Comment: I've Read More Than One Reason.

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I've Read More Than One Reason.

Reason # 1.
In 1933 Roosevelt made it illegal for rank and file Americans to use Gold in everyday transactions, as they had been doing since 1794.
However, international settlement payments, or foreign trade settlements, were still settled in "physical" Gold, at U.S.$20.00 per ounce, up until Roosevelt's executive order { 1933} at which time the U.S. dollar's "value" was changed to 1 ounce of Gold was now worth $35.00 paper dollars. { Completely unConstitutional since Congress alone was Constitutionally allowed to "Value" money.}

At the end of WW II {1945} the USA was the only industrialized nation that still had it's manufacturing base intact, so foreign trade boomed bringing in about 24,000 metric tonnes of Gold under the USA's ownership.
But by 1971 the Vietnam war made the USA's Gold ownership dwindle down to about 8,133 M.T. because now foreign trade was beginning to show a steady decline of the USA's physical Gold, because the USA was now importing more than it was exporting.

Reason #2. Mr. Nixon could simply have changed the value of USA held Gold, instead of changing the convertible value, with Congressional approval, because apparently some Europeans were getting a higher price than $35.00 to the ounce, when they sold Gold @ $42.00-$45.00 per ounce.

beesting