ClaimsRay Dalio

“It had 80 percent of the world’s gold stocks and gold stock — in other words, gold.”

Ray Dalio, Bridgewater founder, interviewee 25 October 2020 Transcript: Ray Dalio - The Big Picture (Ritholtz) archived copy

Factual Economics and markets

After World War II the United States held 80 percent of the world's gold stocks.

Unresolvable The public record could not settle it.

Factual: Statements about the present or the past, checked against the record: did they hold up?

The second judge would not resolve this claim; the verdict shown is the first judge's.

What would count as true or false

Taken as the US share of the world's official (monetary) gold reserves after WWII (around 1945–1950). True: historical data show a US share of about 75–80% or more at its post-war peak. Mostly true: a share of about 65–75% at the peak, or about 80% only of non-communist or central-bank gold. Mixed: estimates vary widely around the claim (some about 60%, others about 80%). Mostly false: the share was about 50–65%. False: the share was below about 50%.

Set before the research began.

Evidence (6)

  1. E1 Bretton Woods and the U.S. Decision to Intervene in the Foreign-Exchange Market, 1957–1962 Federal Reserve Bank of Cleveland (Working Paper 06-09, by Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz) · August 2006

    “The United States, which held 60 percent of the world’s gold reserves in 1950, lost only $213 million worth of gold on average each year between 1950 and 1957 (figure 4).”
  2. E2 Bretton Woods and the U.S. Decision to Intervene in the Foreign-Exchange Market, 1957–1962 (Working Paper 06-09) Federal Reserve Bank of Cleveland (authors Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz) · August 2006

    “The United States, which held 60 percent of the world’s gold reserves in 1950, lost only $213 million worth of gold on average each year between 1950 and 1957 (figure 4).”
  3. E3 [PDF] Statement of - FRASER - Federal Reserve Bank of St. Louis Federal Reserve Bank of St. Louis (FRASER), reproducing William McChesney Martin Jr.'s statement as Fed Chairman · 1 February 1965

    “Gold certificate reserves of the Federal Reserve Banks reached their peak of $23. 4 billion in September 1949 when the total U, S. gold stock amounted to about 70 per cent of the free world !s monetary gold.”
  4. E4 7. THE MONETARY SYSTEM AND THE CONTRADICTIONS OF CAPITALISM libcom.org (reprinted text, original author not shown on the fetched page) · 26 February 2017

    “World monetary gold (exclusive of socialist countries) in 1949 totalled $ 35,055 million, of which $ 24,563 million, or 70 per cent, were in the United States;”
  5. E5 7. THE MONETARY SYSTEM AND THE CONTRADICTIONS OF CAPITALISM libcom.org (reprinted text, original author not shown on the fetched page) · 26 February 2017

    “In 1951 the United States had a stock of monetary gold amounting to $ 22,873 million, or 64.3 per cent of the world total ($35,575 million).”
  6. E6 Gold Reserves Main Holders 1948-2008 Scribd (uploaded document; original data source not shown)

    “United States 21,682.4 21,828.2 20,279.3 20,326.3 20,663.1 19,631.4 19,366.7 19,331.0 19,602.2 20,312.3 18,290.6 17,335.1”

Reasoning

The evidence gives US shares of about 70 percent of the free world's monetary gold in 1949 (E4, E5), 60 percent of world gold reserves in 1950 (E1, E3) and 64.3 percent in 1951 (E6). It does not cover 1945 to 1948, so it does not show the post-war peak share that the criteria ask for.

Cite this claim

Ray Dalio, “After World War II the United States held 80 percent of the world's gold stocks.” (said 25 October 2020). Verdict: unresolvable. Reliability API, claim c_1688fbbb8293, method 0.1.0+c876030c, dataset release v1.1.2. https://epistacklabs.com/claims/c_1688fbbb8293

This claim is in dataset release v1.1.2, with the same verdict.

Reply to this claim

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More factual claims by Ray Dalio

  1. Mostly false Factual 9 May 2026
    “That has been true through all history.”

    Throughout history, including before World War II, societies have generally had rising living standards and become richer.

  2. Mostly true Factual 9 May 2026
    “So when we look at history, we see that in all such periods, all the fiat currencies go down, okay?”

    Dalio said that history shows all fiat currencies go down in all such periods, which followed the interviewer's reference to times "where they can print the money".

  3. Mostly true Factual 9 May 2026
    “It takes in about $5 trillion, so it spends 40% more than it takes in.”

    The US government takes in about $5 trillion and spends about $7 trillion, about 40% more than it takes in.

  4. Mostly true Factual 9 May 2026
    “you could still have financial problems, like the breakdown of the monetary system in 1971, okay?”

    The monetary system broke down in 1971 while the United States was still a dominant power.

  5. Resolved true Factual 9 May 2026
    “one-third of our debt is held by foreigners, so that’s a different thing.”

    About one-third of US debt is held by foreigners.

All of them

Verdicts are made automatically; how verdicts are made.