ALL THAT Glitters IS INSIDE FORT KNOX IS ANY OF THE GOLD MISSING?

In 1933, America was reeling from the Great Depression, which had followed on the heels of the Stock Market Crash of 1929.

- BY MICHAEL GAROFALO

Depression Bread Line, 1932

A rash of bank failures across the country caused a major banking crisis and a loss of faith in our banking system. Dust bowl conditions exacerbated the weakened economy further and then crop prices collapsed. Unemployment climbed to 24.9% and the Hoover Administration was unable to restore the public's faith in the economy.

ROOSEVELT SIGNED EXECUTIVE ORDER #6102

Five days after his inauguration in 1933, President Franklin Delano Roosevelt signed Executive Order #6102 into law. This law forbade “the hoarding of gold coin, gold bullion and gold certificates within the continental United States.” Contrary to popular belief, the government did not knock on doors of American citizens demanding their gold. It did, however, ban private ownership of gold coins, gold bullion and paper gold certificates. However, gold coins with numismatic value were still permitted to be collected and every citizen was allowed to own up to $100 in face value of gold coins. The goal was to boost the money supply and maintain greater control over the nation’s monetary policy.

Many members of the American public did turn in their gold coins, fearing some punishment by the government. All these coins, regardless of date or type, and irrespective of their origin, were then remelted into bars. These bars were all uniform in size and weight. These United States gold bars measured 7” long x 3.625” wide by 1.75” high. Each bar weighs approximately 400 ounces (or 27.5 pounds).

ROOSEVELT SIGNED THE GOLD RESERVE ACT OF 1934