York at droy5@bloomberg.net

To contact the editors responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.