The fact that gold reserves are still a very common feature in almost every country indicates to me that our governments aren't completely committed or secure in this grand experiment of unbacked fiat currency that's been going on for 50 years.
edit; wait no. This table is valuing gold at only $42 an ounce, not the open market value of $2000 an ounce. Based on actually market value, the US gold reserves is double the value than all other currency reserves.
“And that is probably why the U.S.’s statutory price of gold stays fixed at a decades-old level of $42.22. The consensus that independent central banking is a good thing (because it keeps a lid on inflation) dictates that the Fed have plenty of ammo. If the official gold price stays at $42.22, the Fed can lay claim to the full 261,498,927 ounces held by the Treasury. If the price is increased, the Fed gets only a sliver of that, the Treasury laying claim to the rest. And with fewer resources, the Fed’s has less control over the purchasing power of currency.”
It's not so much about 'ammunition': for that it doesn't matter how the central bank accounts for their gold.
The archaic official value of gold is just a political left-over from when the US was part of the Bretton Woods system, and no politician has found it advantageous to change that relict.
Just like we are still labouring under lots of other old regulations. Like taking our shoes off at the airport.
tldr; the Fed owns gold certificates which give it a claim on a $11 billion worth of gold held by the US Treasury. They don't have a claim on a number of ounces of gold, so the US hasn't changed the convertibility value of gold certificates of $42.22 set in 1973 so that the Fed's claim on an absolute mass of gold remains unchanged.
It still doesn't quite make sense to me, because if the official value matched the market value, the Fed would still have the same claim to their book value of gold. It makes me think that something else is going on that's intentionally obscured.
The total value of all currency right now is far higher than the value of all the gold - if there was some sort of rush back to gold the price increase would be tremendous
Yes, the thing that ended was pegging currencies to specific amounts of gold. Central banks / nations still hold large supplies of assets to "back" their currencies. It is just quite a lot more efficient to be able to manage the money supply.
https://tradingeconomics.com/country-list/gold-reserves
And since the 2008 financial crisis and recent events with Russia, it seems like that uncertainty might be justified.