Trump’s campaign plans to end the gold standard and create a system that allows gold to be mined in a number of countries that do not have one could end in court, according to legal experts.
Trump’s plan could be challenged by the US Federal Reserve and other financial institutions, but could still be adopted by the president, who has been vocal about his desire to get gold mined abroad.
“I would be surprised if he’s going to go forward with that,” said John O’Sullivan, a law professor at George Washington University and a former US Treasury official.
“I wouldn’t think he would go ahead with that.
It’s probably something that would require a lot of litigation and a lot more regulation.”
The US currently mines more than 90 percent of its gold reserves in overseas locations, which have the advantage of being relatively cheap compared to the U.S. dollar, which has a 10-year life expectancy.
Gold is considered a reserve asset that can be held indefinitely and can help ensure the value of the dollar is preserved.
Gold was also one of the biggest foreign assets that Trump and his administration have discussed during the campaign.
Gold bullion, a popular way to hedge against volatility in the value and prices of assets, has been widely traded since the financial crisis, when gold prices began to surge and the Federal Reserve kept interest rates low to support the dollar.
Trump has long been a proponent of gold as a safe-haven asset, particularly when buying gold bullion at higher rates.
Trump has also advocated to revive the gold futures market and to move it to a public exchange, but his plan to move the market to a futures-based system is likely to be a sticking point.
Gold futures markets in New York and other big cities have been closed since last fall amid the ongoing legal fight over the Trump campaign’s plan for gold to become a legal tender.
Gold prices have soared since the election of President Donald Trump in November, which helped push gold to record highs, and they are up nearly 20 percent since February, according the Commodity Futures Trading Commission.
The Gold and Silver Institute, a gold-mining trade group, estimates that $1.6 trillion worth of gold is stored at banks worldwide, including $300 billion in U.K. gold, while a similar amount of silver is in storage in the U, European Union, Chinese, Mexican and Japanese gold bullions, according a report published in December.
Gold’s value has been in a steady climb, hitting $1,400 an ounce in January and topping $2,000 per ounce in February.
Gold futures prices are expected to average $2.25, according Reuters.
The price of gold has also jumped dramatically since Trump won the presidency, rising by more than $200 per ounce from last year, according and Bloomberg News.
The gold market has also seen its volatility, especially during Trump’s presidency, as the president has not been as supportive of gold trading as other presidents have been.
The United States has seen several large-scale disruptions in the price of its precious metals, including a recent crash that wiped $6 billion from gold prices.
Gold and silver prices have also skyrocketed amid the election and subsequent protests over Trump’s administration.
In October, Trump announced a ban on new executive orders barring immigrants from seven Muslim-majority countries and a ban against people from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen from entering the United States.
Trump later said he would reverse the order if he was elected, but he later reversed his position after his victory.
The Justice Department on Monday filed a lawsuit challenging Trump’s executive orders and his refusal to comply with a court order that temporarily blocked a portion of his travel ban, arguing that the president is violating the Constitution.
Trump signed an executive order to temporarily suspend travel from Iran and Iraq, and he signed another executive order in the days following his inauguration banning all refugees from Syria.
The Supreme Court last week heard arguments in a lawsuit brought by the Justice Department challenging Trump for blocking an order to withhold money from a group that is part of the Muslim American Association.
The Trump administration has faced criticism for what some have said is a lack of transparency in its dealings with the court.