So you think after May 1971, Switzerland and France redeemed USD$50M and USD$191M, respectively, in US products and soldiers? Because my sources tell me they redeemed it in gold.
Has Germany been trying to redeem their US deposits in US products and soldiers? OR did they ask for gold?
So much for your "is and always has been". Seems like depositors don't really care about US products and soldiers, more like, just its gold.
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (equivalent to $376.58 today[4]) per troy ounce. Under the Trading With the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, violation of the order was punishable by fine up to $10,000 (equivalent to $182,185 today[4]) or up to ten years in prison, or both.
I think central banks still trade a little gold now and then, though , as you point out.
