[Orangedog]

The fecal matter hit the oscillating blades when Nixon closed the gold window on foreign holders of dollars, cutting the last tie that the US dollar had to gold. At the time there were a lot of "smart" people in global finance who thought that this would cause the price of gold to fall through the floor because they actually thought that the only reason gold had any value was because it was tied to the dollar. At the time, gold was pegged at about $35/ounce. In 1980 gold topped out at over $800.

[Iris7]

As the used to say in the idiotic '60s and '70s, Right On!!!!