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Gold at $42.22 and "One of the Great Mysteries" | Phillip Magness
45 minutes Posted Aug 4, 2026 at 3:00 pm.
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Economic historian Phillip Magness tells Kitco News anchor Jeremy Szafron that Americans who surrendered gold in 1933 at $20.67 an ounce got none of the gain when Washington repriced it at $35 less than ten months later. "It's always the private sector that gets the bad end of it." America's 261.5 million ounces are still carried on the federal books at $42.22 an ounce, about $11 billion against more than $1 trillion at market. Economic historian Phillip Magness tells Kitco News anchor Jerem...