Gold Reserve Act Of 1934

Gold Reserve Act Of 1934
An act that took away title to all gold and gold certificates that were held by the Federal Reserve Bank. The Gold Reserve Act of 1934 made the trade and possession of gold a criminal offense for the citizens of the U.S. Sole title of this gold was given to the U.S. Treasury. It was not until 1975 that Americans could again own or trade gold.

The act also fixed the weight of the dollar at 15.715 grains of nine-tenths fine gold. By fixing the dollar at that amount, the dollar was devalued from $20.67 per troy ounce to $35 per troy ounce. By doing this, the Treasury saw the value of their gold holdings increase by $2.81 billion overnight.


Investment dictionary. . 2012.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • Gold Reserve Act, 1934 —    Intended as an inflationary policy, the Gold Reserve Act of 1934 enabled the president to authorize the purchase of U.S. minted gold at prices to be determined by him and to establish it as a reserve for paper currency. Gold was to be… …   Historical Dictionary of the Roosevelt–Truman Era

  • Gold Reserve Act — The United States Gold Reserve Act of January 31, 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury.Following the Executive… …   Wikipedia

  • gold reserve — the stock of gold held by a government or central bank to back its promissory notes or currency or to settle its international debts. [1865 70, Amer.] * * * Fund of gold bullion or coin held by a government or bank. In the past, banks accumulated …   Universalium

  • Gold exchange-traded fund — Gold exchange traded funds (or GETFs) are special types of exchange traded funds (ETFs) tracking the price of gold. Gold exchange traded funds are traded on the major stock exchanges including Mumbai, London, Paris and New York.HistoryThe idea of …   Wikipedia

  • Gold standard — For other uses, see Gold standard (disambiguation). Under a gold standard, paper notes are convertible into pre set, fixed quantities of gold. The gold standard is a monetary system in which the standard economic unit of account is a fixed mass… …   Wikipedia

  • ЗАКОН О ЗОЛОТОМ РЕЗЕРВЕ 1934 г. — GOLD RESERVE ACT OF 1934Закон, принятый 30 января 1934 г., предоставил президенту США полномочия по переоценке доллара в пределах 50 60% его существующего золотого содержания. 31 января 1934 г. офиц. постановлением президента золотое содержание… …   Энциклопедия банковского дела и финансов

  • The Gold Vault of the FED of New York — The gold bullion in the Federal Reserve Bank of New York s vault is part of the monetary reserves of 36 foreign governments, central banks, and official international organizations around the world. It is stored in 122 separate compartments in… …   Wikipedia

  • Reserve Bank of India — Reserve Bank of India …   Deutsch Wikipedia

  • Federal Reserve System — FRB and FED redirect here. For other uses, see FRB (disambiguation) and FED (disambiguation). Federal Reserve System …   Wikipedia

  • Reserve Bank of New Zealand — Reserve Bank of New Zealand …   Deutsch Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”