The Ledger Letter
Finance Studio Advisors · Wednesday, June 17, 2026
Market Intelligence Partner
In 1934, FDR signed one executive order that changed one number on the government’s books.
Most Americans had no idea what happened. But the small group who were positioned ahead of time built wealth that lasted generations.
Now the same executive power is in play again. And the numbers are 100 times bigger.
The government values its gold at $42 an ounce. The market says $5,000. That’s a $1.2 trillion gap. There’s legislation in Congress to close it. The Treasury Secretary confirmed the plan. A Federal Reserve economist published the roadmap.
Trump doesn’t need Congress. Doesn’t need a vote. One signature. One executive order. That’s all it takes.
Goldman Sachs is forecasting gold at $5,400 by year end. JP Morgan says $6,300. But those numbers don’t account for a government revaluation. If Trump signs that order, experts believe prices could go far beyond anything Wall Street is projecting.
The difference between the Americans who built generational wealth in 1934 and the ones who didn’t came down to one thing. Timing.
A free report called “The Great Gold Reset” reveals the executive authority, the legislation, the timeline, and how to get positioned before Trump picks up the pen.
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The Fed Holds. Your Dollar Doesn’t.

At 2:00 PM ET today, the Fed will hold rates at 3.50–3.75%. CPI is 4.2%. The real rate is negative. Every month the Fed holds below inflation, the purchasing power of your savings, your money market, your retirement erodes. The hold is not neutral. It is a transfer from savers to borrowers — and the largest borrower is the US government at $39 trillion in debt. Gold at $4,337, the 30-year near 5%, and central banks hoarding 244 tonnes in Q1 are all pricing the same thesis: the dollar is being devalued by policy choice.
The Breakdown
Today’s disagreement: equities say the hold is good for growth. Gold, the 30-year, and central bank reserves say it’s erosion.
01
The Hold
Fourth consecutive hold. 97% priced on CME FedWatch. Decision at 2:00 PM ET with dot plot and projections. Warsh’s first press conference at 2:30. He is not expected to submit his own dot.
02
The Math
CPI 4.2% minus Fed midpoint 3.625% = −0.575% real rate. Cash savings lose purchasing power every month. The government’s $39 trillion debt gets cheaper to service. A hold is not a pause. It is a policy choice with a cost.
03
The Signal
Gold $4,337. Central banks: 244 net tonnes in Q1. China: 18 consecutive months of buying. 30-year yield just under 5%. All pricing the same thesis: the dollar is being devalued by policy.
By the Numbers
Fed Funds Rate3.50–3.75% (hold 97%)
May CPI (YoY)4.2%
Real Rate (Fed minus CPI)−0.575%
Spot Gold (XAU/USD)$4,337 (+2% this week)
DXY (Dollar Index)~99.5
30-Year Treasury Yield~4.95%
Central Bank Gold (Q1)244 tonnes net
Sources: CME FedWatch, BLS, TradingEconomics, World Gold Council. June 17.
The Full Picture

Negative Real Rates Are a Policy Choice. Here’s Who Pays.

The Hold Is Not Neutral

A hold at 3.50–3.75% with CPI at 4.2% means cash is losing roughly half a percentage point of purchasing power per year. A retiree with $500,000 in a money market loses approximately $2,875 in real value annually, even while earning nominal interest. The government, at $39 trillion in debt, benefits — negative real rates reduce the effective cost of servicing that debt by hundreds of billions per year.
Partner Perspective

Something strange is happening to your money.

It wasn’t voted on. It wasn’t debated in the Senate. And most Americans have no idea it’s even taking place but…

President Trump is replacing the U.S. dollar.

Not with crypto. Not with a digital currency. Something far bigger than that – and it’s already been signed and sealed in the back rooms of D.C., ready to be issued by the U.S. Treasury.

Bypassing every legal and political channel under the guise of “national security,” Trump has enacted this total money reset using a landmark executive order (1421).

Whether you’re a Democrat or Republican, whether you support this new money or not, it doesn’t matter.

Soon, every U.S. citizen will be forced to use Trump’s New Dollar to fill their gas tank, buy groceries, and pay medical bills.

Which is why I’ve produced a critical new documentary laying out exactly what Trump’s New Dollar means for your savings, your investments, and your family’s financial future.

Detailing three important steps you can take today to prepare – including the name of a core band of assets connected to Trump’s initiative that could surge as a result.

As you’ll see in my briefing, the last time America reset its money like this – under Richard Nixon’s presidency in the 1970s – it created one of the greatest wealth divides in the history of our nation.

On one side, it minted an average of 1,300 new millionaires a day for over half a century. And on the other… the folks left behind, drowning in debt, with no idea how to use America’s new money to create wealth.

As Trump rolls out his new dollar, the question is:

Which side will you be on?

Trump's New Dollar Briefing

Good investing,
Porter Stansberry

P.S. If you’re wondering what Trump’s new money will look like, when it will be issued, what it means for your investments – all of those questions are answered in my briefing.
Three Markets Pricing the Same Erosion

Gold is up 29% year-over-year. Central banks bought 244 net tonnes in Q1. China has added reserves for 18 consecutive months. The 30-year yield sitting just under 5% is the bond market’s verdict: long-duration holders are demanding more compensation for inflation risk than at any point since the energy shock began. Our view: when gold, central bank reserves, and the long bond all move in the same direction, the disagreement is not between markets. It is between markets and the Fed.

What 2:00 PM Changes and What It Doesn’t

The rate decision is settled. The dot plot is not. Bank of America flagged at least three members projecting hikes in 2026. If the median shifts from one cut to zero, the market shrugs. If it shifts to one hike, the 2-year reprices hard. JPMorgan expects the easing bias to be removed entirely. None of those outcomes fix the real-rate math. CPI is still 4.2%. The policy rate is still 3.625%. The gap is the story.

The Position Going In

Equities are up 12% since March on the AI-productivity bid Warsh himself likes to cite. That rally survives only if inflation fades or the Fed signals it will not tighten. The Iran deal helps the first case. But May PPI at 6.5% complicates it. Worth watching: the 2-year yield in the first 30 minutes after 2:00 PM. If it moves more than the 10-year, the market is repricing the near-term path. If the 10-year leads, the market is repricing the regime. The difference matters for every dollar you hold through Thursday morning.
In this tape, the Fed holds at 2:00 PM. The dollar doesn’t wait. Gold, the long bond, and the world’s central banks have already voted. The only question is whether Warsh acknowledges the count.
The Ledger Letter
When markets disagree, the signal is in the disagreement.
This newsletter is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results.

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