« 6TH POPE Home | Email msg. | Reply to msg. | Post new | Board info. Previous | Home | Next

The Gold Standard

By: Zimbler0 in 6TH POPE | Recommend this post (0)
Sun, 20 Aug 23 2:29 AM | 44 view(s)
Boardmark this board | 6th Edition Pope Board
Msg. 45134 of 60008
Jump:
Jump to board:
Jump to msg. #

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.




Avatar

Mad Poet Strikes Again.


- - - - -
View Replies (1) »



» You can also:
« 6TH POPE Home | Email msg. | Reply to msg. | Post new | Board info. Previous | Home | Next