The Treasury will purchase newly mined gold at $34.45 per ounce. This acknowledged the devaluation of the paper dollar, which previously traded with gold at a rate of $20.67 per ounce. Extracted from the series "Press Releases of the United States Department of Treasury" at FRASER (online Federal Reserve library), https://fraser.stlouisfed.org/title/press-releases-united-states-department-treasury-6111.