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GRABOW_GEOFFREY@tandem.com asked:

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Didn't Nixon take the U.S. off of the gold standard?

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The US$ was devalued from $35 to $38 /oz gold and the Treasury stopped redeeming dollars from anyone other than central banks in '69. This created a two tier market. The US devalued again in '70 (0r '71) to $45 /oz, and then threw in the towel and stopped backing the currency with anything other than "the full faith and credit of the US government" [:)]. US citizens were permitted to own gold bullion again as of Jan '75, under Ford.

Jeff trestrab@gvsu.edu

Roosevelt eliminated domestic convertibility 1n 1933. Nixon eliminated international convertibility ("closed the gold window" as it's often stated) in August, 1971. The dollar was devalued from 1/35 oz of gold to 1/38 oz in December, 1971. The dollar was devalued from 1/38 oz to 1/42.22 oz in Feb, 1973. Of course, the devaluations didn't really matter since even the international convertibility ha been eliminated. Reynolds