John Authers, Columnist

Selling the Family Silver, American-Style

The easiest way to finance a US sovereign wealth fund could be through a massive sale of federal resources.

March 17, 2025 at 5:06 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Sales of federal land could finance a US sovereign wealth fund. Above: Sheep grazing in Idaho. — Sales of federal land could finance a US sovereign wealth fund. Above: Sheep grazing in Idaho.
Photographer: Allen J. Schaben/Los Angeles Times/Getty

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Scott Bessent says he isn’t worried. In the last week, market overconfidence has been replaced by a drastic dose of nerves. When the S&P 500 drops by more than 10% from its peak, and gold passes a big landmark ($3,000 per ounce), then the perception of risks has changed radically. This is how gold and the S&P have performed since 2020: