Learn more about Gold and other Precious Metals at [ Ссылка ]
Also, read more about the London Gold Pool and out nation's gold history then versus now by hearing from a former Fed governor - [ Ссылка ]

A speech spurring the end of the price rigging London Gold Pool, but not the US dollar's Exorbitant Privilege that it still has today as the dominant reserve currency of the world (thanks to the 1970s petrodollar deals flowing into US bonds and treasury notes, etc.).

What was the London Gold Pool? + Who was Charles de Gaulle?

The London Gold Pool was an effort to contain the gold price from late 1961 to early 1968, by a group of 8 central banks.

In the London Gold Pool, the United States and 7 European nation’s central bank partners agreed to collude in order to maintain the Bretton Woods System of a fixed-rate convertible currency to the gold capital account system. To do so required defending a gold price of $35 oz USD through those years by direct interventions in the world’s then most important “price discovery” location, the London gold market. Of course, there was way too much currency issued at the time and thus failure was inevitable as France eventually decided to change course.

For just over six years' time, the aforementioned 8 conspiring central banks coordinated gold sales to balance spikes in the market price of gold as determined by the London morning gold fixing while buying physical gold supplies on price weaknesses.

The United States ended up providing about 50% of the required gold supply for sale (basically almost all the gold with was confiscated by the US government at $20.67 oz in 1933 and later us dollar devalued upon by revaluing gold to $35 oz in 1934).

The London Gold Pool price controls were successful for some six years yet this simple and crude gold price rigging system became unworkable as time and gold bullion outflows quickened as nations like France took delivery. The 1934 pegged price of $35 oz USD gold was way too low and deflationary compared to the world’s then outstanding currency supplies.

Thus there were many runs of delivery demands for physical gold bullion, runs on the British pound’s value, and runs on the US dollar’s value as well. France ultimately decided to withdraw from the pool. The London Gold Pool collapsed in March 1968.

Read about why the final vestiges of the gold standard failed as well as the man, John Exter, who oversaw US gold bullion outflows during the 1950s and 1960s as well as his life’s prescient thoughts and works on gold: [ Ссылка ]

Further info on the London Gold Pool price rigging failure:
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Who is Charles de Gaulle?

In February 1965, then French President Charles de Gaulle announced his intention to exchange its U.S. dollar reserves for gold at the official exchange rate. He sent the French Navy across the Atlantic to pick up the French reserve of gold and was followed by several countries.

These actions considerably reduced U.S. gold reserves and U.S. economic influence, it led U.S. President Richard Nixon to ultimately end unilaterally the convertibility of the dollar to gold on August 15, 1971 (the "Nixon Shock"). Which was claimed to be a temporary measure in his speech, but the dollar became permanently a floating fiat currency since and in October 1976, the U.S. government officially changed the definition of the dollar to good luck defining its value; references to gold were removed from statutes, etc.

This speech is slightly edited for the viewer if you want to see a longer more drawn out version try here: [ Ссылка ]

As for the speech, it was obviously given by then French President Charles de Gaulle in February 1965 essentially stating the case for why France would continue to swap excess currency reserves like US dollars into Gold Bullion.

Charles de Gaulle fought in WW1 and WW2. He was one of the first major French leaders to reject Nazi German rule outright in the early 1940s and helped spur on England to defend and fight against Nazi invasion.

The song is a remix of Nina Simone's original Sinnerman.

ORIGINAL version - [ Ссылка ]
2003 REMIX version - [ Ссылка ]

We have no copyrights on any of these songs and or video clips, they are for educational purposes only.

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