from the governments perspective existing bonds already have a fixed coupon/yield.
issue new bonds with a small gold backing to reduce yields. the existing bonds can go to 50% yield, it doesnt affect the deficit or government financing.
but if yields drop 1% as a result of say 5% gold backing you've just saved 360B a year in interest than it otherwise would have been.
The us produces 5.5Moz a year in gold. at current spot prices and a 5% backing the us can back 360B of bonds.
in context of a 1.5T backing it isnt much, but maybe you only need a token amount.. drop the backing to 1%, and revalue gold to 10k/oz and youre able to back 5.5T with just domestic production without touching gold in fort knox. (if its all there).
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