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Strategies & Market Trends : Heinz Blasnik- Views You Can Use -- Ignore unavailable to you. Want to Upgrade?

To: Win-Lose-Draw who wrote (699)	5/5/2003 4:47:01 PM
From: Wyätt Gwyön	Respond to of 4912

i think the main buyers were CBs. they still had the nutty idea of some sort of gold backing for currency back then. the Gold Standard Act was passed in 1900 in the US. in an environment of beggar-thy-neighbor devaluations in the early 1930s, the US full gold standard was ended folowing FDR's inauguration in 1933, at which point the US shifted to a "modified gold bullion standard". the dollar's value was set at 1/35 gold oz, but gold coin circulation was prohibited. in this context, while bullion ownership is allowed today, i don't think it is practical or cost-effective for many individuals to hold a lot of physical bullion in the US. this could change if the WGC manages to get SEC approval for a bullion ETF in the US. the Aussie one is already trading, but i have heard some US firms are refusing to trade it.

To: Win-Lose-Draw who wrote (699)	5/5/2003 9:01:31 PM
From: EL KABONG!!!	Respond to of 4912

WLD, RE: Roosevelt's executive order confiscating gold and silver... There are many other offerings on this act to be found in Google. What I extracted here is brief enough to understand what happened... reformation.org It was in April, 1933 and in his first "official" act in office; President Roosevelt declared a banking "holiday" and issued the order to confiscate gold: Executive order: By virtue of the authority vested in me by Section 5(B) of The Act of Oct. 6, 1917, as amended by section 2 of the Act of March 9, 1933, in which Congress declared that a serious emergency exists, I as President, do declare that the national emergency still exists; That the continued private hoarding of gold and silver by subjects of the United States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people. "Therefore, pursuant to the above authority, I herby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government. All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories, and all foreign exchange transactions or movements of such metals across the border are herby prohibited. "Your possession of these proscribed metals and/or your maintenance of a safe-deposit box to store them is known to the Government from bank and insurance records. Therefore, be advised that your vault box must remain sealed, and may only be opened in the presence of an agent of The Internal Revenue Service. "By lawful Order given this day, the President of the United States." In this act of theft, the citizens of the United States of America were compensated at the "official" price of $20.67 an ounce. That was the "official" price of gold for 97 years. Following the confiscation, the dollar was devalued by 40% - and the price of gold was revalued upwards to $35 an ounce. Under the authority of the Emergency Banking Relief Act, President Roosevelt issued Executive Order No. 6102 which allowed the Government to confiscate all privately owned gold in the United States. The owners would be repaid in paper dollars whether they like it or not. Dentists, jewelers and coin collectors were exempt from this Executive Order, and were allowed to own gold. (In terms of coins, the actual terminology used was "gold coins having a recognized special value to collectors of rare and unusual coins.") KJC