U.S. Debt Remains 'Gold Standard'President Roosevelt's Executive Order 6102:
- WSJ
The order confiscated any gold, other than some numismatic pieces, jewelry and dental gold, from all American citizens.
The holders were forced to exchange the shiny stuff for Federal Reserve paper at the rate of $20.67 per ounce.
On Jan. 30, 1934, the Gold Reserve Act fixed the price of gold at $35.00 resulting in an instant profit to the Government of 69.32% on the gold it had taken under threat of imprisonment ten months earlier.
