Former US Congressman Dr. Ron Paul reiterated his long-standing call to abolish the Federal Reserve, stating that the institution is unconstitutional, illegal, and harmful to the already severely divided US economy. According to him, if the economy really has cracks and the Federal Reserve behaves improperly, gold prices may double.

Paul emphasized in an interview the urgency of understanding the unrestricted power of the Federal Reserve and its impact on the value of the US dollar. He expressed concern about Federal Reserve Chairman Powell's statement that the president cannot dismiss him. Paul finds it ironic that Powell is using the law to defend his position while overseeing an institution that Paul considers fundamentally illegal.

Paul described the Federal Reserve as the largest taxpayer in the United States and criticized its lack of transparency and accountability. He stated that the Federal Reserve's ability to create currency through fiat currency has led to an out of control deficit and driven unsustainable economic growth. He believes that there are cracks in the US economy and there is already a risk of collapse.

Paul drew analogies to historical examples such as Venezuela and Zimbabwe, warning that if the power of the Federal Reserve is not limited, the United States will also face a similar fate. However, he expressed support for measures aimed at reducing government spending and promoting fiscal responsibility.

Paul also stated that the trend of gold prices this year reflects people's growing concerns about the stability of the US dollar.

He remains a staunch supporter of holding gold, believing that it can hedge against inflation and economic uncertainty.

Paul added that as the flaws in the current monetary system become more apparent, gold will continue to rise.

He warned, "If we don't do the right thing, you'll see gold prices double, triple, or even quadruple. Those who want to cut spending and link it to monetary policy have a very important job. Last year, gold experienced an interesting explosive growth and will continue to rise. When gold prices exploded in the 1970s, it went from $35 to $800

Daily chart of spot gold