 In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the dollar price of gold from US$35.50 to US$38 an ounce.Speculation against the dollar in March 1973 led to the birth of the independent float, thus effectively terminating the Bretton Woods system.Since March 1973, the floating exchange rate has been followed and formally recognized by the Jamaica accord of 1978.