One of the methods the Fed could take, would be—if all the conditions are right and it’s negotiated beforehand among other central banks and the Bank for International Settlements (BIS) and other bodies—is to name a higher price for gold in dollar terms and announce that you would tender all gold at $X price per ounce.

And then you would buy all gold up to that price. Just the announcement would not be inflationary, but the process of printing the dollars to buy the gold would be inflationary. In other words, it is quantitative easing but instead of buying debt you’d be buying gold.