Earlier quoted context omitted.
Ok, so you subscribe to the notion that price increases equals "dollar inflation" The fallacy in your thinking is that because prices increased, dollars were "inflated" vs. gold, in which prices would have otherwise remained fixed. But the gold supply increased dramatically over the same period. As you point out prices increased ~75%, but at the same time US gold reserves increased nearly 3x. 2293 tons in 1913 vs 635…
The value of gold is not determined by the quantity the Fed has. The global supply of gold did not increase 3x. The Fed kept a fixed exchange rate for gold, while inflating the currency supply. As I said, such pegged systems inevitably result in a sharp correction.
The government's gold reserve increased 3x.
> The Fed kept a fixed exchange rate for gold, while inflating the currency supply.
"inflating" the current supply of what? dollars? As noted the reserve ratio did not decrease. As there were more dollars there was more gold backing it.