Imagine waiting in a bank line for hours--to turn in all of your money. This was the scene in many American cities in March 1933 when United States residents were required to exchange gold certificates and gold coin for Federal Reserve notes. Americans who refused to hand over all gold currency and coin could be fined up to $10,000 or imprisoned for up to 10 years. An exception was made for gold jewelry and rare coins. As part of the Emergency Banking Act, the exchange of gold for Federal Reserve notes took place to stop the public's hoarding of gold bullion. The Great Depression had caused an international shortage of gold, resulting in a worldwide abandonment of the gold standard. The United States remained on a modified gold standard until President Nixon suspended the dollar's link to gold in 1971. In 1974, President Ford restored Americans' right to hold gold bullion.
Many investors predicted a substantial increase in the demand for gold as soon as the restrictions were eased. In 1974, dealers began stocking up on gold coins in anticipation of consumer buying sprees. Surprisingly, consumers did not purchase anything close to the predicted quantity of gold, even when dealers offered discounts as high as 10 percent. Many consumers who had grown accustomed to stable gold prices from 1933 to 1970 were not willing to pay the new higher prices of gold. From 1933 to 1970, the price of gold hovered at about $35 an ounce. The price of gold had remained constant for almost 40 years, while inflation had increased over three times during the same period. In 1974, the average price of gold had increased to over $150 per ounce. During most of the 1980s the price of gold continued to increase and reached an all-time high of $850 per ounce on January 21, 1980. Since then, the price of gold has largely remained in the $300 to $400 range. Most central banks store gold bars that weigh 400 onces each and are valued in excess of one hundred thousand dollars.
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