If the US dollar stopped being backed by gold in the 70s, what has the gold in Fort Knox been used for over the past 50ish years?

Question

If the US dollar stopped being backed by gold in the 70s, what has the gold in Fort Knox been used for over the past 50ish years?

In: Economics

Answer 1

Gold still plays a large role in the world economy. By holding large gold reserves, the U.S. government can influence the world price.