What did Ronald Reagan have to say about gold?

Ronald Reagan was consistent advocate for gold as a stabilizing force in the economy and believed in its role as a hedge against inflation. He had a long-standing interest in gold and the gold standard, reflecting his conservative economic beliefs. Here are some notable points and quotes from Reagan regarding gold:

Support for the Gold Standard
Reagan was a proponent of the gold standard, which is a monetary system where a country’s currency or paper money has a value directly linked to gold. He believed that returning to a gold standard would help control inflation and stabilize the economy. In a 1981 speech, he stated:

“We need a policy that will return us to a stable monetary standard, and I have asked the Treasury to study the feasibility of a new gold standard.” 

He also famously told Congressman Ron Paul that he had observed that “no nation has abandoned gold and remained great.”

Concerns about Inflation
Reagan frequently expressed concerns about inflation and the devaluation of the dollar. He saw gold as a hedge against inflation and a means to restore fiscal discipline. In a 1979 radio commentary, Reagan said:

“Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man. But then there’s the gold standard, something we have lost sight of.”

In the 1970s and early 1980s, Ronald Reagan frequently expressed his support for the gold standard. Reagan believed that a return to the gold standard would help stabilize the economy by curbing inflation and controlling government spending. In a letter he wrote to William Simon, Reagan stated, 

“We need to establish once and for all that the dollar is indeed as good as gold. Until this is done, there will be no lasting remedy for our inflationary woes”

Commission on the Gold Standard
In 1981, shortly after becoming president, Reagan established the Gold Commission to study the role of gold in the monetary system. Ron Paul served on this commission and co-wrote a report The Case for Gold with member Lewis Lehrman. Although the commission ultimately recommended against a return to the gold standard, its formation underscored Reagan’s interest in the issue.

Gold Bullion Coin Act of 1985
Ronald Reagan signed the Gold Bullion Coin Act into law in 1985 and revolutionized private gold ownership for Americans. The most popular coin at the time was the South African Gold Krugerrand, but political tensions over apartheid led Reagan to ban imports of it, seeing it as a profit source for a government with evil and racist policies. Instead, he enabled the American mint to make American coins for Americans, and the profits were intended to pay down the US debt.

Thus, the beautiful American Gold Eagle coin was born and is a celebration and tribute to accessible gold 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 belief was tied to his support for the gold standard as a way to ensure that the money supply was not manipulated by government policies. He remarked:

“Gold is the only commodity that has held a steady value against inflation over the centuries. Our currency should once again be backed by gold.”

Legacy
While Reagan did not succeed in re-establishing the gold standard during his presidency, his advocacy for gold and sound money continues to 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, the debt, the money printing and the inflation we are experiencing once again, in spite of all of Reagan’s wisdom and warnings. Even Ronald Reagan – as the president of the United States for two successful terms – could not quite get us back to a gold standard, as much as he wanted to.

But, as individuals we can act defensively for our own hard-earned savings. Reagan signed the Gold Bullion Coin Act of 1985 ensuring that you can put your portfolio on the gold standard by investing in gold and silver. We invite you to buy precious metals with the Reagan Gold Group.

We specialize in gold IRAs and are happy to help with rollovers. We also sell bullion and numismatics for home delivery. Our prices are very competitive and we have a price match guarantee.

Call us today and let’s talk about your situation and needs.