[bert]

-——President Richard Nixon embarked upon an experiment to end the practice-——

Nixon did not embark on an experiment. He caved to reality and quit selling American gold at $35 when traders were buying it here and immediately selling it in London for $40 and bringing the $35 back and buying more and then selling it at $40. In two round trips they pocketed $10. Nixon had no choice but to allow the US$ devaluation.

Regarding the 5 year prediction. That might very well happen but the US$ will follow others. Much of the world will adopt some new gold standard before we do.

[Justa]

How about we pay off the debts first with the Play-Do money before stabilizing and restoring its value.

[Aevery_Freeman]

Why would London buy gold from individuals at $40 USD if they could buy it direct for $35?

A currency exchange must have been involved which serves to stabilize the value of the dollar.

[ctdonath2]

Now they do the same with currency trading, instantly from their desks.