The U.S.gold outflow that began in the late 1940s and continued through the 1960s was due in part to:

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The U.S. gold outflow was due in part to an overvalued dollar. Under the Bretton Woods system, the U.S. dollar was pegged to gold at a rate of $35 per ounce. However, the U.S. ran persistent trade deficits in the 1960s, leading to a glut of dollars in foreign central bank reserves. As confidence in the U.S. ability to maintain the peg waned, foreign governments began demanding gold in exchange for dollars. This outflow of gold put pressure on the U.S. to either devalue the dollar (which it did in 1971) or risk running out of gold reserves.

The USGold Outflow That Began in the Late 1940s and Continued