The U.S. dollar was backed by gold for some time, but is not anymore. After President William McKinley signed the Gold Standard Act in 1900, the U.S. went on a gold standard in which one dollar was convertible to 1.5 g (23.22 grains) of gold. In early 1933, President Franklin D. Roosevelt suspended the gold standard with the exception of foreign exchange. In 1971, in the most well-known of the “Nixon Shock” series of actions, President Richard Nixon severed all ties between the U.S. dollar and gold, effectively abolishing the gold standard.
However, gold is a highly liquid asset, and it is easy to buy and easy to sell. Simply call your precious gold coin dealer in Dana Point and order the coin and bar products you’d like and wait to receive the metals at the address you specified. The process could take as little as three business days. Most the time Gems N ‘Loans has bullion and specialty gold coins on hand in their vast inventory.
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