"In 1933, the U.S. suspended gold convertibility and gold exports. In the following year, the U.S. dollar was devalued when the gold price was fixed at $35 per troy ounce. After the U.S. dollar devaluation, so much gold began to flow into the United States that the country’s gold reserves quadrupled within eight years. Notice that this is several years before the outbreak of World War II and predates a large trade surplus in the late 1940s. [...] In 1930, the U.S. controlled about 40% of the world’s gold reserves, but by 1950, the U.S. controlled nearly two-thirds of the world’s gold reserves."

https://www.stlouisfed.org/publications/regional-economist/f...