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<p>[QUOTE=&quot;yakpoo, post: 5575347, member: 18157&quot;]A whole lotta gold was taken out of the country...</p><p><br /></p><p>&quot;During the financial crisis of 1933 that culminated in the banking holiday in March 1933, large quantities of gold flowed out from the Federal Reserve. Some of this outflow went to individuals and firms in the United States. This domestic drain occurred because individuals and firms preferred holding metallic gold to bank deposits or paper currency. Some of the gold flowed to foreign nations. This external drain occurred because foreign investors feared a devaluation of the dollar. Together, the internal and external drains consumed the Federal Reserve’s free gold. In March 1933, when the Federal Reserve Bank of New York could no longer honor its commitment to convert currency to gold, President Franklin Roosevelt declared a national banking holiday.&quot;</p><p><br /></p><p><a href="https://www.federalreservehistory.org/essays/roosevelts-gold-program#:~:text=The%20United%20States%20had%20been,jure%20gold%20standard%20since%201900.&amp;text=During%20the%20financial%20crisis%20of,out%20from%20the%20Federal%20Reserve" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.federalreservehistory.org/essays/roosevelts-gold-program#:~:text=The%20United%20States%20had%20been,jure%20gold%20standard%20since%201900.&amp;text=During%20the%20financial%20crisis%20of,out%20from%20the%20Federal%20Reserve" rel="nofollow">https://www.federalreservehistory.org/essays/roosevelts-gold-program#:~:text=The United States had been,jure gold standard since 1900.&amp;text=During the financial crisis of,out from the Federal Reserve</a>.[/QUOTE]</p><p><br /></p>

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