Gold The Standard

Did you know back in the day a creditor had the right to demand payment from you in gold. Crazy right? Not really because back in the day we were on the gold standard. In other words, our paper money was backed by the shiny yellow stuff. 

Well all that changed on this date in 1933 when Congress enacted a joint resolution to nullify the creditors right to payment in gold. In addition to the change, the government ordered that all citizens turn in their gold certificates, gold coins, and bullion. In a very short time they had collected $300 million in gold and $470 million in gold certificates. Mind you they only paid a rate of $20.67 per ounce back in 1933. If we looked at today's price due to inflation it would have MUCH higher figures. When I checked (while writing this) gold was selling for $1403.00 / ounce. WOW!!! I'll let you do the math.

It wasn't until 1974 that President Gerald Ford signed legislation allowing American citizens to own gold bullion.

Thank goodness... because I have a gold cap on one of my molars. I'd hate to think that I'm illegal. LOL.

-Red

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