January 13, 2016

Gold confiscation - the Executive Order 6102

Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States". The effect of the order, in conjunction with the statute under which it was issued, was to criminalize the possession of monetary gold by any individual, partnership, association or corporation.

The stated reason for the order was that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse.

The private ownership of gold certificates was subsequently legalized in 1964. They can be openly owned by collectors but are not redeemable in gold.

And the last section in the executive order.

Section 9. Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued there under may be fined not more than $10,000, or,if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both (source: http://www.knology.net/~bilrum/goldconfiscation1933.htm).

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