What Happened to the Gold?

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Avatar of dave
dave (@dkman)    1 year, 7 months ago

Before the Nixon presidency, the U.S. dollar was backed by gold or silver. A bill was worth a certain amount of either gold or silver. Then Nixon changed all that and ended the gold standard making it so that the dollar could not be exchanged for gold. So what happened to all the gold and silver that was being stored by those banks? Did they just get free wealth? Any information about this would be greatly appreciated thank you.

0 votes, posted 12.05.2012 at 6:21 pm
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Avatar of ELI var namnet
ELI var namnet (@manimal)1 year, 7 months ago ago

The gold is holed up in a deep, dark, dank cave. Protected by a fierce dragon and an army of trolls.

Nah it’s just in some rich people’s bank vaults.

Pretty much the same thing.

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Avatar of Colton
Colton (@emecom)1 year, 7 months ago ago

Fort Knox

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Avatar of ryan34
ryan34 (@ryan34)1 year, 7 months ago ago

Another reason why the US dollar will have very little value in the future. Buy gold while you can.

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