Nixon's plan was the detachment of the dollar from the gold

Nixon's plan was the detachment of the dollar from the gold standard.[96] By the time Nixon took office, U.S. gold reserves had declined from $25 billion to $10.5 billion. Gold was an underpriced commodity, as the dollar was overpriced as a currency. The United States was on the verge of running its first trade deficit in over 75 years.[104] The price of gold had been set at $35 an ounce since the days of Franklin Roosevelt's presidency; foreign countries acquired more dollar reserves, outnumbering the entire amount of gold the United States possessed. Nixon completely eradic

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