1834-4291747200000 | The U.S. switches from a bimetallic gold and silver standard to gold, fixing the price of the precious metal at $20.67 per ounce until 1933. |
1900-2208988800000 | The Gold Standard Act establishes gold as the only standard for redeeming paper money. |
1913-1798761600000 | Congress creates Federal Reserve. European countries suspend gold standard during WWI, but return to modified gold standard. |
1929-1293840000000 | People hoarding gold during the Great Depression. Federal Reserve raises interest rates, worsening the Great Depression, and causing companies to go bankrupt. |
1933-1167609600000 | Run on gold reserves causes President Roosevelt to close banks. Banks reopen after relinquishing all gold to Federal Reserve. Roosevelt orders Americans to turn gold in for dollars, which creates gold reserves at Fort Knox. |
1934-1136073600000 | The Gold Reserve Act prohibits private ownership of gold. Roosevelt increases the price of gold for the first time in 100 years. |
1939-978307200000 | The Depression ends, and countries return to a modified gold standard. |
1944-820540800000 | The Bretton Woods Agreement sets the exchange value for all currencies in terms of gold. Because U.S. holds most of the world's gold, countries peg the value of their currency to U.S. dollar, not gold. |
19700 | The U.S. no longer holds sufficient gold to cover foreign dollar holdings. |