Gold And You (1968)

Throughout history, gold has been a sought-after commodity, serving as a reliable form of currency due to its scarcity, durability, and ability to be shaped into coins. After World War II, the United States experienced a favorable balance of payments, accumulating over $30 billion in gold. However, as European economies recovered and the common market emerged, the U.S. began to face trade deficits. Increased military spending, tourism, and foreign investments drained dollars from the U.S., leading to a crisis in its gold reserves by 1968. President Johnson proposed measures to restore balance and maintain the dollar’s value, including reducing overseas spending and eliminating the gold cover to free up reserves for international settlements.

Keywords:
gold, currency, balance of payments, World War II, United States, trade deficits, European economy, common market, tourism, military spending, President Johnson, economic expansion, gold reserves, dollar value, international settlements.