Nixon Shock (August 1971)
President Richard Nixon suspended the dollar's convertibility to gold, ending the Bretton Woods fixed-exchange-rate system. Foreign governments, led by France, had been redeeming dollars for gold, draining US reserves at $35 per ounce.
The dollar devalued, exchange rates floated, and the official gold peg collapsed.
The event ended gold's role as the anchor of the international monetary system, establishing the fiat-dollar era that has run for over half a century.
Today's central bank gold buying reverses part of the post-1971 trajectory, as foreign governments again move reserves from dollars into gold.
