Per ounce, set in 1934 by Roosevelt.
While in 1971 the world's free market price was over $40.00 per ounce.
That's why with France leading the charge, foreign nations around the world were simply trading American, Gold redeemable dollars for physical Gold, which in turn was drawing down the USA's stock pile of physical Gold which had swelled to about 24,000 metric tonnes after WW 2.
Nixon was an idiot because he could have simply gone to Congress to raise the official U.S. price of Gold to match the world's free market price, which quite possibly would have stopped the USA Gold drain.
Ron Paul For President in 2012 !
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