[00:02] anymore, why does the Federal Reserve supposedly have so much gold still? President Richard Nixon closed the gold window on August 15th, 1971, ending the convertability of the dollar into gold. This action broke the [music]
[00:17] Bretonwoods agreement and it put the world on a pure fiat or paper currency States decided to keep what was left of the gold rather than continue allowing people to redeem it. If the US dollar is not backed by gold anymore, why does the
[00:33] Federal Reserve supposedly have so much gold still? And the truth is it doesn't. In reality, the Federal Reserve does not directly own any of the country's gold since 1934 because all the federal gold was turned over to the Treasury. But the
[00:47] Fed does have a claim on it in the form of a gold certificate issued by the Treasury. This gold certificate is recorded on the Fed's balance sheet, just sort of like its portfolio of assets, which totals gold at about 11
[00:59] billion. That represents the nation's entire official gold