We lost our gold backing in the early 70's in favor of becoming the global petrodollar. We lost the global petrodollar standing within the last month because our sanctions backfired. The US dollar is in real trouble and I expect inflation to spiral out of control
I think Roosevelt took the dollar off Gold in '33. Nixon just ended foreigners redeeming dollars for Gold in '71.
No, the dollar was still redeemable by foreign nations for one-thirty-fifth of a Troy Ounce of gold, or three-tenths of a Troy Ounce of silver, till 1971, when Nixon took the dollar off the metals standard completely. After 1933, US citizens lost the ability to legally own gold in bullion form, unless your profession required it.
