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The Gold Standard

By: Zimbler0 in 6TH POPE | Recommend this post (0)
Sun, 20 Aug 23 2:29 AM | 38 view(s)
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Msg. 45134 of 58598
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Help me out here De.
What I'm seeing is extremely strange. (See correction.)

Back around 1971 Nixon took the U.S. off the Gold Standard.
( https://www.federalreservehistory.org/essays/gold-convertibility-ends )

And the U.S. was supposed to redeem American currency at the rate of $35 an ounce.

Around 1971 (according to this site) gold was selling for just under $300 (Wrong) an ounce . .
( https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart )

Correction. There was a block labeled 'inflation adjusted'. I clicked it off and got 'better numbers'. It seems in 1971 gold was running from $37 to $43 an ounce.

But, what was to keep enterprising foreigners from redeeming dollars for gold at $35 then selling the gold for more?

Zim.




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Mad Poet Strikes Again.


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