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Thread: World Bank chief surprises with gold standard idea

  1. #1
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    World Bank chief surprises with gold standard idea

    LONDON – Leading economies should consider adopting a modified global gold standard to guide currency rates, World Bank president Robert Zoellick said on Monday in a surprise proposal before a potentially acrimonious G20 summit.

    Writing in the Financial Times, Zoellick called for a "Bretton Woods II" system of floating currencies as a successor to the Bretton Woods fixed-exchange rate regime that broke down in the early 1970s.

    The former U.S. trade representative, who served in several Republican administrations, said such a move "is likely to need to involve the dollar, the euro, the yen, the pound and (a yuan) that moves toward internationalization and then an open capital account.

    "The system should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values," he added.

    Analysts were cautious. "Going forward that would be something that we could look toward, but it's not going to happen within a short period of time," said Ong Yi Ling, analyst at Phillip Futures in Singapore, adding that gold prices barely reacted to the comments.

    Gold briefly hit a record high of $1,398.35 an ounce in early trade on Monday on concerns of a continued weakening dollar trend after the U.S. Federal Reserve last week acted to resume buying Treasuries.

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  2. #2

    World Bank President: My Words Were Manipulated, I Don’t Support A Return To The Gold Standard

    Business Insider
    Nov 10, 2010

    World Bank president Robert Zoellick has clarified recent comments about gold.

    No, the head of the World Bank isn’t advocating a return to the gold standard.


    “I don’t believe you can return to a fixed exchange rate system and that is the gold standard,” he later told the Foreign Correspondents Association.”

    “Markets are already using gold as an alternative monetary asset because confidence is low…it is saying we have a problem that needs to be fixed.”

    Gold prices have soared to record levels in recent weeks and are currently around $1,400 per ounce.

    “There is an elephant in the room and that is what I want people to recognise,” Zoellick said.…

    He said on Wednesday: “I’m not advocating a return to the 19th century when money supply was linked to gold.”

    Read more here >


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