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yesterday was the 50-year anniversary of president nixon taking the united states off the gold standard now most people dont know exactly what that means and they may have heard that there was actually two different times that we went off the gold standard what actually happened was in 1933 when you hear that we were taken off the gold standard what it means is that the us government required everyone who had gold whether theyre gold coins or other types of gold to come in and to contribute them to give them to the government it became illegal to own gold the reason why they did that was the us government wanted to drastically increase the gold reserves that they held they were worried about inflation and a number of other things and so by doing that what they forced was everyone to give their gold up and to adopt the u.s dollar and to adopt the u.s coins in doing so now that the us had very deep gold reserves they were able to reprice the gold how well they just said its worth more
