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Treasury gold sales to foreign nations?

FrankHFrankH Posts: 945 ✭✭✭✭✭
in Precious Metals

Anyone know when that started? I can find numerous references to the Gold Reserve Act of 1934, but I thought the US had been selling gold to foreign banks prior to that.
The number of rarer gold coins coming out at present makes me wonder.
It seems unlikely that US citizens would have been holding the rarer gold coins.

????

Comments

  • derrybderryb Posts: 36,818 ✭✭✭✭✭
    edited February 5, 2022 11:18AM

    Convertibility of currency flourished as early as the late 1880s because a gold standard kept the price of gold fixed to the dollar. That all ended in 1971 when Nixon closed the "gold window" and gold prices began their climb to market determined levels. The window was closed because of rising inflation and it causing a drain on US Treasury gold supplies.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

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