Search results
Results from the WOW.Com Content Network
Treasury holdings of gold in the US tripled from 6,358 in 1930 to 8,998 in 1935 (after the Act) then to 19,543 metric tonnes of fine gold by 1940. [3] The revaluation of gold referenced was an active policy decision made by the Roosevelt administration in order to devalue the dollar. [4]
Executive Order 6102 is an executive order signed on April 5, 1933, by US President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States."
The New York Federal Reserve Bank had loaned $150 million in gold (some 240 tons) to European central banks, and the wisdom of this was questioned as European countries rapidly abandoned the gold standard. As deflation intensified, real interest rates were magnified and rewarded those who held onto money, thus contributing to the deflationary ...
On April 5, Roosevelt ordered all gold coins and gold certificates in denominations of more than $100 turned in for other money. It required all persons to deliver all gold coin, gold bullion and gold certificates owned by them to the Federal Reserve by May 1 for the set price of $20.67 per ounce.
According to the gold standard theory of the Depression, the Depression was largely caused by the decision of most western nations after World War I to return to the gold standard at the pre-war gold price. Monetary policy, according to this view, was thereby put into a deflationary setting that would over the next decade slowly grind away at ...
Gold discoveries in California in 1848 and later in Australia lowered the gold price relative to silver; ... In the early 1930s, the Federal Reserve defended the ...
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
The customs gold unit (CGU) was a currency issued by the Central Bank of China between 1930 and 1948. In Chinese, the name of the currency was 關金圓 (guānjīnyuán; lit. ' customs gold yuan ') but the English name given on the back of the notes was "customs gold unit". It was divided into 100 cents (關金分).