http://www.joeyconway.com/blog/2009/09/15/central-banks-becoming-net-buyers-of-gold/ THRILLS AND ADVENTURES! Wed, 21 Dec 2011 21:54:47 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.joeyconway.com/blog/2009/09/15/central-banks-becoming-net-buyers-of-gold/comment-page-1/#comment-7 Leslie Bates Fri, 18 Sep 2009 15:07:48 +0000 http://www.joeyconway.com/blog/?p=111#comment-7 The Bretton Woods agreement was held in July 1944 as WWII was ending. It was an agreement to keep currencies at fixed rates, with the dollar as the key currency. The dollar was redeemable into gold for foreign governments. The dollar was inflated thereafter and especially through the 1960s as a result of the "guns and butter" programs. The drain on the US gold supply was accelerating and depleting the reserves. Pres. Nixon closed the gold window in 1971, thus ending the Bretton Woods agreement. The dollar and gold were unpegged and allowed to float to free market prices. The dollar sank and gold rose from $35/oz to $800/oz. The Bretton Woods agreement was held in July 1944 as WWII was ending. It was an agreement to keep currencies at fixed rates, with the dollar as the key currency. The dollar was redeemable into gold for foreign governments. The dollar was inflated thereafter and especially through the 1960s as a result of the “guns and butter” programs. The drain on the US gold supply was accelerating and depleting the reserves. Pres. Nixon closed the gold window in 1971, thus ending the Bretton Woods agreement. The dollar and gold were unpegged and allowed to float to free market prices. The dollar sank and gold rose from $35/oz to $800/oz.

]]>