On Sunday, August 15, 1971, Richard Nixon and his advisors met at Camp
David and agreed on a plan to solve the monetary crisis. It included a 13%
devaluation against gold and a total closing of the gold window, which
meant no central bank could get gold from the Treasury. As this was
supposed to be temporary, until the crisis passed, the dollar was still as
good as gold, but at $40 an ounce instead of $35.
(pretty much plagiarized from
http://www.polyconomics.com/searchbase/01-08-99.html)
Regards,
Chris
www.GoldenGrams.com
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