The St. Louis Federal Reserve Bank has a document on file, marked confidential, taken from the papers of William McChesney Martin Jr. (Chairman of the Board of Governors of the Federal Reserve from 1951-1970, the longest tenure). The collection is housed at the Missouri Historical Society. The paper was discovered by researcher Elaine Supkis and is cited by James Turk at the Gold Anti-trust Action Committee’s website.

Note the following:

“There can be little question that the interconvertibility of gold and the dollar at a fixed price will have to remain the keystone of the international currency structure. At the same time, foreign exchange dealings by the United States monetary authorities, when judiciously applied, can serve to reduce capital flows, to dampen speculation, to minimize potential reserve effects, and hence, to minimize the impact on the United States gold stock.
The basic purpose of such operations would be to maintain confidence in the dollar* Foreign exchange operations would, of course, not be a substitute for other appropriate and basic actions to maintain the integrity of the dollar* but would serve as a highly useful and flexible addition to other monetary and fiscal policy measures..”