At first Nixon tried devaluation, but the amounts were far too small to stop the gold drain.

FORBES: Give The Gold Standard Its Due

This created a drain on our gold reserves, and if something were not done, it was likely that the U.S. would lose all of its reserves.

FORBES: Give The Gold Standard Its Due

Nowadays, India is by far the world's biggest buyer of gold and those imports are an increasing drain on an economy that is growing too slowly to reduce widespread poverty.

NPR: Baubles To Bars: India Gold Culture Defies Curbs