Nixon and the Gold Standard
Capital Gold Group
by Admin
6y ago
The United States had been under the gold standard from 1879–1933. Following the bank failures of the Great Depression in the 1930’s and the stock market crash of 1929, President Roosevelt enacted the Gold Reserve Act of 1934. As the US was still facing the the after effects of the economic turmoil, this act attempted to counter these effects by confiscating the majority of gold owned by Americans in the 1930’s in return for paper money. The theory behind this act was to increase the money supply by controlling the gold supply in the country. The act also revalued gold at $35 per troy ounce. T ..read more
Visit website

Follow Capital Gold Group on FeedSpot

Continue with Google
Continue with Apple
OR