Gold Standard Coming Said Federal Reserve Governor Hoenig

KANSAS CITY, Missouri (Reuters) - A gold standard that forces countries to back their currency reserves with bullion is a "legitimate" monetary system, though it would not prevent financial crises, Kansas City Federal Reserve President Thomas Hoenig said on Wednesday.

He is the second prominent figure in support of the Gold Standard Monetary System after the World Bank President Robert Zoellick.


If and when the Gold Standard is adopted, many estimates for where gold price should be ranges from $5,000 per ounce to $10,000 per ounce, with some estimate it to be a lot higher than $10,000.