Wells Fargo has issued a note directed at U.S. President Donald Trump, advising not to forget why America has dropped the gold standard.
What the U.S. bank is referring to is Trump’s pro-gold Federal Reserve nominees, one of them being Judy Shelton, who supports the return to a gold standard.
“We consider [Judy Shelton] to be a surprising choice for a pro-growth president. Ms. Shelton has the rare view that the U.S. should return to the gold standard—a restrictive monetary system, last seen during the Great Depression in the 1930s,” Wells Fargo head of real asset strategy John LaForge wrote on Monday.
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