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Originally Posted by StockJock-e
 Keep in mind this was not confiscation by armed police coming into your house. The US was coming off the gold standard and they were reevaluation gold at $35/oz from the $20/oz it was at, so you were making money by getting rid of your gold.
You were required by law to give up your gold for paper money, that is the scary part, or face a fine. It will never happen again because we now know that if people were permitted to keep some savings in gold, that depression would not have been so bad. |
You certainly didn't "make money" by giving up your gold to FDR and the Fed.
Consider - You have $20 in a 1oz gold coin. You turn in that 1oz gold coin in exchange for $20 Federal Reserve Notes (FRN).
They finish confiscating all the gold.
Now they revalue the dollar at $35 per oz of gold. So the $20 you have in your pocket now buys only .57 of an oz of gold. So they devalued the dollar by 43%!
Not a good deal.
