Unfortunately for the conspiracy freaks and propagandists at Zero Hedge........revaluing gold would require an act of Congress. There is nothing the Treasury Secretary can do on his own.

Of course ZH isn't going to tell you that

There is approximately 22 trillion dollars in the m2 money supply, how high should gold get revalued?

To visualize the change in that over the years....

Yote,,,,,Have you read “the big print” yet?

I have not.

It isn't hard to determine when they stopped backing currency with gold.

I did not bother to google it but I suspect an inflation graph would look like a twin.

Not quite.

Left side is percent. percentage of increase from the previous year. need one that shows the cost of something basic like food.

Actually, i do not believe inflation is a twin. For example look at the period from 2008 to 2020. Not high inflation. The extremely high inflation of the late 70's and 80's was not a huge increase in M2.

Never mind . Yote's graph shows what my personal experience was.

Costs of goods were calculated differently in the 70s and early 80s. Using the same metric Angela's second graph would look much different

So what is going on then? Until today, as White pointed out, I was completely unaware that Congress has the power to change the value of Gold. I thought that is why Gold is a good backing of currency cause it is what it is, its value is based on supply and demand. Like Danny, I would assume that inflation would correlate with the amount of Money printed. Those graphs don't suggest that is the case. Where am I not understanding?

Chancy, congress doesn't have the power to value gold in a strict sense. The market does that.

The US values it's gold holdings at $42.22 an ounce. Congress could revalued it's holdings at the market rate. I don't think they will

Printing of money is one cause of inflation but not the only cause.

I think what you found out was gold backed currency does not mean the government cannot create money out of thin air. They can't create more gold instantaneously, but they can change it's value with a stroke of a pen like FDR did.

What else is?

Lower interest rates, govt spending, demand that exceeds supply, tariffs, supply chain issues, etc.