Amidst accelerating inflation in the United States, this unsustainable situation collapsed in May 1971, when West Germany was the first to withdraw support for the dollar and officially abandon the Bretton Woods accords, fueling a quick decline in the value of the dollar.[17] Under pressure from currency speculation, Switzerland declared secession in August with $50 million in gold purchases, and France followed suit at the rate of $191 million. This brought the US gold reserves to their lowest level since 1938.