FDR’s rationale for confiscating gold was in order to reprice it and thereby increase the money supply by a full third.
A new gold standard would simply have to restore convertibility, just as was done in 1876 after Lincoln had suspended convertibility in 1862. The conversion price could be the current spot price.
“the US doesn’t have enough gold,”
The US “didn’t have enough gold” at any time that it was on the gold standard. When there is a gold standard actual demand for specie drops.
Yes, he raised the price from 20.67 to 35, netting the government a tidy profit. But the point is he outlawed money.
Think about that. Does that sound even remotely legal to you?
You’re saying the “conversion price” could be the spot price.
That’s why it’s pretty well unworkable. And that’s even leaving silver, or bimetallism, out of the mix. The Treasury has to have a supply of gold that exceeds demand at a fixed price, that must be higher than the market price. Otherwise, one merely exchanges paper notes for gold coin of the same value, and sell the metal for scrap. Rinse, lather, repeat. This arbitrage is exactly the reason today it is unlawful to scrap copper pennies.