The Government Raided Safe-Deposit Boxes to Confiscate Gold During the 1930s

TheStreet reminds us how President Franklin Delano Roosevelt's Executive Order 6102 prohibited the "hoarding" of gold bullion.

Citizens were ordered to surrender their gold bullion in exchange for cash.

Relying on voluntary compliance, government agents were not authorized to conduct random sweeps of bank vaults.
Most Americans who held gold in their home ignored the executive order. Despite that, some safe-deposit boxes containing gold were seized, on a small scale, because of bank failures.

Government officials back then had no ability to keep tabs on individual bullion owners.
Nor does it today, either, provided you buy your metal directly from a dealer and hold it outside of financial account structures.

It is true, the U.S. government claims authority to private assets in a time of national emergency.

Breathe easy though, because the likelihood of another government demand on citizens' private gold is low now, because the dollar is not on a gold standard anymore, so the restraint of gold backing no longer limits the issuance of more dollars.

 

 

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