On June 3, 1975, Fed Chairman Arthur Burns, sent a “Memorandum For The President”
to Gerald Ford, which among others CC:ed Secretary of State Henry Kissinger and future Fed
Chairman Alan Greenspan, discussing gold, and specifically its fair value, a topic whose prominence,
despite former president Nixon’s actions, had only managed to grow in the four short years since the
abandonment of the gold standard in 1971. In a nutshell Burns’ entire argument revolves around the
equivalency of gold and money, and furthermore points out that if the Fed does not control this core
relationship, it would “easily frustrate our efforts to control world liquidity” but also
“dangerously prejudge the shape of the future monetary system.” Furthermore, the memo
goes on to highlight the extensive level of gold price manipulation by central banks even after the
gold standard has been formally abolished.
http://www.zerohedge.com/article/smoking-gun-fed-controlling-gold

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