Ronald Reagan was consistent advocate for gold as astabilizing force in the economy and believed in its role as a hedge againstinflation. He had a long-standing interest in gold and the gold standard,reflecting his conservative economic beliefs. Here are some notable points andquotes from Reagan regarding gold:
Support for the Gold Standard
Reagan was a proponent of the gold standard, which is amonetary system where a country's currency or paper money has a value directlylinked to gold. He believed that returning to a gold standard would helpcontrol inflation and stabilize the economy. In a 1981 speech, he stated:
"We need a policy that will return us to a stablemonetary standard, and I have asked the Treasury to study the feasibility of anew gold standard."
He famously told CongressmanRon Paul that he had observed that “no nation has abandoned gold andremained great.”
Concerns about Inflation
Reagan frequently expressed concerns about inflation and thedevaluation of the dollar. He saw gold as a hedge against inflation and a meansto restore fiscal discipline. In a 1979 radio commentary, Reagan said:
"Inflation is as violent as a mugger, as frighteningas an armed robber, and as deadly as a hit man. But then there’s the goldstandard, something we have lost sight of."
In the 1970s and early 1980s, Ronald Reagan frequentlyexpressed his support for the gold standard. Reagan believed that a return tothe gold standard would help stabilize the economy by curbing inflation andcontrolling government spending. In a letter he wrote to William Simon, Reaganstated, "We need to establish once and for all that the dollar is indeedas good as gold. Until this is done, there will be no lasting remedy for ourinflationary woes"
Commission on the Gold Standard
In 1981, shortly after becoming president, Reaganestablished the Gold Commission to study the role of gold in the monetarysystem. Ron Paul served on this commission and co-wrote a report The Case for Goldwith member LewisLehrman. Although the commission ultimately recommended against a return tothe gold standard, its formation underscored Reagan's interest in the issue.
Gold Bullion Coin Act of 1985
Ronald Reagan signed the GoldBullion Coin Act into law in 1985 and revolutionized private gold ownershipfor Americans. The most popular coin at the time was the South African GoldKrugerrand, but political tensions over apartheid led Reagan to ban imports ofit, seeing it as a profit source for a government with evil and racistpolicies. Instead, he enabled the American mint to make American coins forAmericans, and the profits were intended to pay down the US debt.
Thus, the beautiful AmericanGold Eagle coin was born and is a celebration and tribute to accessiblegold ownership for all Americans.
Advocacy for Sound Money
Reagan consistently advocated for "sound money,"which he believed was essential for economic stability and growth. This beliefwas tied to his support for the gold standard as a way to ensure that the moneysupply was not manipulated by government policies. He remarked:
"Gold is the only commodity that has held a steadyvalue against inflation over the centuries. Our currency should once again bebacked by gold."
Legacy
While Reagan did not succeed in re-establishing the goldstandard during his presidency, his advocacy for gold and sound money continuesto influence conservative economic thought and policy discussions to this day.
What YOU can do to “Reaganize” your portfolio
We may have little control over the Federal Reserve, thedebt, the money printing and the inflation we are experiencing once again, inspite of all of Reagan’s wisdom and warnings. Even Ronald Reagan - as thepresident of the United States for two successful terms - could not quite getus back to a gold standard, as much as he wanted to.
But, as individuals we can act defensively for our ownhard-earned savings. Reagan signed the Gold Bullion Coin Act of 1985 ensuringthat you can put your portfolio on the gold standard by investingin gold and silver. We invite you to buy precious metals with the Reagan GoldGroup.
We specialize in gold IRAs and are happy to help withrollovers. We also sell bullion and numismatics for home delivery. Our pricesare very competitive and we have a price match guarantee. Call us today andlet’s talk about your situation and needs.
*Note – The Reagan Gold Group is not affiliated with theReagan Library or the Reagan Foundation in any way. We’re just fans of RonaldReagan and what he did for American gold ownership as president.
