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well, that's not at at all what I asked for an example of. I know the history of the gold standard and when/how/why the dollar was taken off gold backing. I wo
by metaphorm 10y ago
well, that's not at at all what I asked for an example of. I know the history of the gold standard and when/how/why the dollar was taken off gold backing.
I would like to know of a historical example of when a significant (meaning large quantity, high economic impact) exchange of dollar denominated treasury notes were redeemed for their face value in gold metal. did that ever even happen? I'm unaware of any instances of that, but then, I'm not a scholar in the field.
- smallnamespace 10y agoHow is that any different from redeeming notes in dollars, then buying gold for the pegged price of $35/oz.? Since the markets were open and liquid, I'm sure people converted between gold and dollars all the time. It just wasn't anything to make note of. What did cause Nixon to take the US out of Bretton Woods is when a bunch of our trading partners threatened to redeem dollars for gold all at once, and we didn't have enough gold to cover it.