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Confiscation

Gold Confiscation: Legal situation in the U.S.

Josephine Mason

Gold ownership was made illegal on 1st May 1933. U.S. citizens, under Order 6102, were allowed to own up to $100 in gold coin [+5 ounces]. Today that would be worth under $8,400, a mere token gesture to real gold owners. It acted as a tiny escape valve to the general body of citizens and did not detract from the fact that effective gold ownership was abolished.

The privilege, not right, to own gold was restored to U.S. citizens on the 15th August 1974 not 1971, when Nixon floated the USD against gold and stopped foreign central banks from converting USD to gold).

Tags: 
Confiscation
Gold
Legal
Josephine Mason