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When FDR banned gold

Commentary: Gold ironically hits record on 78th anniversary of ban

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By MarketWatch

CHAPEL HILL, N.C. (MarketWatch) — Tuesday marks the 78th anniversary of an event about which most Americans are completely ignorant, but one which looms quite large among an older generation of gold investors.

On April 5, 1933, President Franklin D. Roosevelt signed an executive order forbidding U.S. citizens from owning gold.

It remained the law of the land for more than four decades. Only on Dec. 31, 1974, was it finally repealed.

If you’re younger than your late 50s and were therefore no older than high-school age on the latter date — if even born — then you take for granted the ability to invest in, and trade, bullion. You might even implicitly assume that it’s been forever thus.

It’s somehow fitting, then, that on this anniversary, gold   itself is trading at a new all-time high.

If you decide to buy some gold today, perhaps you can acknowledge your debt to the many libertarians and countless others who lobbied for years for the repeal of FDR’s edict.

— Mark Hulbert