Schiff disputes Bessent on gold certificate redemption claim

Economist Peter Schiff publicly challenged Treasury Secretary Scott Bessent's recent statements regarding the redeemability of historical U.S. currency, questioning the official's grasp of monetary history. Schiff took to social media platform X on Wednesday to dispute claims made by Bessent during a television interview, arguing that the Treasury Secretary was "misinformed" about the status of gold and silver certificates. The exchange highlights ongoing scrutiny surrounding the transparency of U.S. gold reserves held at Fort Knox.

Schiff Challenges Redemption Claims

In his post, Schiff contended that Bessent incorrectly suggested that holders of old gold and silver certificates could exchange them for the underlying precious metals. Schiff clarified that U.S. gold certificates have not been redeemable for gold since 1933, while the redemption of silver certificates ended in 1968. He argued that if Bessent lacks knowledge on these historical facts, it raises doubts about his credibility regarding the current status of gold supposedly stored at Fort Knox.

Bessent's Currency Explanation

Bessent made the comments during a Fox interview while discussing the transition of U.S. currency from a precious metal-backed system to the modern fiat system. While displaying historical banknotes, Bessent stated that any outstanding gold or silver certificates could be redeemed for the underlying metal held at Fort Knox. The U.S. officially ended the domestic redemption of gold certificates in 1933 after President Franklin D. Roosevelt suspended gold convertibility. Silver certificate redemption for physical silver concluded in 1968, though both types of notes remain legal tender at their face value. Bessent noted that while he has not personally visited the depository, staff members and the U.S. Treasurer have confirmed the reserves are intact.

Fort Knox Valuation and Global Context

Fort Knox remains a focal point for speculation concerning the nation's gold wealth, despite consistent government assurances that the bullion is secure. Bessent stated that the U.S. holds the world's largest gold stockpile, valued at more than $1 trillion at current market prices. According to a June report from the European Central Bank, gold accounted for 27% of global official reserves at the end of 2025. This figure surpasses the share of U.S. Treasury holdings, which stood at 22%, and the euro, which made up 15% of global reserves.

EX DeFi has launched an AI-driven automated trading and investment technology solution designed to assist users in navigating volatile financial markets. This development coincides with a period of high volatility in the gold market, where investors are closely monitoring upcoming US inflation data and Federal Reserve policy signals for direction on price movements.

The gold market has experienced volatility following a short-term adjustment, influenced by persistently high US Treasury yields and a stronger dollar. While these factors initially pressured gold prices, global economic uncertainty and geopolitical risks continue to support safe-haven demand. Market participants are assessing whether cooling inflation will lead to Federal Reserve rate cuts, potentially providing upward momentum for gold, or if higher-than-expected data will strengthen yields and the dollar, maintaining pressure on the precious metal.

AI-Driven Market Analysis

In response to complex market conditions, EX DeFi has integrated artificial intelligence, data analysis, and automated execution capabilities into a unified platform. The system continuously analyzes market prices, trading data, and technical indicators, dynamically optimizing analysis models according to different market environments. Users can select intelligent trading solutions based on their needs, allowing the system to automatically execute trading processes according to preset strategies, which aims to improve efficiency and reduce the pressure of manual monitoring.

Technology and Security Focus

EX DeFi states that its development strategy emphasizes continuous technological improvement and platform usability. The company focuses on AI-assisted market analysis, automated strategy execution, platform stability, and enhanced user interface accessibility. Ongoing research and development efforts aim to improve the accuracy and efficiency of the AI infrastructure.

Security remains a priority for the platform. EX DeFi incorporates multiple security measures designed to protect user accounts and platform infrastructure.

Security Feature	Description
Data Protection	Multi-layer data encryption and data protection protocols
System Architecture	Distributed system architecture and continuous system monitoring
Access Control	Multi-factor authentication (2FA)
Risk Management	AI-assisted risk monitoring, automated anomaly detection, and risk management technologies

Platform Access and Expansion

Users can register an account through the official EX DeFi platform, which provides a trial quota to understand the AI-powered intelligent trading investment services. The company notes that returns of different trading plans vary depending on the period, and users are advised to understand platform rules and product features before selecting a plan. EX DeFi continues to invest in AI research and development to enhance platform performance, expand AI capabilities, and strengthen security systems for international markets.