About the U.S. Money Reserve Team

The public image of the United States Bullion Depository at Fort Knox, Kentucky, was cemented in the 1964 movie Goldfinger. Fort Knox as depicted in James Bond's GoldfingerPhoto courtesy United Artists The four-story vaults of shining chrome bar-encased gold, suspended staircases and vast interior are now classic Hollywood images of what our imaginations want Fort…

This post begins a series in which I give readers an insider’s view of how Washington, DC, works (and doesn’t work) from my perspective as director of the U.S. Mint. The complete story of how the Sacagawea dollar (aka, the Golden dollar) came to be has never been told, and the accounts that have been…

This is the second in a series of posts making the "Main Street" case for gold. Read Part I I described in my last post how gold’s core value proposition is as wealth insurance. Here I’ll address why understanding gold as wealth insurance, rather than as just another investment vehicle, is crucial to understanding why gold…

Coin Week has invited me to write articles about the Mint from an insider’s point of view, and I have some stories to tell that give a flavor for what it’s like to work in Washington, DC. Coin Week has also encouraged me to make what I call a Main Street case for investing in…

So, nothing seems to have changed as a result of the budget and debt crisis. We simply kicked the can into next year. While the GOP took a good deal of self-inflicted damage in the standoff, this was not a victory for Democrats in terms of achieving any of their budget objectives. The deep budget…

In the weeks leading up to the debt crisis in 2011, gold rose $400 an ounce to hit its nominal all-time peak of $1,895. The 2011 debt crisis was the one in which we came so close to defaulting on our debts that rating agencies downgraded the nation’s credit score. But it was good for…

An edited version of this post appeared on Institutional Investor's Unconventional Wisdom blog.  Three questions pending in Washington are poised to roil markets: When will the Federal Reserve taper quantitative easing? When will the government shutdown end? and Will Congress fail to raise the debt limit? How these issues play out is likely to have lasting…

An edited version of this post appeared in the print version of The Wall Street Journal Asia and the U.S. edition of WSJ.com.

Misconceptions about inflation, the falling dollar, and the relentless rise in federal budget deficits are skewing gold advocates' arguments; however, a strong case can be made for the metal without resorting to these misconceptions.

There is a fundamental misunderstanding of the role of physical gold in a balanced financial portfolio. The bull market of the 2000s has led many to think of gold as another way to increase wealth through price appreciation. This is mistaken. First and foremost, physical gold is insurance. When you think about buying insurance, you…

As I write this morning, gold has given up two-thirds of its gains following the Fed’s decision last Wednesday to continue its $85 billion-a-month in bond purchases under QE3. One reason for this retreat is that markets overreacted to the news, just as they did back in June when Ben Bernanke’s statement about QE3 was…

In the wake of the FOMC's decision, some analysts are lurching to the extreme, speculating that a majority of the FOMC sees the economy as weakening. We won't know what individual members think about the state of the recovery until the minutes of this week's meeting are released. But the Fed's announcement makes it clear…