The loophole gold did lose quite a bit of it's value as a result though, looking at a CPI adjusted price chart gold went from a high of $692 an ounce in 1934 to

The loophole gold did lose quite a bit of it's value as a result though, looking at a CPI adjusted price chart gold went from a high of $692 an ounce in 1934 to a low of $246 in 1970 culminating in the end of the gold standard, and then to $2200 by 1980 following repeals.