What Happened to the Gold?

2 years 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.

December 5, 2012 at 6:21 pm

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Profile photo of ELI var namnet ELI var namnet (@manimal) 2 years 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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Profile photo of Colton Colton (@emecom) 2 years ago ago

Fort Knox

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Profile photo of ryan34 ryan34 (@ryan34) 2 years 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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