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It was illegal for Americans to own gold (except for some jewelry and collectors coins) between 1933 and 1975.

Gold Reserve Act

The United States Gold Reserve Act of January 30, 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury. It also prohibited the Treasury and financial institutions from redeeming dollar bills for gold, established the Exchange Stabilization Fund under control of the Treasury to control the dollar’s value without the assistance (or approval) of the Federal Reserve, and authorized the president to establish the gold value of the dollar by proclamation.

Immediately following passage of the Act, the President Franklin D. Roosevelt changed the statutory price of gold from $20.67 per troy ounce to $35. This price change incentiv… Continue Reading (8 minute read)

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