A Bad Week For Metals

0 Shares

This week in history was a bad week for the private ownership of gold. On August 28, 1933, President Franklin Delano Roosevelt issued an executive order prohibiting the “hoarding” of gold by Americans. Private citizens were required to surrender any “gold coin, gold bullion, and gold certificates” they owned. The order also placed limits on the export of precious metals.

More than a century earlier, on August 28, 1814, Philadelphia banks stopped all payment of specie (gold or silver). The young nation was in the midst of the War of 1812. The British had burned the White House four days earlier and seemed to be looting the country at will.

August 29, 1862, is the birthday of the Bureau of Engraving and Printing. Congress authorized the Secretary of the Treasury to issue paper currency because genuine silver coins were disappearing from circulation. A flood of greenbacks soon followed.

The printing presses have never stopped since.

–Chip Wood

 

 

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.