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.
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