Gold Reserve Act Of 1934

Filed Under: ,
Dictionary Says

Definition of 'Gold Reserve Act Of 1934'


An act that took away title to all gold and gold certificates that were held by the Federal Reserve Bank. The Gold Reserve Act of 1934 made the trade and possession of gold a criminal offense for the citizens of the U.S. Sole title of this gold was given to the U.S. Treasury. It was not until 1975 that Americans could again own or trade gold.



Investopedia Says

Investopedia explains 'Gold Reserve Act Of 1934'


The act also fixed the weight of the dollar at 15.715 grains of nine-tenths fine gold. By fixing the dollar at that amount, the dollar was devalued from $20.67 per troy ounce to $35 per troy ounce. By doing this, the Treasury saw the value of their gold holdings increase by $2.81 billion overnight.

comments powered by Disqus
Hot Definitions
  1. Earnings Call

    A conference call between the management of a public company, analysts, investors and the media to discuss the financial results during a given reporting period such as a quarter or a fiscal year.
  2. Legal Monopoly

    A company that is operating as a monopoly under a government mandate. A legal monopoly offers a specific product or service at a regulated price and can either be independently run and government regulated, or government run and regulated.
  3. Closed-End Fund

    A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange.
  4. Payday Loan

    A type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. The borrower typically writes a post-dated personal check in the amount they wish to borrow plus a fee in exchange for cash.
  5. Securitization

    The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors.
  6. Economic Forecasting

    The process of attempting to predict the future condition of the economy. This involves the use of statistical models utilizing variables sometimes called indicators.
Trading Center