Gold Reserve Act Of 1934
The act also fixed the weight of the dollar at 15.715 grains of nine-tenths fine gold. By fixing the dollar at that amount, the dollar was devalued from $20.67 per troy ounce to $35 per troy ounce. By doing this, the Treasury saw the value of their gold holdings increase by $2.81 billion overnight.
Investment dictionary. Academic. 2012.
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