Peter Schiff Blasts Treasury Secretary Bessent Over Gold Certificate Redemption Claims
Economist Peter Schiff publicly rebuked Treasury Secretary Scott Bessent after Bessent appeared on Fox News and suggested that old silver certificates could still be redeemed for metal at Fort Knox. Schiff pointed out that redemption rights for gold and silver certificates were terminated in 1964 and 1968, making Bessent's claim factually incorrect. Schiff highlighted that if such redemption were possible, arbitrage opportunities would have been exploited immediately. The article also notes that Fort Knox has not been independently audited since 1974, adding to ongoing investor skepticism about U.S. gold reserves. The exchange comes amid a period of gold price volatility, with gold reaching near $5,595 per ounce before retreating to around $4,000.
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