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April 5, 2011 - Phil Hodgen

Today in history – April 5, 1933

Here’s a little bit of information for all of you out there dutifully filling in your Form TD F 90-22.1’s and (next year) preparing Form 8938.

April 5, 1933 is the day that Franklin D. Roosevelt issued the order outlawing private ownership of gold by American citizens.

For more information, go see the Wikipedia page about Executive Order 6102:

Executive Order 6102 required U.S. citizens to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 ($167,700 if adjusted for inflation as of 2010) or up to ten years in prison, or both. Most citizens who owned large amounts of gold had it transferred to countries such as Switzerland.

As Mark Twain said, “History doesn’t repeat itself, but it does rhyme.”

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