" They don't have anywhere near enough gold to cover the trillions of US dollars that will come flowing back in." I'm confused or ignorant, thought the USD hasn't been redeemable since 1971, when Nixon took us off gold standard, and then into petro $s in 1976 ish?

I'm confused or ignorant, thought the USD hasn't been redeemable since 1971-6 ish? When Nixon took us off gold standard.