We note the sharp contrast with 2001, when a shortage of dollar liquidity (strong and strengthening dollar, high real interest rates, low central bank dollar reserves, falling gold and commodity prices, rapidly shrinking U.S. profits) all spelled weakness.

FORBES: Wal-Mart Or Malpass?

The dollar has no intrinsic value and is not backed by any reserves of gold or silver.

FORBES: The Optimum Asset Allocation to Gold Is Always Zero

They wanted the U.S. to do more than it was doing to correct its external imbalance and they showed an interest in actually cashing in their excess dollar reserves for gold.

FORBES: Currency Manipulation

The U.S. committed to exchange for gold dollars held by foreign central banks and Treasuries (governments) while other countries used their dollar reserves to peg (i.e. manipulate) their currencies to the dollar.

FORBES: Currency Manipulation