This is what got Nixon in trouble..when France tried to exchange dollars for gold.
They are all nervous after 6 years of massive money printing and would like to get rid of funny money....but there probably is no real metal to back it up....even a bit of it.
It’s a bad feeling knowing this is gonna puke someday, but not knowing when.....
There is exactly zero ounces of gold that “back up” US Dollars.
US Dollars are fiat money with absolutely no backing other than the ability to use them to pay taxes and settle debts denominated in USD.
Wasn’t that 3rd “Die bard” movie about the Germans trying to get their gold back?
Didn't get him in trouble at all. Nixon did the right thing at the right time. The alternative was letting deGaulle crash the US dollar with catastrophic consequences.
Except the French were trading dollars for US gold.
And Nixon knew that would be a problem if everyone tried that....