"After 1934, Alvarez explains that the Fed handed its gold over to the Treasury in exchange for gold certificates. When pressed further, Alvarez noted that the gold certificates do not represent any interest whatsoever in the gold itself. He explained the gold certificate listings on the Fed balance sheet, not as a claim to gold, but at most a claim to dollars from the Treasury."
You can read the original article here.
I'll post some videos on the federal reserve here for anyone, if there is any, who doesn't know how they operate. Two of the videos are from the either one of the Zeitgeist movies. I know not everyone is a fan of them but they are informative.